American Financial Group, Inc. $AFG Stock: Viking Fund Management LLC Boosts Holdings

Key Points

• Viking Fund Management increased its American Financial Group stake by 21.8% in the third quarter, acquiring 22,000 additional shares for a total holding of 123,000 shares valued at approximately $16.8 million.
• American Financial Group reported quarterly EPS of $2.82, exceeding estimates of $2.32, while revenue rose 5.5% year over year to $2.03 billion. The company also raised its quarterly dividend to $0.97 per share, producing a 2.7% annualized yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $152.75, compared with the stock’s reported price of $145.57.

Viking Fund Management LLC grew its stake in American Financial Group, Inc. (NYSE:AFG - Free Report) by 21.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 123,000 shares of the insurance provider's stock after acquiring an additional 22,000 shares during the period. American Financial Group accounts for approximately 1.4% of Viking Fund Management LLC's holdings, making the stock its 19th largest position. Viking Fund Management LLC owned approximately 0.15% of American Financial Group worth $16,821,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Cassaday & Co Wealth Management LLC acquired a new position in American Financial Group during the first quarter valued at approximately $26,000. Global Retirement Partners LLC acquired a new position in shares of American Financial Group during the 2nd quarter worth approximately $32,000. Versant Capital Management Inc increased its position in shares of American Financial Group by 135.7% during the 3rd quarter. Versant Capital Management Inc now owns 264 shares of the insurance provider's stock worth $36,000 after purchasing an additional 152 shares during the last quarter. Keating Financial Advisory Services Inc. acquired a new position in shares of American Financial Group during the 2nd quarter worth approximately $42,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of American Financial Group during the 2nd quarter worth approximately $46,000. Institutional investors and hedge funds own 64.37% of the company's stock.

Insiders Place Their Bets

In related news, VP Mark A. Weiss sold 2,813 shares of the company's 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 owned 6,648 shares in the company, valued at approximately $962,364.48. This represents a 29.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian S. 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 approximately $1,589,143.01. This represents a 7.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 16.90% of the company's stock.

American Financial Group Price Performance

NYSE:AFG opened at $145.57 on Thursday. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.38. The stock's 50 day moving average price is $142.44 and its two-hundred day moving average price is $137.71. The firm has a market capitalization of $12.07 billion, a price-to-earnings ratio of 12.43 and a beta of 0.59. American Financial Group, Inc. has a 12-month low of $123.09 and a 12-month high of $148.71.

American Financial Group (NYSE:AFG - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The insurance provider reported $2.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $1.85 billion. During the same period last year, the firm posted $2.14 earnings per share. The business's revenue was up 5.5% on a year-over-year basis. On average, analysts anticipate that American Financial Group, Inc. will post 12.29 earnings per share for the current year.

American Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Thursday, October 15th will be issued a dividend of $0.97 per share. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $3.88 annualized dividend and a yield of 2.7%. This is a positive change from American Financial Group's previous quarterly dividend of $0.88. American Financial Group's payout ratio is 30.77%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Piper Sandler increased their price objective on American Financial Group from $140.00 to $156.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Wall Street Zen downgraded shares of American Financial Group from a "buy" rating to a "hold" rating in a report on Saturday, September 12th. 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. Wells Fargo & Company dropped their price target on shares of American Financial Group from $175.00 to $166.00 and set an "overweight" rating on the stock in a research report on Monday. Finally, Keefe, Bruyette & Woods cut their price target on shares of American Financial Group from $153.00 to $147.00 and set a "market perform" rating for the company in a research note on Monday. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $152.75.

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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