American International Group (NYSE:AIG) Given New $90.00 Price Target at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald lowered AIG’s price target from $92 to $90 while maintaining an “overweight” rating, implying 17.58% upside from the stock’s $76.54 price.
• Analyst sentiment remains mixed: seven analysts rate AIG a Buy and 12 rate it a Hold, producing an overall “Hold” consensus and an average price target of $88.28.
• AIG exceeded quarterly EPS expectations, reporting $2.00 versus the $1.92 consensus, although revenue of $7.08 billion fell short of the $7.25 billion estimate.

American International Group (NYSE:AIG - Get Free Report) had its price target cut by equities research analysts at Cantor Fitzgerald from $92.00 to $90.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the insurance provider's stock. Cantor Fitzgerald's price objective suggests a potential upside of 17.58% from the stock's current price.

Several other brokerages have also recently weighed in on AIG. Citigroup increased their price objective on shares of American International Group from $85.00 to $88.00 and gave the stock a "neutral" rating in a research note on Monday, May 4th. Mizuho boosted their target price on shares of American International Group from $86.00 to $89.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. HSBC reduced their target price on shares of American International Group from $94.00 to $88.00 and set a "buy" rating for the company in a report on Monday, July 6th. Piper Sandler lifted their price target on shares of American International Group from $80.00 to $84.00 and gave the stock a "neutral" rating in a research note on Monday, August 10th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of American International Group from $95.00 to $96.00 and gave the company an "outperform" rating in a research report on Tuesday, August 11th. Seven investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $88.28.

American International Group Stock Down 0.1%

American International Group stock opened at $76.54 on Monday. The stock has a market cap of $40.02 billion, a PE ratio of 13.99, a price-to-earnings-growth ratio of 0.70 and a beta of 0.52. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.61 and a current ratio of 0.61. American International Group has a one year low of $71.25 and a one year high of $87.29. The stock has a fifty day moving average of $77.57 and a 200 day moving average of $76.92.

American International Group (NYSE:AIG - Get Free Report) last announced its earnings results on Thursday, August 6th. The insurance provider reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $0.08. The business had revenue of $7.08 billion for the quarter, compared to analysts' expectations of $7.25 billion. American International Group had a return on equity of 11.05% and a net margin of 11.13%.During the same period last year, the firm posted $1.81 earnings per share. As a group, sell-side analysts predict that American International Group will post 8.02 EPS for the current year.

Insider Buying and Selling at American International Group

In other news, insider Peter Zaffino sold 200,000 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $76.47, for a total value of $15,294,000.00. Following the completion of the sale, the insider directly owned 592,833 shares of the company's stock, valued at $45,333,939.51. This represents a 25.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.60% of the stock is currently owned by insiders.

Institutional Trading of American International Group

Institutional investors and hedge funds have recently modified their holdings of the company. Freestone Grove Partners LP boosted its holdings in American International Group by 51.5% in the 2nd quarter. Freestone Grove Partners LP now owns 1,925,980 shares of the insurance provider's stock worth $143,543,000 after buying an additional 655,065 shares during the period. Man Group plc lifted its position in shares of American International Group by 104.6% in the second quarter. Man Group plc now owns 3,612,368 shares of the insurance provider's stock valued at $269,230,000 after acquiring an additional 1,847,194 shares in the last quarter. First Bancorp Inc ME purchased a new position in shares of American International Group in the second quarter valued at about $30,000. Jupiter Topco LLC bought a new position in shares of American International Group in the second quarter worth about $5,174,000. Finally, Fiduciary Financial Advisors purchased a new stake in shares of American International Group during the second quarter worth about $34,000. 90.60% of the stock is currently owned by institutional investors.

American International Group Company Profile

American International Group, Inc (AIG) is a global insurance holding company that provides a broad range of property-casualty insurance, specialty insurance, and risk management solutions to institutional, commercial and individual customers. Through its operating subsidiaries, AIG underwrites commercial and personal lines products—ranging from general liability, property, and casualty coverages to specialty lines such as professional liability, surety, cyber and marine—along with related services designed to help clients manage and transfer risk.

The company also has a long history in life insurance, retirement solutions and asset management through businesses that have been restructured or separated over time.

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