Piper Sandler Forecasts Strong Price Appreciation for American International Group (NYSE:AIG) Stock

Key Points

• Piper Sandler raised its AIG price target from $84 to $85 but kept a neutral rating, implying 7.14% upside from the prior close.
• Analyst sentiment is mixed: AIG has a consensus “Hold” rating and an average price target of $87.84, with eight Buy ratings and ten Holds.
• AIG beat quarterly earnings expectations, reporting EPS of $2.06 versus the $1.88 consensus; shares rose 2% to $79.33 during Monday trading.

American International Group (NYSE:AIG - Get Free Report) had its price target boosted by stock analysts at Piper Sandler from $84.00 to $85.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a "neutral" rating on the insurance provider's stock. Piper Sandler's target price points to a potential upside of 7.14% from the stock's previous close.

A number of other analysts have also recently weighed in on AIG. Cantor Fitzgerald lowered their price target on shares of American International Group from $92.00 to $90.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Wall Street Zen upgraded shares of American International Group from a "hold" rating to a "buy" rating in a research note on Saturday. Wells Fargo & Company boosted their price objective on shares of American International Group from $83.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Thursday. Bank of America reissued a "neutral" rating on shares of American International Group in a research report on Wednesday, November 4th. Finally, Mizuho lowered their target price on shares of American International Group from $85.00 to $83.00 and set a "neutral" rating for the company in a research note on Wednesday, October 7th. Eight investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $87.84.

American International Group Stock Up 2.0%

Shares of NYSE AIG traded up $1.58 during mid-day trading on Monday, reaching $79.33. 521,174 shares of the company were exchanged, compared to its average volume of 4,298,987. American International Group has a 1 year low of $71.25 and a 1 year high of $87.29. The firm has a 50-day moving average of $77.46 and a 200 day moving average of $76.94. The stock has a market cap of $41.13 billion, a price-to-earnings ratio of 12.92, a P/E/G ratio of 0.82 and a beta of 0.48. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.27.

American International Group (NYSE:AIG - Get Free Report) last posted its earnings results on Tuesday, November 3rd. The insurance provider reported $2.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.88 by $0.18. The company had revenue of $7.44 billion for the quarter, compared to analyst estimates of $7.42 billion. American International Group had a return on equity of 10.86% and a net margin of 11.86%. During the same quarter in the previous year, the firm earned $2.20 earnings per share. On average, research analysts expect that American International Group will post 8.10 earnings per share for the current year.

Insiders Place Their Bets

In other American International Group news, insider Peter Zaffino sold 36,829 shares of the firm's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $76.14, for a total value of $2,804,160.06. Following the completion of the sale, the insider owned 556,004 shares of the company's stock, valued at approximately $42,334,144.56. This trade represents a 6.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On American International Group

Several hedge funds and other institutional investors have recently modified their holdings of AIG. Wellington Management Group LLP grew its position in American International Group by 6.9% in the second quarter. Wellington Management Group LLP now owns 30,331,704 shares of the insurance provider's stock worth $2,260,622,000 after acquiring an additional 1,961,270 shares during the period. State Street Corp increased its stake in American International Group by 0.8% during the second quarter. State Street Corp now owns 25,115,416 shares of the insurance provider's stock worth $1,871,852,000 after acquiring an additional 196,969 shares during the last quarter. Bank of New York Mellon Corp raised its position in American International Group by 6.1% in the first quarter. Bank of New York Mellon Corp now owns 8,237,375 shares of the insurance provider's stock valued at $619,862,000 after purchasing an additional 474,035 shares during the period. Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in American International Group in the second quarter valued at $464,539,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of American International Group by 5.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,142,278 shares of the insurance provider's stock valued at $462,147,000 after purchasing an additional 303,201 shares during the last quarter. 90.60% of the stock is owned by hedge funds and other institutional investors.

About American International Group

American International Group, Inc (AIG) is a global insurance company headquartered in New York. Founded in Shanghai in 1919, the company has grown into an insurer serving businesses and individuals in the United States and international markets.

AIG's principal business is general insurance, including commercial and personal property and casualty coverage. Its offerings include products and services for businesses, multinational organizations and individuals, with coverage spanning areas such as property, liability, accident and specialty risks.

AIG provides insurance through its subsidiaries and operates across a range of markets worldwide.

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