American International Group (NYSE:AIG) Given New $94.00 Price Target at Bank of America

Key Points

• Bank of America has raised its price target for American International Group (AIG) from $88.00 to $94.00, indicating a potential upside of 15.16% from the stock's previous close, while maintaining a "neutral" rating.
• Other analysts, including Evercore ISI and JPMorgan Chase & Co., have also adjusted their price targets, with some now rating AIG as a "buy," contributing to an average target price of $89.81.
• AIG recently reported earnings of $1.81 per share, exceeding analysts' consensus of $1.60, despite revenue falling slightly short of estimates at $6.77 billion.

American International Group (NYSE:AIG - Get Free Report) had its price target raised by investment analysts at Bank of America from $88.00 to $94.00 in a note issued to investors on Monday,MarketScreener reports. The firm currently has a "neutral" rating on the insurance provider's stock. Bank of America's price target indicates a potential upside of 15.16% from the stock's previous close.

Several other analysts have also issued reports on the company. Evercore ISI boosted their target price on American International Group from $89.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, October 1st. Weiss Ratings reissued a "buy (b)" rating on shares of American International Group in a report on Wednesday, October 8th. Wall Street Zen raised American International Group from a "hold" rating to a "buy" rating in a report on Friday, October 3rd. JPMorgan Chase & Co. boosted their price objective on American International Group from $95.00 to $97.00 and gave the company a "neutral" rating in a research note on Thursday, October 9th. Finally, UBS Group boosted their price objective on American International Group from $90.00 to $94.00 and gave the company a "buy" rating in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, American International Group presently has an average rating of "Moderate Buy" and an average target price of $89.81.

American International Group Trading Up 0.4%

NYSE AIG opened at $81.63 on Monday. The firm has a market capitalization of $45.22 billion, a P/E ratio of 15.50, a PEG ratio of 0.86 and a beta of 0.68. The business has a fifty day simple moving average of $79.88 and a 200 day simple moving average of $81.63. American International Group has a 12 month low of $69.24 and a 12 month high of $88.07. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22.

American International Group (NYSE:AIG - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The insurance provider reported $1.81 EPS for the quarter, beating analysts' consensus estimates of $1.60 by $0.21. The business had revenue of $6.77 billion during the quarter, compared to analyst estimates of $6.81 billion. American International Group had a return on equity of 7.88% and a net margin of 11.51%.During the same period in the prior year, the firm posted $1.16 EPS. On average, analysts predict that American International Group will post 6.24 EPS for the current fiscal year.

Institutional Investors Weigh In On American International Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Pinnacle Associates Ltd. lifted its holdings in American International Group by 1.6% in the 1st quarter. Pinnacle Associates Ltd. now owns 7,706 shares of the insurance provider's stock worth $670,000 after buying an additional 122 shares during the period. Aaron Wealth Advisors LLC raised its stake in American International Group by 2.4% during the second quarter. Aaron Wealth Advisors LLC now owns 5,466 shares of the insurance provider's stock valued at $468,000 after buying an additional 126 shares during the last quarter. Monument Capital Management raised its stake in American International Group by 3.5% during the second quarter. Monument Capital Management now owns 3,828 shares of the insurance provider's stock valued at $328,000 after buying an additional 129 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in American International Group by 2.6% during the second quarter. Geneos Wealth Management Inc. now owns 5,072 shares of the insurance provider's stock valued at $434,000 after buying an additional 129 shares during the last quarter. Finally, Montag A & Associates Inc. increased its holdings in shares of American International Group by 0.7% in the 1st quarter. Montag A & Associates Inc. now owns 17,788 shares of the insurance provider's stock worth $1,546,000 after purchasing an additional 130 shares in the last quarter. Hedge funds and other institutional investors own 90.60% of the company's stock.

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.

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