American International Group (NYSE:AIG) Stock Gets Price Target Reduction from Wells Fargo & Company

Key Points

• Wells Fargo lowered AIG’s price target from $85 to $83 while maintaining an “equal weight” rating, implying approximately 7.44% upside from the stock’s $77.25 price.
• Analyst sentiment remains mixed, with eight Buy ratings and ten Hold ratings; MarketBeat reports a consensus “Hold” rating and average price target of $87.68.
• AIG recently exceeded quarterly earnings expectations, reporting adjusted EPS of $2.00 versus the $1.92 consensus, while revenue of $7.08 billion fell short of estimates.

American International Group (NYSE:AIG - Get Free Report) had its target price dropped by analysts at Wells Fargo & Company from $85.00 to $83.00 in a report issued on Monday, Benzinga reports. The firm presently has an "equal weight" rating on the insurance provider's stock. Wells Fargo & Company's price objective suggests a potential upside of 7.44% from the stock's current price.

Other equities research analysts have also issued research reports about the company. Cantor Fitzgerald lowered their price objective on American International Group from $92.00 to $90.00 and set an "overweight" rating for the company in a research note on Monday, August 17th. Keefe, Bruyette & Woods cut their target price on American International Group from $96.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday. Piper Sandler increased their target price on American International Group from $80.00 to $84.00 and gave the company a "neutral" rating in a research note on Monday, August 10th. Argus reiterated a "buy" rating and set a $90.00 target price on shares of American International Group in a research note on Wednesday, September 2nd. Finally, Royal Bank Of Canada raised their price target on shares of American International Group from $85.00 to $87.00 and gave the stock a "sector perform" rating in a research report on Monday, August 10th. Eight research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $87.68.

American International Group Stock Up 0.3%

Shares of American International Group stock traded up $0.21 during trading hours on Monday, hitting $77.25. 330,655 shares of the company's stock traded hands, compared to its average volume of 4,309,937. The stock has a 50 day simple moving average of $76.17 and a 200-day simple moving average of $76.47. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.22. The company has a market cap of $40.39 billion, a PE ratio of 14.15, a PEG ratio of 0.82 and a beta of 0.52. American International Group has a twelve month low of $71.25 and a twelve month high of $87.29.

American International Group (NYSE:AIG - Get Free Report) last announced its earnings results on Friday, August 7th. The insurance provider reported $2.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. American International Group had a return on equity of 11.05% and a net margin of 11.13%. The business had revenue of $7.08 billion for the quarter, compared to analyst estimates of $7.25 billion. During the same period in the previous year, the company earned $1.81 earnings per share. Equities research analysts anticipate that American International Group will post 8.06 earnings per share for the current fiscal year.

Insider Transactions at American International Group

In other American International Group news, insider Peter Zaffino sold 200,000 shares of American International Group 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 transaction, the insider owned 592,833 shares of the company's stock, valued at $45,333,939.51. The trade was a 25.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.60% of the stock is owned by company insiders.

Institutional Trading of American International Group

Several institutional investors have recently added to or reduced their stakes in the business. L2 Asset Management LLC boosted its holdings in shares of American International Group by 4.8% in the second quarter. L2 Asset Management LLC now owns 3,046 shares of the insurance provider's stock valued at $227,000 after acquiring an additional 139 shares in the last quarter. Kestra Private Wealth Services LLC raised its holdings in American International Group by 1.3% during the first quarter. Kestra Private Wealth Services LLC now owns 11,048 shares of the insurance provider's stock worth $831,000 after purchasing an additional 146 shares in the last quarter. CENTRAL TRUST Co raised its holdings in American International Group by 48.7% during the first quarter. CENTRAL TRUST Co now owns 461 shares of the insurance provider's stock worth $35,000 after purchasing an additional 151 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in American International Group by 7.3% during the second quarter. Parkside Financial Bank & Trust now owns 2,333 shares of the insurance provider's stock worth $174,000 after purchasing an additional 158 shares in the last quarter. Finally, Mayfair Advisory Group LLC lifted its position in American International Group by 6.3% in the first quarter. Mayfair Advisory Group LLC now owns 2,925 shares of the insurance provider's stock worth $220,000 after purchasing an additional 174 shares during the period. Institutional investors own 90.60% of the company's stock.

American International Group Company Profile

American International Group, Inc NYSE: AIG is a global insurance organization whose principal operating business is general insurance. Through its property and casualty operations, AIG provides commercial and personal insurance products, including coverage for businesses, multinational companies, individuals, and specialty risks. Its offerings include property, casualty, liability, marine, aviation, cyber, accident, and travel insurance, along with other risk-management solutions.

AIG serves customers through a network spanning approximately 190 countries and jurisdictions.

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