American Financial Group, Inc. $AFG Stock: Assenagon Asset Management S.A. Increases Holdings

Key Points

• Assenagon Asset Management increased its AFG stake by 57.3% in the third quarter, acquiring 119,411 additional shares for a total holding valued at approximately $44.8 million. Institutional investors collectively own 64.37% of the company.
• Analyst sentiment remains mixed: AFG has an average rating of “Hold” and an average price target of $152.75, with recent target changes ranging from $147 to $166.
• American Financial Group reported quarterly EPS of $2.82, beating estimates by $0.50, while revenue rose 5.5% year over year. The company also raised its quarterly dividend to $0.97, equivalent to a 2.6% annual yield.

Assenagon Asset Management S.A. raised its stake in American Financial Group, Inc. (NYSE:AFG - Free Report) by 57.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 327,673 shares of the insurance provider's stock after buying an additional 119,411 shares during the quarter. Assenagon Asset Management S.A. owned about 0.40% of American Financial Group worth $44,813,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Viking Fund Management LLC increased its position in shares of American Financial Group by 21.8% during the third quarter. Viking Fund Management LLC now owns 123,000 shares of the insurance provider's stock worth $16,821,000 after acquiring an additional 22,000 shares in the last quarter. ZWJ Investment Counsel Inc. boosted its position in shares of American Financial Group by 4.9% during the third quarter. ZWJ Investment Counsel Inc. now owns 1,502 shares of the insurance provider's stock worth $205,000 after buying an additional 70 shares during the period. Krilogy Financial LLC lifted its stake in American Financial Group by 75.3% in the 3rd quarter. Krilogy Financial LLC now owns 2,610 shares of the insurance provider's stock valued at $375,000 after acquiring an additional 1,121 shares in the last quarter. NorthCrest Asset Manangement LLC lifted its stake in American Financial Group by 92.7% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 4,777 shares of the insurance provider's stock valued at $678,000 after acquiring an additional 2,298 shares in the last quarter. Finally, Wedmont Private Capital bought a new stake in American Financial Group in the 3rd quarter valued at approximately $203,000. Institutional investors and hedge funds own 64.37% of the company's stock.

Analyst Upgrades and Downgrades

AFG has been the topic of a number of recent research reports. Wells Fargo & Company lowered their price objective on shares of American Financial Group from $175.00 to $166.00 and set an "overweight" rating on the stock in a report on Monday, October 12th. Wall Street Zen raised shares of American Financial Group from a "hold" rating to a "buy" rating in a research report on Saturday. Piper Sandler increased their target price on shares of American Financial Group from $140.00 to $156.00 and gave the stock a "neutral" rating in a report on Monday, August 10th. Weiss Ratings upgraded shares of American Financial Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of American Financial Group from $153.00 to $147.00 and set a "market perform" rating for the company in a research report on Monday, October 12th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $152.75.

Insider Buying and Selling at American Financial Group

In other news, VP Mark Weiss sold 2,813 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $144.76, for a total value of $407,209.88. Following the transaction, the vice president directly owned 6,648 shares of the company's stock, valued at $962,364.48. This represents a 29.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian Hertzman sold 950 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $142.87, for a total transaction of $135,726.50. Following the completion of the transaction, the chief financial officer directly owned 11,123 shares in the company, valued at $1,589,143.01. The trade was a 7.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 16.90% of the stock is owned by insiders.

American Financial Group Stock Performance

AFG opened at $149.25 on Friday. American Financial Group, Inc. has a 12-month low of $123.09 and a 12-month high of $149.31. The stock has a market cap of $12.38 billion, a price-to-earnings ratio of 13.05 and a beta of 0.59. The business has a 50 day moving average of $142.50 and a 200-day moving average of $137.93. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.38.

American Financial Group (NYSE:AFG - Get Free Report) last issued its earnings results on Tuesday, August 4th. The insurance provider reported $2.82 EPS for the quarter, topping the consensus estimate of $2.32 by $0.50. American Financial Group had a return on equity of 20.35% and a net margin of 11.51%. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the previous year, the company posted $2.14 EPS. The firm's revenue for the quarter was up 5.5% compared to the same quarter last year. On average, equities research analysts expect that American Financial Group, Inc. will post 12.29 earnings per share for the current year.

American Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Thursday, October 15th will be issued a $0.97 dividend. This is an increase from American Financial Group's previous quarterly dividend of $0.88. This represents a $3.88 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Thursday, October 15th. American Financial Group's dividend payout ratio is presently 33.92%.

American Financial Group Profile

American Financial Group, Inc is an insurance holding company headquartered in Cincinnati, Ohio. Through its Great American Insurance Group businesses, the company primarily provides property and casualty insurance products, with an emphasis on specialty commercial markets that require specialized underwriting expertise.

Its insurance offerings include coverage for commercial transportation, agriculture, workers' compensation, excess and surplus risks, environmental exposures, inland marine, and other niche industries.

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