Korea Investment CORP lowered its position in shares of American International Group, Inc. (NYSE:AIG) by 3.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 653,076 shares of the insurance provider’s stock after selling 23,848 shares during the period. Korea Investment CORP’s holdings in American International Group were worth $31,086,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Man Group plc boosted its position in American International Group by 302.7% during the first quarter. Man Group plc now owns 113,444 shares of the insurance provider’s stock valued at $5,242,000 after purchasing an additional 85,276 shares in the last quarter. Swiss National Bank boosted its position in American International Group by 6.5% during the second quarter. Swiss National Bank now owns 3,525,197 shares of the insurance provider’s stock valued at $167,799,000 after purchasing an additional 213,927 shares in the last quarter. United Asset Strategies Inc. bought a new stake in American International Group during the second quarter valued at about $11,298,000. Marino Stram & Associates LLC bought a new stake in American International Group during the second quarter valued at about $578,000. Finally, Sowell Financial Services LLC boosted its position in American International Group by 17.1% during the first quarter. Sowell Financial Services LLC now owns 5,828 shares of the insurance provider’s stock valued at $292,000 after purchasing an additional 851 shares in the last quarter. Hedge funds and other institutional investors own 89.09% of the company’s stock.
Shares of AIG stock opened at $54.81 on Friday. The stock has a 50 day moving average of $52.24 and a 200 day moving average of $49.93. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.54. The stock has a market cap of $46.87 billion, a P/E ratio of 11.49, a P/E/G ratio of 1.11 and a beta of 1.37. American International Group, Inc. has a twelve month low of $26.12 and a twelve month high of $55.78.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Investors of record on Thursday, September 16th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.34%. The ex-dividend date is Wednesday, September 15th. American International Group’s dividend payout ratio is currently 50.79%.
American International Group declared that its Board of Directors has authorized a stock repurchase plan on Thursday, August 5th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the insurance provider to purchase up to 14.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.
Several equities research analysts have weighed in on AIG shares. TheStreet raised American International Group from a “c” rating to a “b-” rating in a report on Wednesday, September 8th. Wolfe Research started coverage on American International Group in a report on Monday, August 16th. They issued an “outperform” rating and a $63.00 price target for the company. raised their price target on American International Group from $48.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday, June 21st. Morgan Stanley raised their price target on American International Group from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, August 16th. Finally, Wells Fargo & Company raised their price target on American International Group from $53.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday, August 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, American International Group currently has an average rating of “Hold” and an average price target of $51.54.
About American International Group
American International Group, Inc engages in the provision of a range of property casualty insurance, life insurance, retirement products, and other financial services to commercial and individual customers. It operates through the following segments: General Insurance, Life and Retirement and Other Operations.
Recommended Story: Strangles
Want to see what other hedge funds are holding AIG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American International Group, Inc. (NYSE:AIG).
Receive News & Ratings for American International Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American International Group and related companies with MarketBeat.com's FREE daily email newsletter.