Allstate Corp Buys 15,275 Shares of American International Group, Inc. $AIG

Key Points

• Allstate Corp increased its holdings in American International Group, Inc. by 74.3%, acquiring an additional 15,275 shares, bringing its total to 35,845 shares valued at approximately $3.1 million.
• American International Group reported $1.81 earnings per share for the most recent quarter, exceeding analyst expectations but revenue was slightly below estimates at $6.77 billion.
• The company announced a quarterly dividend of $0.45 per share, with an annualized yield of 2.2%, payable on September 30th to shareholders of record.

Allstate Corp lifted its holdings in shares of American International Group, Inc. (NYSE:AIG - Free Report) by 74.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 35,845 shares of the insurance provider's stock after acquiring an additional 15,275 shares during the period. Allstate Corp's holdings in American International Group were worth $3,116,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Compound Planning Inc. grew its stake in American International Group by 10.7% during the 1st quarter. Compound Planning Inc. now owns 11,397 shares of the insurance provider's stock worth $991,000 after buying an additional 1,104 shares during the last quarter. Norinchukin Bank The grew its stake in shares of American International Group by 12.6% in the 1st quarter. Norinchukin Bank The now owns 33,849 shares of the insurance provider's stock valued at $2,943,000 after purchasing an additional 3,790 shares during the last quarter. United Asset Strategies Inc. grew its stake in shares of American International Group by 0.4% in the 1st quarter. United Asset Strategies Inc. now owns 109,447 shares of the insurance provider's stock valued at $9,515,000 after purchasing an additional 431 shares during the last quarter. Kaufman Rossin Wealth LLC purchased a new position in shares of American International Group in the 1st quarter valued at approximately $235,000. Finally, Credit Agricole S A grew its stake in shares of American International Group by 9.8% in the 1st quarter. Credit Agricole S A now owns 185,475 shares of the insurance provider's stock valued at $16,125,000 after purchasing an additional 16,511 shares during the last quarter. Hedge funds and other institutional investors own 90.60% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on AIG. Cfra Research upgraded American International Group to a "moderate buy" rating in a research note on Monday, August 11th. William Blair raised American International Group to a "strong-buy" rating in a report on Friday, August 1st. Wells Fargo & Company lifted their price objective on American International Group from $81.00 to $82.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. Morgan Stanley lifted their price objective on American International Group from $81.00 to $85.00 and gave the company an "equal weight" rating in a research report on Monday, May 19th. Finally, Cantor Fitzgerald raised American International Group to a "hold" rating in a research report on Tuesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, American International Group currently has a consensus rating of "Moderate Buy" and an average target price of $88.27.

American International Group Price Performance

Shares of AIG traded down $0.22 during trading hours on Tuesday, hitting $82.57. 4,164,166 shares of the company were exchanged, compared to its average volume of 4,509,104. The company has a market capitalization of $45.74 billion, a PE ratio of 15.64, a PEG ratio of 0.89 and a beta of 0.63. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63. The firm has a fifty day simple moving average of $81.47 and a 200-day simple moving average of $81.75. American International Group, Inc. has a one year low of $69.24 and a one year high of $88.07.

American International Group (NYSE:AIG - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The insurance provider reported $1.81 earnings per share for the quarter, topping the consensus estimate 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 last year, the company posted $1.16 EPS. As a group, sell-side analysts predict that American International Group, Inc. will post 6.24 earnings per share for the current year.

American International Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.2%. The ex-dividend date is Tuesday, September 16th. American International Group's dividend payout ratio (DPR) is 34.09%.

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.