Algert Global LLC Has $15.16 Million Stake in American Financial Group, Inc. $AFG

Key Points

• Algert Global increased its American Financial Group stake by 844.4% in the second quarter, holding 108,320 shares worth approximately $15.16 million. Institutional investors collectively own 64.37% of AFG.
• American Financial Group reported stronger-than-expected quarterly results, with EPS of $2.82 versus the $2.32 consensus and revenue of $2.03 billion. Revenue increased 5.5% year over year, while the company maintained a quarterly dividend of $0.88 per share.
• AFG shares opened at $143.70, near the upper end of their 52-week range, while analysts maintained a consensus “Hold” rating with an average price target of $156.00. Several firms recently raised their price targets, although insiders have sold $2.26 million of stock over the past 90 days.

Algert Global LLC boosted its holdings in American Financial Group, Inc. (NYSE:AFG - Free Report) by 844.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,320 shares of the insurance provider's stock after purchasing an additional 96,850 shares during the period. Algert Global LLC owned about 0.13% of American Financial Group worth $15,158,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in American Financial Group during the second quarter valued at approximately $1,079,329,000. Charles Schwab Investment Management Inc. grew its stake in shares of American Financial Group by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,567,721 shares of the insurance provider's stock valued at $350,956,000 after buying an additional 57,246 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of American Financial Group by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 1,732,557 shares of the insurance provider's stock valued at $236,645,000 after buying an additional 29,731 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in American Financial Group by 19.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,506,510 shares of the insurance provider's stock worth $192,395,000 after buying an additional 240,509 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in American Financial Group by 33.2% during the third quarter. Northern Trust Corp now owns 1,026,783 shares of the insurance provider's stock worth $149,623,000 after buying an additional 255,693 shares during the last quarter. 64.37% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, SVP Michelle A. Gillis sold 2,247 shares of the company's stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $139.00, for a total value of $312,333.00. Following the transaction, the senior vice president directly owned 13,135 shares in the company, valued at approximately $1,825,765. This represents a 14.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Mark A. Weiss sold 2,813 shares of the firm's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $144.76, for a total transaction of $407,209.88. Following the transaction, the vice president directly owned 6,648 shares in the company, valued at approximately $962,364.48. This represents a 29.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 16,430 shares of company stock worth $2,255,061 in the last 90 days. Company insiders own 16.90% of the company's stock.

American Financial Group Stock Performance

Shares of AFG stock opened at $143.70 on Wednesday. American Financial Group, Inc. has a 52 week low of $123.09 and a 52 week high of $150.02. The company has a market capitalization of $11.92 billion, a price-to-earnings ratio of 12.56 and a beta of 0.62. The company has a 50-day simple moving average of $141.69 and a 200 day simple moving average of $134.67. 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 (NYSE:AFG - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The insurance provider reported $2.82 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.50. The firm had revenue of $2.03 billion for the quarter, compared to analysts' expectations of $1.85 billion. American Financial Group had a net margin of 11.51% and a return on equity of 20.35%. The business's revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.14 EPS. On average, sell-side analysts predict that American Financial Group, Inc. will post 11.87 earnings per share for the current year.

American Financial Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Wednesday, July 15th were given a dividend of $0.88 per share. The ex-dividend date was Wednesday, July 15th. This represents a $3.52 annualized dividend and a yield of 2.4%. American Financial Group's dividend payout ratio (DPR) is presently 30.77%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Wall Street Zen raised shares of American Financial Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Wells Fargo & Company raised their target price on shares of American Financial Group from $158.00 to $173.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. Weiss Ratings upgraded American Financial Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. Piper Sandler boosted their price target on American Financial Group from $140.00 to $156.00 and gave the stock a "neutral" rating in a research report on Monday, August 10th. Finally, Keefe, Bruyette & Woods upped their price objective on American Financial Group from $148.00 to $153.00 and gave the company a "market perform" rating in a research note on Tuesday, August 11th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $156.00.

American Financial Group Company Profile

American Financial Group, Inc NYSE: AFG is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.

The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.

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