American International Group, Inc. $AIG Shares Acquired by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia increased its AIG stake by 131.5% in the second quarter, purchasing 667,791 additional shares and bringing its holdings to 1.18 million shares valued at approximately $87.6 million. Institutional investors collectively own 90.6% of AIG.
• AIG’s latest quarterly earnings beat expectations, with EPS of $2.00 versus the $1.92 consensus, although revenue of $7.08 billion fell short of estimates. The company expects full-year EPS of about $8.02.
• Analysts maintain a consensus “Hold” rating with an average price target of $88.28, while AIG declared a quarterly dividend of $0.50 per share, representing a 2.6% annualized yield.

Bank of Nova Scotia lifted its holdings in American International Group, Inc. (NYSE:AIG - Free Report) by 131.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,175,453 shares of the insurance provider's stock after buying an additional 667,791 shares during the quarter. Bank of Nova Scotia owned 0.22% of American International Group worth $87,607,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Modus Advisors LLC acquired a new stake in American International Group in the fourth quarter valued at $27,000. Navalign LLC acquired a new stake in shares of American International Group in the fourth quarter valued at about $29,000. Mcguire Capital Advisors Inc. purchased a new stake in American International Group during the fourth quarter worth about $29,000. SHP Wealth Management acquired a new position in American International Group during the fourth quarter worth about $34,000. Finally, CENTRAL TRUST Co grew its position in American International Group by 48.7% during the first quarter. CENTRAL TRUST Co now owns 461 shares of the insurance provider's stock worth $35,000 after buying an additional 151 shares during the period. Hedge funds and other institutional investors own 90.60% of the company's stock.

Insider Activity at American International Group

In related news, insider Peter Zaffino sold 36,829 shares of the company's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $76.14, for a total value of $2,804,160.06. Following the completion of the transaction, the insider directly owned 556,004 shares in the company, valued at approximately $42,334,144.56. This represents a 6.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on AIG shares. Weiss Ratings raised shares of American International Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, July 2nd. JPMorgan Chase & Co. upped their price target on American International Group from $86.00 to $90.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. BMO Capital Markets raised their price objective on American International Group from $83.00 to $89.00 in a research note on Thursday, May 7th. UBS Group raised their target price on shares of American International Group from $94.00 to $98.00 and gave the company a "buy" rating in a report on Wednesday, July 8th. Finally, Wells Fargo & Company reduced their price target on shares of American International Group from $89.00 to $85.00 and set an "equal weight" rating on the stock in a report on Monday, August 10th. Seven research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $88.28.

American International Group Price Performance

NYSE:AIG opened at $76.30 on Friday. American International Group, Inc. has a 12-month low of $71.25 and a 12-month high of $87.29. The firm has a market cap of $39.90 billion, a price-to-earnings ratio of 13.95, a price-to-earnings-growth ratio of 0.69 and a beta of 0.53. The company's 50-day moving average is $77.69 and its two-hundred day moving average is $76.96. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 0.22.

American International Group (NYSE:AIG - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The insurance provider reported $2.00 EPS for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. The business had revenue of $7.08 billion during the quarter, compared to the consensus estimate of $7.25 billion. American International Group had a net margin of 11.13% and a return on equity of 11.05%. During the same period in the previous year, the firm posted $1.81 earnings per share. Research analysts expect that American International Group, Inc. will post 8.02 EPS for the current year.

American International Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.6%. American International Group's payout ratio is currently 36.56%.

American International Group Company Profile

American International Group, Inc (AIG) is a global insurance holding company that provides a broad range of property-casualty insurance, specialty insurance, and risk management solutions to institutional, commercial and individual customers. Through its operating subsidiaries, AIG underwrites commercial and personal lines products—ranging from general liability, property, and casualty coverages to specialty lines such as professional liability, surety, cyber and marine—along with related services designed to help clients manage and transfer risk.

The company also has a long history in life insurance, retirement solutions and asset management through businesses that have been restructured or separated over time.

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