Summit Global Investments Has $3.50 Million Stock Position in American International Group, Inc. (NYSE:AIG)

Summit Global Investments lifted its position in American International Group, Inc. (NYSE:AIG) by 21.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 47,844 shares of the insurance provider’s stock after acquiring an additional 8,455 shares during the quarter. Summit Global Investments’ holdings in American International Group were worth $3,504,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cetera Investment Advisers boosted its position in shares of American International Group by 348.6% in the first quarter. Cetera Investment Advisers now owns 57,648 shares of the insurance provider’s stock worth $4,506,000 after buying an additional 44,797 shares during the period. OFI Invest Asset Management boosted its position in American International Group by 2,208.3% during the 2nd quarter. OFI Invest Asset Management now owns 10,249 shares of the insurance provider’s stock worth $710,000 after acquiring an additional 9,805 shares during the period. Bessemer Group Inc. grew its stake in American International Group by 64.3% during the 1st quarter. Bessemer Group Inc. now owns 28,498 shares of the insurance provider’s stock valued at $2,227,000 after acquiring an additional 11,149 shares in the last quarter. Illinois Municipal Retirement Fund increased its holdings in shares of American International Group by 19.0% in the 1st quarter. Illinois Municipal Retirement Fund now owns 156,150 shares of the insurance provider’s stock valued at $12,206,000 after purchasing an additional 24,906 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its holdings in shares of American International Group by 8.0% during the first quarter. DekaBank Deutsche Girozentrale now owns 142,369 shares of the insurance provider’s stock worth $11,081,000 after purchasing an additional 10,581 shares during the period. 90.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder International Group American sold 5,000,000 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the sale, the insider now owns 279,238,898 shares in the company, valued at $8,058,834,596.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.61% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on AIG shares. Citigroup dropped their price objective on shares of American International Group from $89.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, July 23rd. UBS Group upped their price target on shares of American International Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. JPMorgan Chase & Co. raised shares of American International Group from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $93.00 to $89.00 in a research report on Thursday, October 10th. Evercore ISI cut their price target on shares of American International Group from $79.00 to $78.00 and set an “in-line” rating on the stock in a report on Wednesday, October 9th. Finally, BMO Capital Markets cut shares of American International Group from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $90.00 to $84.00 in a report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $84.31.

American International Group Stock Performance

NYSE:AIG opened at $76.59 on Friday. The firm has a market capitalization of $49.32 billion, a PE ratio of -22.59, a price-to-earnings-growth ratio of 5.26 and a beta of 1.05. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.22. American International Group, Inc. has a 12-month low of $62.52 and a 12-month high of $80.83. The firm has a 50-day moving average price of $75.17 and a 200 day moving average price of $75.65.

American International Group (NYSE:AIG) last released its quarterly earnings data on Monday, November 4th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.13. The company had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.62 billion. American International Group had a positive return on equity of 8.49% and a negative net margin of 6.19%. During the same period in the prior year, the company posted $1.61 EPS. Research analysts anticipate that American International Group, Inc. will post 4.99 earnings per share for the current fiscal year.

American International Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 16th will be issued a dividend of $0.40 per share. The ex-dividend date is Monday, December 16th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.09%. American International Group’s payout ratio is presently -47.20%.

American International Group 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.