American Financial Group, Inc. $AFG Stake Boosted by Bank of America Corp DE

Key Points

• Bank of America increased its American Financial Group stake by 24% in the first quarter, owning 294,396 shares worth approximately $37.6 million. Institutional investors collectively hold 64.37% of the company.
• Analysts raised their price targets, but the consensus remains “Hold”, with an average target of $156. Wells Fargo is the most bullish, assigning an “overweight” rating and a $173 target.
• American Financial Group exceeded quarterly expectations with adjusted EPS of $2.82 versus a $2.32 estimate and revenue of $2.03 billion. The company also pays a quarterly dividend of $0.88 per share, equivalent to a 2.4% annual yield.

Bank of America Corp DE boosted its holdings in American Financial Group, Inc. (NYSE:AFG - Free Report) by 24.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 294,396 shares of the insurance provider's stock after purchasing an additional 57,023 shares during the quarter. Bank of America Corp DE owned approximately 0.35% of American Financial Group worth $37,597,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Steph & Co. lifted its position in shares of American Financial Group by 11.5% in the 1st quarter. Steph & Co. now owns 787 shares of the insurance provider's stock worth $101,000 after buying an additional 81 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its position in shares of American Financial Group by 4.4% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 1,975 shares of the insurance provider's stock valued at $252,000 after buying an additional 83 shares during the last quarter. Valmark Advisers Inc. grew its position in shares of American Financial Group by 1.0% during the 1st quarter. Valmark Advisers Inc. now owns 8,307 shares of the insurance provider's stock valued at $1,061,000 after buying an additional 85 shares during the last quarter. OMERS ADMINISTRATION Corp raised its stake in American Financial Group by 3.0% during the first quarter. OMERS ADMINISTRATION Corp now owns 3,061 shares of the insurance provider's stock worth $391,000 after acquiring an additional 88 shares during the period. Finally, Larson Financial Group LLC raised its stake in American Financial Group by 2.2% during the fourth quarter. Larson Financial Group LLC now owns 4,546 shares of the insurance provider's stock worth $621,000 after acquiring an additional 98 shares during the period. Institutional investors own 64.37% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Wells Fargo & Company lifted their target price on American Financial Group from $158.00 to $173.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. Piper Sandler raised their price target on American Financial Group from $140.00 to $156.00 and gave the stock a "neutral" rating in a report on Monday. Keefe, Bruyette & Woods raised their price target on American Financial Group from $148.00 to $153.00 and gave the stock a "market perform" rating in a report on Tuesday. Finally, Weiss Ratings upgraded American Financial Group from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $156.00.

Insider Activity

In related news, VP Mark A. Weiss sold 2,813 shares of American Financial Group stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $144.76, for a total transaction of $407,209.88. Following the sale, the vice president directly owned 6,648 shares in the company, valued at $962,364.48. The trade was a 29.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David Lawrence Thompson, Jr. sold 11,370 shares of the company's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $135.05, for a total transaction of $1,535,518.50. Following the completion of the sale, the insider directly owned 584,098 shares of the company's stock, valued at $78,882,434.90. The trade was a 1.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 16,430 shares of company stock valued at $2,255,061. Company insiders own 16.90% of the company's stock.

American Financial Group Stock Performance

Shares of NYSE AFG opened at $145.56 on Friday. American Financial Group, Inc. has a 12-month low of $123.09 and a 12-month high of $150.02. The company has a market cap of $12.07 billion, a PE ratio of 12.72 and a beta of 0.62. The stock has a 50 day simple moving average of $139.79 and a 200-day simple moving average of $133.77. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.38.

American Financial Group (NYSE:AFG - Get Free Report) last posted its earnings results on Tuesday, August 4th. The insurance provider reported $2.82 EPS 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 return on equity of 20.35% and a net margin of 11.51%.The firm's revenue was up 5.5% compared to the same quarter last year. During the same period last year, the firm earned $2.14 EPS. On average, equities research analysts forecast that American Financial Group, Inc. will post 11.73 EPS for the current year.

American Financial Group Dividend Announcement

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

About American Financial Group

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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