American Financial Group (NYSE:AFG) Upgraded to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded American Financial Group to “Buy” from “Hold,” though the broader analyst consensus remains “Hold” with an average price target of $156.
• AFG reported quarterly earnings of $2.82 per share, beating estimates of $2.32, while revenue rose 5.5% year over year to $2.03 billion.
• The stock opened at $146.15, near its 52-week high, while insiders have sold 16,430 shares worth approximately $2.26 million over the past 90 days; institutional investors own 64.37% of the company.

American Financial Group (NYSE:AFG - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday.

Other research analysts have also recently issued research reports about the stock. Piper Sandler increased their target price on shares of American Financial Group from $140.00 to $156.00 and gave the stock a "neutral" rating in a report on Monday. Weiss Ratings upgraded shares of American Financial Group from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday. Keefe, Bruyette & Woods boosted their price target on shares of American Financial Group from $148.00 to $153.00 and gave the stock a "market perform" rating in a research report on Tuesday. Finally, Wells Fargo & Company boosted their price target on shares of American Financial Group from $158.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $156.00.

American Financial Group Trading Up 0.3%

NYSE AFG opened at $146.15 on Friday. The stock has a market capitalization of $12.12 billion, a price-to-earnings ratio of 12.78 and a beta of 0.62. The stock's 50 day moving average price is $140.07 and its two-hundred day moving average price is $133.85. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.49 and a current ratio of 0.49. American Financial Group has a 52 week low of $123.09 and a 52 week high of $150.02.

American Financial Group (NYSE:AFG - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The insurance provider reported $2.82 earnings per share for the quarter, topping analysts' consensus estimates of $2.32 by $0.50. The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $1.85 billion. American Financial Group had a return on equity of 20.35% and a net margin of 11.51%.The business's revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.14 EPS. As a group, analysts anticipate that American Financial Group will post 11.73 earnings per share for the current fiscal year.

Insider Activity

In other American Financial Group news, VP Mark A. Weiss sold 2,813 shares of the company's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $144.76, for a total transaction of $407,209.88. Following the sale, the vice president directly owned 6,648 shares of the company's stock, valued at approximately $962,364.48. This represents a 29.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Michelle A. Gillis sold 2,247 shares of the company's stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $139.00, for a total transaction of $312,333.00. Following the sale, the senior vice president directly owned 13,135 shares in the company, valued at $1,825,765. This trade represents a 14.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 16,430 shares of company stock valued at $2,255,061. 16.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in AFG. Jupiter Topco LLC bought a new position in American Financial Group during the second quarter worth $4,267,000. Hsbc Holdings PLC acquired a new position in shares of American Financial Group in the second quarter valued at $12,624,000. Legal & General Group Plc bought a new position in shares of American Financial Group in the second quarter valued at about $14,545,000. The Manufacturers Life Insurance Company bought a new position in shares of American Financial Group in the second quarter valued at about $21,157,000. Finally, Paradigm Capital Management Inc. NY acquired a new stake in shares of American Financial Group during the 2nd quarter worth about $903,000. 64.37% of the stock is owned by institutional investors and hedge funds.

About American Financial Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source