American International Group, Inc. $AIG Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its AIG stake by 9.3% in the second quarter, selling 48,163 shares and retaining 469,051 shares valued at approximately $35.0 million. Institutional investors collectively own 90.6% of AIG.
• AIG’s latest quarterly results exceeded expectations, with adjusted EPS of $2.00 versus the $1.92 consensus estimate, although revenue of $7.08 billion fell short of forecasts. CEO Peter Zaffino also sold 36,829 shares under a pre-arranged trading plan.
• AIG declared a quarterly dividend of $0.50 per share, equivalent to a 2.6% yield, while analysts maintain a consensus “Hold” rating and an average price target of $88.28.

The Manufacturers Life Insurance Company lowered its holdings in American International Group, Inc. (NYSE:AIG - Free Report) by 9.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 469,051 shares of the insurance provider's stock after selling 48,163 shares during the quarter. The Manufacturers Life Insurance Company owned 0.09% of American International Group worth $34,958,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Fiduciary Financial Advisors acquired a new stake in shares of American International Group during the 2nd quarter worth about $34,000. L2 Asset Management LLC raised its holdings in American International Group by 4.8% in the 2nd quarter. L2 Asset Management LLC now owns 3,046 shares of the insurance provider's stock valued at $227,000 after buying an additional 139 shares during the period. Cullen Capital Management LLC lifted its position in American International Group by 0.6% in the second quarter. Cullen Capital Management LLC now owns 573,977 shares of the insurance provider's stock valued at $42,778,000 after buying an additional 3,464 shares during the last quarter. Algert Global LLC acquired a new position in American International Group in the second quarter valued at about $527,000. Finally, Allstate Corp boosted its stake in American International Group by 0.9% during the second quarter. Allstate Corp now owns 53,726 shares of the insurance provider's stock worth $4,004,000 after buying an additional 468 shares during the period. Institutional investors and hedge funds own 90.60% of the company's stock.

Insiders Place Their Bets

In other American International Group news, insider Peter Zaffino sold 36,829 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $76.14, for a total transaction of $2,804,160.06. Following the sale, the insider directly owned 556,004 shares in the company, valued at $42,334,144.56. This represents a 6.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.60% of the stock is currently owned by insiders.

American International Group Stock Performance

NYSE AIG opened at $77.04 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.61 and a quick ratio of 0.61. The company has a market cap of $40.28 billion, a P/E ratio of 14.08, a P/E/G ratio of 0.70 and a beta of 0.53. The stock has a 50-day moving average of $77.82 and a two-hundred day moving average of $77.01. American International Group, Inc. has a 1-year low of $71.25 and a 1-year high of $87.29.

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

American International Group Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on AIG shares. Citigroup lifted their price target on shares of American International Group from $85.00 to $88.00 and gave the company a "neutral" rating in a research report on Monday, May 4th. JPMorgan Chase & Co. upped their price objective on shares of American International Group from $86.00 to $90.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. Barclays increased their price objective on shares of American International Group from $80.00 to $81.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Mizuho boosted their target price on American International Group from $86.00 to $89.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. Finally, Piper Sandler boosted their target price on American International Group from $80.00 to $84.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. Seven analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, American International Group currently has a consensus rating of "Hold" and an average price target of $88.28.

About American International Group

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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