Allspring Global Investments Holdings LLC Buys 72,487 Shares of American International Group, Inc. (NYSE:AIG)

Allspring Global Investments Holdings LLC boosted its position in American International Group, Inc. (NYSE:AIG) by 13.1% in the first quarter, HoldingsChannel.com reports. The firm owned 627,917 shares of the insurance provider’s stock after acquiring an additional 72,487 shares during the period. Allspring Global Investments Holdings LLC’s holdings in American International Group were worth $49,084,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Advisors Asset Management Inc. lifted its position in American International Group by 11.7% during the third quarter. Advisors Asset Management Inc. now owns 13,402 shares of the insurance provider’s stock valued at $812,000 after acquiring an additional 1,406 shares during the last quarter. Lido Advisors LLC boosted its position in shares of American International Group by 21.3% in the 3rd quarter. Lido Advisors LLC now owns 19,629 shares of the insurance provider’s stock worth $1,190,000 after purchasing an additional 3,450 shares in the last quarter. Seven Eight Capital LP acquired a new stake in American International Group in the third quarter worth about $550,000. Sei Investments Co. grew its holdings in shares of American International Group by 2.3% during the third quarter. Sei Investments Co. now owns 681,933 shares of the insurance provider’s stock valued at $41,325,000 after buying an additional 15,108 shares during the last quarter. Finally, Schroder Investment Management Group boosted its holdings in American International Group by 39.4% in the third quarter. Schroder Investment Management Group now owns 684,876 shares of the insurance provider’s stock valued at $41,503,000 after purchasing an additional 193,519 shares during the last quarter. 90.60% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder International Group American sold 1,932,609 shares of the company’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the transaction, the insider now owns 292,271,027 shares of the company’s stock, valued at $8,534,313,988.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.61% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on AIG shares. Morgan Stanley lifted their price target on shares of American International Group from $72.00 to $79.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Wells Fargo & Company upped their target price on American International Group from $80.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, May 10th. BMO Capital Markets lifted their price target on American International Group from $88.00 to $89.00 and gave the stock an “outperform” rating in a report on Monday, May 13th. Bank of America upped their price objective on shares of American International Group from $82.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, June 11th. Finally, HSBC downgraded shares of American International Group from a “buy” rating to a “hold” rating and set a $86.00 target price on the stock. in a research note on Wednesday, May 15th. Nine research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, American International Group has an average rating of “Hold” and an average price target of $81.38.

American International Group Stock Performance

NYSE:AIG opened at $75.15 on Thursday. The firm has a market cap of $49.87 billion, a price-to-earnings ratio of 11.29, a price-to-earnings-growth ratio of 2.04 and a beta of 1.08. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.29 and a quick ratio of 0.29. American International Group, Inc. has a 1-year low of $56.88 and a 1-year high of $80.83. The firm’s fifty day moving average price is $76.74 and its 200 day moving average price is $73.42.

American International Group (NYSE:AIG) last issued its quarterly earnings results on Thursday, May 2nd. The insurance provider reported $1.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.11. The business had revenue of $12.58 billion for the quarter, compared to analyst estimates of $12.04 billion. American International Group had a net margin of 9.98% and a return on equity of 10.54%. During the same period in the previous year, the business posted $1.63 earnings per share. On average, sell-side analysts expect that American International Group, Inc. will post 7.02 EPS for the current year.

American International Group announced that its board has initiated a share buyback plan on Wednesday, May 1st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the insurance provider to repurchase up to 19.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

American International Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.13%. This is an increase from American International Group’s previous quarterly dividend of $0.36. The ex-dividend date was Friday, June 14th. American International Group’s dividend payout ratio is 23.88%.

American International Group Company Profile

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.