Richmond Hill Investments LLC Cuts Stake in American International Group, Inc. (NYSE:AIG)

Richmond Hill Investments LLC lessened its stake in shares of American International Group, Inc. (NYSE:AIG) by 71.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 594,000 shares of the insurance provider’s stock after selling 1,457,638 shares during the quarter. American International Group comprises 14.1% of Richmond Hill Investments LLC’s investment portfolio, making the stock its 4th biggest holding. Richmond Hill Investments LLC owned about 0.07% of American International Group worth $27,449,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in American International Group by 1.6% in the 1st quarter. BlackRock Inc. now owns 77,772,167 shares of the insurance provider’s stock valued at $3,593,851,000 after acquiring an additional 1,213,996 shares in the last quarter. Capital International Investors lifted its position in American International Group by 15.4% in the 1st quarter. Capital International Investors now owns 23,354,888 shares of the insurance provider’s stock valued at $1,079,231,000 after acquiring an additional 3,108,664 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its position in American International Group by 1.5% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 19,798,266 shares of the insurance provider’s stock valued at $914,878,000 after acquiring an additional 300,014 shares in the last quarter. Pzena Investment Management LLC lifted its position in American International Group by 1.5% in the 1st quarter. Pzena Investment Management LLC now owns 17,730,392 shares of the insurance provider’s stock valued at $819,321,000 after acquiring an additional 262,257 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in American International Group by 1.8% in the 1st quarter. Geode Capital Management LLC now owns 12,505,790 shares of the insurance provider’s stock valued at $576,072,000 after acquiring an additional 225,366 shares in the last quarter. 89.98% of the stock is currently owned by institutional investors.

Shares of AIG stock traded down $0.89 during trading hours on Thursday, hitting $47.40. 85,454 shares of the company were exchanged, compared to its average volume of 3,611,654. The company’s fifty day moving average price is $49.68. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.33 and a quick ratio of 0.33. American International Group, Inc. has a 52-week low of $25.57 and a 52-week high of $54.08. The firm has a market cap of $40.68 billion, a PE ratio of -10.76, a price-to-earnings-growth ratio of 1.04 and a beta of 1.34.

American International Group (NYSE:AIG) last issued its quarterly earnings results on Wednesday, May 5th. The insurance provider reported $1.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.08. American International Group had a negative net margin of 8.73% and a positive return on equity of 4.75%. The company had revenue of $10.62 billion during the quarter, compared to analyst estimates of $10.56 billion. During the same quarter last year, the business posted $0.12 EPS. Research analysts forecast that American International Group, Inc. will post 4.55 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 29th. Investors of record on Tuesday, June 15th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend was Monday, June 14th. American International Group’s dividend payout ratio (DPR) is presently 50.79%.

In related news, EVP Kevin T. Hogan sold 41,000 shares of the firm’s stock in a transaction that occurred on Monday, May 10th. The shares were sold at an average price of $52.28, for a total value of $2,143,480.00. Following the completion of the transaction, the executive vice president now directly owns 165,507 shares of the company’s stock, valued at approximately $8,652,705.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Douglas A. Dachille sold 19,712 shares of the firm’s stock in a transaction that occurred on Wednesday, June 2nd. The stock was sold at an average price of $53.23, for a total transaction of $1,049,269.76. Following the completion of the transaction, the executive vice president now directly owns 107,159 shares of the company’s stock, valued at $5,704,073.57. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by company insiders.

Several equities analysts recently weighed in on AIG shares. William Blair reaffirmed a “market perform” rating on shares of American International Group in a research report on Monday, May 10th. JPMorgan Chase & Co. increased their price objective on shares of American International Group from $39.00 to $48.00 and gave the company a “neutral” rating in a research note on Monday, April 5th. Royal Bank of Canada increased their price objective on shares of American International Group from $52.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, May 10th. Morgan Stanley increased their price objective on shares of American International Group from $52.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, May 27th. Finally, Barclays increased their price objective on shares of American International Group from $47.00 to $53.00 and gave the company an “equal weight” rating in a research note on Monday, May 10th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. American International Group currently has an average rating of “Hold” and an average target price of $47.92.

American International Group Profile

American International Group, Inc provides insurance products for commercial, institutional, and individual customers in North America and internationally. The company's General Insurance segment offers general liability, environmental, commercial automobile liability, workers' compensation, casualty, and crisis management insurance products; commercial, industrial, and energy-related property insurance; and aerospace, political risk, trade credit, portfolio solutions, crop, and marine insurance.

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Institutional Ownership by Quarter for American International Group (NYSE:AIG)

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