Axxcess Wealth Management LLC Grows Stock Position in American International Group, Inc. (NYSE:AIG)

Axxcess Wealth Management LLC increased its holdings in American International Group, Inc. (NYSE:AIG) by 33.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,400 shares of the insurance provider’s stock after purchasing an additional 6,161 shares during the quarter. Axxcess Wealth Management LLC’s holdings in American International Group were worth $1,653,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. Cary Street Partners Investment Advisory LLC grew its stake in shares of American International Group by 0.9% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 18,553 shares of the insurance provider’s stock worth $1,257,000 after purchasing an additional 157 shares during the last quarter. Meeder Advisory Services Inc. grew its stake in shares of American International Group by 1.3% in the third quarter. Meeder Advisory Services Inc. now owns 12,808 shares of the insurance provider’s stock worth $776,000 after purchasing an additional 162 shares during the last quarter. Avantax Advisory Services Inc. grew its stake in shares of American International Group by 3.6% in the third quarter. Avantax Advisory Services Inc. now owns 4,819 shares of the insurance provider’s stock worth $292,000 after purchasing an additional 167 shares during the last quarter. Steph & Co. grew its stake in shares of American International Group by 3.3% in the third quarter. Steph & Co. now owns 5,448 shares of the insurance provider’s stock worth $330,000 after purchasing an additional 176 shares during the last quarter. Finally, Lindbrook Capital LLC grew its stake in shares of American International Group by 2.7% in the fourth quarter. Lindbrook Capital LLC now owns 6,764 shares of the insurance provider’s stock worth $458,000 after purchasing an additional 176 shares during the last quarter. 90.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on AIG. Piper Sandler raised their target price on American International Group from $87.00 to $89.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Bank of America cut American International Group from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $75.00 to $77.00 in a research report on Tuesday, February 20th. Royal Bank of Canada lifted their price objective on American International Group from $76.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, February 15th. Morgan Stanley lifted their price objective on American International Group from $72.00 to $79.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Finally, TD Cowen started coverage on American International Group in a research report on Wednesday, January 10th. They set a “market perform” rating and a $78.00 price objective on the stock. Eight investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $80.44.

American International Group Stock Performance

Shares of AIG opened at $79.21 on Monday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.05. The business’s 50 day moving average price is $75.39 and its 200-day moving average price is $69.56. American International Group, Inc. has a 52 week low of $51.86 and a 52 week high of $79.70. The stock has a market cap of $52.57 billion, a P/E ratio of 11.71, a P/E/G ratio of 1.11 and a beta of 1.02.

American International Group (NYSE:AIG) last issued its quarterly earnings results on Thursday, May 2nd. The insurance provider reported $1.77 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.11. American International Group had a return on equity of 10.54% and a net margin of 9.98%. The firm had revenue of $12.58 billion for the quarter, compared to analysts’ expectations of $12.04 billion. During the same period in the previous year, the firm posted $1.63 EPS. Equities research analysts anticipate that American International Group, Inc. will post 7.05 earnings per share for the current fiscal year.

American International Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $0.40 dividend. This is a positive change from American International Group’s previous quarterly dividend of $0.36. This represents a $1.60 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date is Friday, June 14th. American International Group’s payout ratio is presently 21.49%.

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

Insider Buying and Selling

In related news, CEO Peter Zaffino sold 333,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $75.87, for a total value of $25,264,710.00. Following the completion of the transaction, the chief executive officer now directly owns 505,420 shares in the company, valued at approximately $38,346,215.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director John C. Inglis bought 659 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was acquired at an average cost of $75.39 per share, for a total transaction of $49,682.01. Following the purchase, the director now owns 659 shares in the company, valued at $49,682.01. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CEO Peter Zaffino sold 333,000 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $75.87, for a total transaction of $25,264,710.00. Following the sale, the chief executive officer now owns 505,420 shares of the company’s stock, valued at $38,346,215.40. The disclosure for this sale can be found here. 0.61% of the stock is owned by company insiders.

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.