American Financial Group (NYSE:AFG) Price Target Raised to $173.00

Key Points

• Wells Fargo raised American Financial Group’s price target to $173 from $158 and kept an overweight rating, implying about 22.7% upside from the current share price.
• Other analysts also turned more optimistic on AFG, with price targets lifted by Piper Sandler and Keefe, Bruyette & Woods; however, the broader consensus remains Hold with an average target of $150.75.
• The stock was trading around $141.01, slightly lower on the day, after the company recently reported Q1 earnings of $2.47 per share, missing estimates but beating revenue expectations with $1.85 billion in sales.

American Financial Group (NYSE:AFG - Get Free Report) had its price objective lifted by Wells Fargo & Company from $158.00 to $173.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the insurance provider's stock. Wells Fargo & Company's price target would indicate a potential upside of 22.69% from the stock's current price.

Several other research firms have also commented on AFG. Piper Sandler raised their price target on shares of American Financial Group from $135.00 to $140.00 and gave the company a "neutral" rating in a research report on Tuesday, May 26th. Weiss Ratings reiterated a "buy (b-)" rating on shares of American Financial Group in a research report on Thursday, June 11th. Finally, Keefe, Bruyette & Woods increased their target price on shares of American Financial Group from $140.00 to $148.00 and gave the stock a "market perform" rating in a research note on Wednesday. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $150.75.

American Financial Group Stock Down 0.1%

AFG stock traded down $0.19 on Thursday, hitting $141.01. 174,008 shares of the company's stock were exchanged, compared to its average volume of 577,674. The firm has a 50 day moving average price of $134.62 and a two-hundred day moving average price of $132.17. American Financial Group has a 12-month low of $122.11 and a 12-month high of $150.02. The stock has a market cap of $11.72 billion, a P/E ratio of 13.41 and a beta of 0.62. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.48 and a current ratio of 0.48.

American Financial Group (NYSE:AFG - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The insurance provider reported $2.47 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.54 by ($0.07). The company had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.70 billion. American Financial Group had a net margin of 10.76% and a return on equity of 19.50%. The company's revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.81 EPS. As a group, equities research analysts expect that American Financial Group will post 11.37 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider David Lawrence Thompson, Jr. sold 11,370 shares of the company's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $135.05, for a total transaction of $1,535,518.50. Following the completion of the transaction, the insider directly owned 584,098 shares of the company's stock, valued at approximately $78,882,434.90. This represents a 1.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michelle A. Gillis sold 2,247 shares of the company's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $139.00, for a total value of $312,333.00. Following the completion of the transaction, the senior vice president directly owned 13,135 shares of the company's stock, valued at $1,825,765. This trade represents a 14.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 16.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On American Financial Group

A number of hedge funds and other institutional investors have recently bought and sold shares of AFG. Cassaday & Co Wealth Management LLC acquired a new position in American Financial Group during the first quarter worth $26,000. Global Retirement Partners LLC grew its holdings in American Financial Group by 904.8% in the fourth quarter. Global Retirement Partners LLC now owns 211 shares of the insurance provider's stock valued at $29,000 after purchasing an additional 190 shares during the last quarter. Clearstead Advisors LLC increased its position in shares of American Financial Group by 87.7% in the fourth quarter. Clearstead Advisors LLC now owns 259 shares of the insurance provider's stock valued at $35,000 after buying an additional 121 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of American Financial Group in the fourth quarter valued at $45,000. Finally, CIBC Private Wealth Group LLC raised its stake in shares of American Financial Group by 86.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 376 shares of the insurance provider's stock worth $51,000 after buying an additional 174 shares during the last quarter. 64.37% of the stock is currently owned by hedge funds and other institutional investors.

American Financial Group Company Profile

American Financial Group, Inc NYSE: AFG is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.

The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.

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