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

Key Points

• Wall Street Zen upgraded American Financial Group from “hold” to “buy,” although the broader analyst consensus remains “Hold” with a $152.75 average price target.
• AFG shares opened at $149.25, near their 52-week high of $149.31, and trade above both their 50-day and 200-day moving averages.
• The insurer exceeded quarterly earnings expectations, reporting $2.82 in EPS versus $2.32 expected and $2.03 billion in revenue; institutional investors own 64.37% of the stock, while two executives recently sold shares.

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

Other research analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods reduced their target price on American Financial Group from $153.00 to $147.00 and set a "market perform" rating on the stock in a report on Monday, October 12th. Piper Sandler boosted their price target on American Financial Group from $140.00 to $156.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. Weiss Ratings upgraded American Financial Group from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Finally, Wells Fargo & Company dropped their price target on American Financial Group from $175.00 to $166.00 and set an "overweight" rating for the company in a research note on Monday, October 12th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $152.75.

American Financial Group Price Performance

AFG opened at $149.25 on Friday. The company's 50 day simple moving average is $142.50 and its 200 day simple moving average is $137.93. 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 1 year low of $123.09 and a 1 year high of $149.31. The stock has a market capitalization of $12.38 billion, a PE ratio of 12.53 and a beta of 0.59.

American Financial Group (NYSE:AFG - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The insurance provider reported $2.82 EPS for the quarter, topping the consensus estimate of $2.32 by $0.50. The firm had revenue of $2.03 billion during the quarter, compared to analyst estimates of $1.85 billion. American Financial Group had a net margin of 11.51% and a return on equity of 20.35%. American Financial Group's revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.14 earnings per share. As a group, sell-side analysts expect that American Financial Group will post 12.29 EPS for the current year.

Insiders Place Their Bets

In related news, VP Mark Weiss sold 2,813 shares of American Financial Group 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 transaction, the vice president owned 6,648 shares in the company, valued at approximately $962,364.48. The trade was a 29.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Brian Hertzman sold 950 shares of the company's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $142.87, for a total transaction of $135,726.50. Following the sale, the chief financial officer directly owned 11,123 shares of the company's stock, valued at approximately $1,589,143.01. This trade represents a 7.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 16.90% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of American Financial Group in the second quarter valued at about $1,079,329,000. Bank of New York Mellon Corp acquired a new position in American Financial Group during the 2nd quarter worth approximately $102,590,000. Bank of America Corp DE acquired a new position in American Financial Group during the 2nd quarter worth approximately $53,939,000. Arrowstreet Capital Limited Partnership lifted its position in American Financial Group by 337.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 431,144 shares of the insurance provider's stock worth $55,061,000 after acquiring an additional 332,517 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in American Financial Group by 433.2% in the 1st quarter. First Trust Advisors LP now owns 316,974 shares of the insurance provider's stock worth $40,481,000 after acquiring an additional 257,522 shares during the period. Institutional investors and hedge funds own 64.37% of the company's stock.

American Financial Group Company Profile

American Financial Group, Inc is an insurance holding company headquartered in Cincinnati, Ohio. Through its Great American Insurance Group businesses, the company primarily provides property and casualty insurance products, with an emphasis on specialty commercial markets that require specialized underwriting expertise.

Its insurance offerings include coverage for commercial transportation, agriculture, workers' compensation, excess and surplus risks, environmental exposures, inland marine, and other niche industries.

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.