Principal Financial Group Inc. Decreases Stake in American Financial Group, Inc. (NYSE:AFG)

Principal Financial Group Inc. cut its holdings in shares of American Financial Group, Inc. (NYSE:AFG) by 22.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 172,360 shares of the insurance provider’s stock after selling 51,238 shares during the period. Principal Financial Group Inc.’s holdings in American Financial Group were worth $23,200,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of Montreal Can raised its holdings in American Financial Group by 251.1% in the second quarter. Bank of Montreal Can now owns 147,892 shares of the insurance provider’s stock valued at $19,442,000 after acquiring an additional 105,764 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of American Financial Group by 123.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 115,050 shares of the insurance provider’s stock valued at $15,486,000 after purchasing an additional 63,541 shares in the last quarter. Lord Abbett & CO. LLC lifted its position in shares of American Financial Group by 13.4% during the first quarter. Lord Abbett & CO. LLC now owns 396,355 shares of the insurance provider’s stock worth $54,095,000 after purchasing an additional 46,702 shares during the last quarter. Bahl & Gaynor Inc. lifted its position in shares of American Financial Group by 8.6% during the second quarter. Bahl & Gaynor Inc. now owns 492,021 shares of the insurance provider’s stock worth $60,528,000 after purchasing an additional 38,937 shares during the last quarter. Finally, Intech Investment Management LLC grew its stake in American Financial Group by 2,269.4% in the second quarter. Intech Investment Management LLC now owns 38,527 shares of the insurance provider’s stock worth $4,740,000 after purchasing an additional 36,901 shares in the last quarter. 64.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on AFG. BMO Capital Markets increased their target price on American Financial Group from $132.00 to $135.00 and gave the stock a “market perform” rating in a report on Tuesday, October 8th. Piper Sandler upped their price target on American Financial Group from $135.00 to $150.00 and gave the company a “neutral” rating in a research report on Tuesday.

American Financial Group Price Performance

AFG opened at $143.79 on Thursday. The company has a quick ratio of 0.46, a current ratio of 0.53 and a debt-to-equity ratio of 0.31. The company’s 50-day moving average price is $134.68 and its 200 day moving average price is $130.19. American Financial Group, Inc. has a fifty-two week low of $108.20 and a fifty-two week high of $144.81. The firm has a market cap of $12.07 billion, a price-to-earnings ratio of 13.48 and a beta of 0.79.

American Financial Group (NYSE:AFG) last announced its quarterly earnings results on Tuesday, November 5th. The insurance provider reported $2.31 earnings per share for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). The company had revenue of $2.06 billion for the quarter, compared to analyst estimates of $1.80 billion. American Financial Group had a return on equity of 19.97% and a net margin of 10.84%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.45 earnings per share. As a group, sell-side analysts expect that American Financial Group, Inc. will post 10.88 earnings per share for the current year.

American Financial Group Increases Dividend

The business also recently announced a None dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Friday, November 15th will be paid a $4.00 dividend. This is a boost from American Financial Group’s previous None dividend of $1.00. The ex-dividend date is Friday, November 15th. American Financial Group’s dividend payout ratio (DPR) is presently 29.99%.

About American Financial Group

American Financial Group, Inc, an insurance holding company, provides specialty property and casualty insurance products in the United States. The company offers property and transportation insurance products, such as physical damage and liability coverage for buses and trucks, inland and ocean marine, agricultural-related products, and other commercial property and specialty transportation coverages; specialty casualty insurance, including primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, and specialty coverage in targeted markets, as well as customized programs for small to mid-sized businesses and workers’ compensation insurance; and specialty financial insurance products comprising risk management insurance programs for lending and leasing institutions, fidelity and surety products, and trade credit insurance.