Millennium Management LLC Acquires 175,015 Shares of American Financial Group, Inc. $AFG

Key Points

• Millennium Management LLC significantly increased its stake in American Financial Group by 166.7%, owning 280,012 shares valued at approximately $36.8 million as of the latest SEC filing.
• Insider transactions were noted as Director Stephen Craig Lindner, Jr. sold 10,000 shares for over $1.34 million, reflecting a 2.97% decrease in his position, while company insiders collectively own 17.40% of the stock.
• American Financial Group reported a $2.14 EPS in its latest earnings, surpassing analysts' expectations, and announced a quarterly dividend of $0.80 per share.

Millennium Management LLC boosted its position in shares of American Financial Group, Inc. (NYSE:AFG - Free Report) by 166.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 280,012 shares of the insurance provider's stock after acquiring an additional 175,015 shares during the period. Millennium Management LLC owned 0.33% of American Financial Group worth $36,777,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Private Trust Co. NA lifted its position in American Financial Group by 144.3% during the 1st quarter. Private Trust Co. NA now owns 215 shares of the insurance provider's stock worth $28,000 after acquiring an additional 127 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in American Financial Group during the 1st quarter worth $34,000. Lazard Asset Management LLC acquired a new position in American Financial Group during the 4th quarter worth $53,000. Headlands Technologies LLC acquired a new position in American Financial Group during the 1st quarter worth $55,000. Finally, Costello Asset Management INC acquired a new position in American Financial Group during the 1st quarter worth $68,000. Institutional investors and hedge funds own 64.37% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on AFG shares. Jefferies Financial Group boosted their target price on shares of American Financial Group from $125.00 to $130.00 and gave the stock a "hold" rating in a research report on Monday, August 11th. Wall Street Zen raised shares of American Financial Group from a "sell" rating to a "hold" rating in a research report on Saturday. Finally, Keefe, Bruyette & Woods cut their price objective on shares of American Financial Group from $127.00 to $124.00 and set a "market perform" rating for the company in a research report on Tuesday, August 12th. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $136.75.

Insiders Place Their Bets

In related news, Director Stephen Craig Lindner, Jr. sold 10,000 shares of the company's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $134.31, for a total value of $1,343,100.00. Following the sale, the director owned 326,730 shares of the company's stock, valued at $43,883,106.30. The trade was a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 17.40% of the stock is currently owned by insiders.

American Financial Group Stock Performance

Shares of AFG traded down $0.08 during trading hours on Monday, reaching $139.78. 60,222 shares of the company traded hands, compared to its average volume of 494,964. The stock has a market cap of $11.66 billion, a P/E ratio of 15.36 and a beta of 0.73. The stock's fifty day moving average is $130.77 and its 200 day moving average is $127.33. American Financial Group, Inc. has a 1-year low of $114.73 and a 1-year high of $150.19. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.47 and a current ratio of 0.47.

American Financial Group (NYSE:AFG - Get Free Report) last posted its earnings results on Tuesday, August 5th. The insurance provider reported $2.14 earnings per share for the quarter, beating analysts' consensus estimates of $2.08 by $0.06. The business had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.77 billion. American Financial Group had a net margin of 9.21% and a return on equity of 17.41%. The firm's revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.56 earnings per share. Equities research analysts anticipate that American Financial Group, Inc. will post 10.5 earnings per share for the current fiscal year.

American Financial Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Tuesday, July 15th were paid a $0.80 dividend. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $3.20 dividend on an annualized basis and a yield of 2.3%. American Financial Group's payout ratio is presently 35.16%.

About American Financial Group

American Financial Group, Inc, an insurance holding company, provides specialty property and casualty insurance products in the United States. The company offers property and transportation insurance products, such as physical damage and liability coverage for buses and trucks, inland and ocean marine, agricultural-related products, and other commercial property and specialty transportation coverages; specialty casualty insurance, including primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, and specialty coverage in targeted markets, as well as customized programs for small to mid-sized businesses and workers' compensation insurance; and specialty financial insurance products comprising risk management insurance programs for lending and leasing institutions, fidelity and surety products, and trade credit insurance.