American International Group (NYSE:AIG) Price Target Cut to $78.00 by Analysts at Evercore ISI

American International Group (NYSE:AIG) had its target price reduced by investment analysts at Evercore ISI from $81.00 to $78.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “in-line” rating on the insurance provider’s stock. Evercore ISI’s price objective would indicate a potential upside of 4.71% from the stock’s current price.

A number of other analysts have also commented on AIG. Wells Fargo & Company boosted their price target on shares of American International Group from $80.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, May 10th. Citigroup upped their target price on shares of American International Group from $79.00 to $87.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. lifted their price target on American International Group from $73.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Piper Sandler raised their target price on American International Group from $87.00 to $89.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Finally, Bank of America upped their price target on American International Group from $82.00 to $84.00 and gave the stock a “neutral” rating in a report on Tuesday, June 11th. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, American International Group currently has an average rating of “Hold” and an average price target of $81.31.

American International Group Price Performance

Shares of NYSE:AIG opened at $74.49 on Thursday. American International Group has a one year low of $55.40 and a one year high of $80.83. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.29 and a quick ratio of 0.29. The company has a market cap of $49.44 billion, a price-to-earnings ratio of 11.12, a PEG ratio of 2.05 and a beta of 1.08. The firm has a 50 day simple moving average of $76.67 and a 200 day simple moving average of $73.13.

American International Group (NYSE:AIG) last posted its earnings results on Thursday, May 2nd. The insurance provider reported $1.77 EPS for the quarter, topping the consensus estimate of $1.66 by $0.11. American International Group had a net margin of 9.98% and a return on equity of 10.54%. The business had revenue of $12.58 billion for the quarter, compared to the consensus estimate of $12.04 billion. During the same period last year, the company earned $1.63 EPS. Research analysts predict that American International Group will post 7.02 earnings per share for the current fiscal year.

American International Group declared that its Board of Directors has authorized a share repurchase program on Wednesday, May 1st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the insurance provider to buy up to 19.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, major shareholder International Group American sold 30,000,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $29.20, for a total value of $876,000,000.00. Following the completion of the transaction, the insider now directly owns 294,203,636 shares of the company’s stock, valued at approximately $8,590,746,171.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On American International Group

Large investors have recently modified their holdings of the company. Rise Advisors LLC purchased a new position in shares of American International Group during the first quarter worth about $29,000. Valued Wealth Advisors LLC boosted its stake in shares of American International Group by 303.3% during the first quarter. Valued Wealth Advisors LLC now owns 367 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 276 shares during the period. CENTRAL TRUST Co increased its position in shares of American International Group by 123.8% in the first quarter. CENTRAL TRUST Co now owns 452 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 250 shares during the period. Neo Ivy Capital Management purchased a new stake in American International Group in the 4th quarter worth approximately $40,000. Finally, Scarborough Advisors LLC bought a new stake in American International Group in the fourth quarter valued at $40,000. 90.60% of the stock is currently owned by institutional investors.

About American International Group

American International Group, Inc offers insurance products for commercial, institutional, and individual customers in North America and internationally. It operates through three segments: General Insurance, Life and Retirement, and Other Operations. The General Insurance segment provides commercial and industrial property insurance, including business interruption and package insurance that cover exposure to made and natural disasters; general liability, environmental, commercial automobile liability, workers' compensation, excess casualty, and crisis management insurance products; and professional liability insurance.