American International Group (NYSE:AIG) Price Target Cut to $81.00

American International Group (NYSE:AIG) had its price objective dropped by analysts at Bank of America from $84.00 to $81.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the insurance provider’s stock. Bank of America‘s target price indicates a potential upside of 4.91% from the company’s previous close.

Several other analysts have also recently commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of American International Group from $80.00 to $93.00 and gave the stock a “neutral” rating in a research note on Thursday. Evercore ISI decreased their price target on shares of American International Group from $81.00 to $78.00 and set an “in-line” rating on the stock in a research note on Thursday, June 27th. Morgan Stanley decreased their price target on shares of American International Group from $82.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Wednesday. HSBC cut shares of American International Group from a “buy” rating to a “hold” rating and set a $86.00 price target on the stock. in a research note on Wednesday, May 15th. Finally, Piper Sandler upped their target price on shares of American International Group from $87.00 to $89.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Nine analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $82.50.

American International Group Trading Up 0.3 %

Shares of American International Group stock opened at $77.21 on Thursday. The company has a market capitalization of $51.24 billion, a P/E ratio of 11.52, a P/E/G ratio of 2.07 and a beta of 1.08. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.29 and a current ratio of 0.29. The company has a fifty day moving average of $76.69 and a 200 day moving average of $73.82. American International Group has a fifty-two week low of $57.02 and a fifty-two week high of $80.83.

American International Group (NYSE:AIG) last issued its earnings results on Thursday, May 2nd. The insurance provider reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.11. The company had revenue of $12.58 billion during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm posted $1.63 EPS. On average, sell-side analysts anticipate that American International Group will post 7.07 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On American International Group

A number of hedge funds have recently added to or reduced their stakes in AIG. Norges Bank bought a new position in American International Group in the 4th quarter worth about $746,005,000. Swedbank AB bought a new position in shares of American International Group during the first quarter valued at approximately $99,951,000. Canada Pension Plan Investment Board boosted its stake in shares of American International Group by 98.9% during the first quarter. Canada Pension Plan Investment Board now owns 1,893,990 shares of the insurance provider’s stock valued at $148,053,000 after purchasing an additional 941,607 shares in the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of American International Group by 95.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,221,724 shares of the insurance provider’s stock valued at $82,772,000 after purchasing an additional 597,661 shares in the last quarter. Finally, Third Point LLC boosted its stake in shares of American International Group by 16.9% during the fourth quarter. Third Point LLC now owns 3,450,000 shares of the insurance provider’s stock valued at $233,738,000 after purchasing an additional 500,000 shares in the last quarter. 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.