Assenagon Asset Management S.A. Sells 545,117 Shares of American International Group, Inc. $AIG

Key Points

• Assenagon Asset Management cut its AIG stake by 65.9%, selling 545,117 shares and retaining 282,171 shares valued at approximately $21.03 million. Institutional investors overall own 90.6% of AIG.
• AIG’s latest quarterly results exceeded expectations, with EPS of $2.00 versus the $1.92 consensus, although revenue of $7.08 billion fell short of estimates. Underwriting strength, lower catastrophe losses and broad-based premium growth supported the earnings beat.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and average price target of $88.28. AIG also declared a quarterly dividend of $0.50 per share, representing a 2.5% yield and $2.00 in annualized payments.

Assenagon Asset Management S.A. reduced its stake in American International Group, Inc. (NYSE:AIG - Free Report) by 65.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 282,171 shares of the insurance provider's stock after selling 545,117 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.05% of American International Group worth $21,030,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AIG. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of American International Group by 20.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 88,932 shares of the insurance provider's stock worth $7,608,000 after buying an additional 15,116 shares during the last quarter. Norges Bank bought a new position in shares of American International Group during the 4th quarter valued at approximately $636,782,000. Danske Bank A S increased its stake in shares of American International Group by 7.7% during the 4th quarter. Danske Bank A S now owns 351,972 shares of the insurance provider's stock worth $30,111,000 after purchasing an additional 25,200 shares during the last quarter. Lee Danner & Bass Inc. increased its stake in shares of American International Group by 194.2% during the 1st quarter. Lee Danner & Bass Inc. now owns 33,781 shares of the insurance provider's stock worth $2,542,000 after purchasing an additional 22,300 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of American International Group by 4.6% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,156,343 shares of the insurance provider's stock worth $97,445,000 after purchasing an additional 50,775 shares during the period. Hedge funds and other institutional investors own 90.60% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on AIG. Mizuho lifted their price objective on American International Group from $86.00 to $89.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. JPMorgan Chase & Co. boosted their price target on shares of American International Group from $86.00 to $90.00 and gave the company a "neutral" rating in a research report on Monday, July 20th. Barclays upped their price target on shares of American International Group from $80.00 to $81.00 and gave the company an "equal weight" rating in a research note on Friday. The Goldman Sachs Group raised their price objective on shares of American International Group from $85.00 to $88.00 and gave the stock a "buy" rating in a report on Wednesday, July 1st. Finally, Bank of America reduced their price objective on shares of American International Group from $80.00 to $79.00 and set a "neutral" rating for the company in a research note on Tuesday, April 14th. Seven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $88.28.

American International Group Stock Up 0.0%

AIG opened at $78.80 on Monday. The firm has a market capitalization of $41.78 billion, a P/E ratio of 14.40, a price-to-earnings-growth ratio of 0.72 and a beta of 0.52. American International Group, Inc. has a one year low of $71.25 and a one year high of $87.29. The company has a fifty day moving average price of $77.28 and a 200-day moving average price of $76.77. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.65 and a quick ratio of 0.65.

American International Group (NYSE:AIG - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The insurance provider reported $2.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. The company had revenue of $7.08 billion for the quarter, compared to the consensus estimate of $7.25 billion. American International Group had a return on equity of 11.03% and a net margin of 11.13%.During the same quarter last year, the business posted $1.81 earnings per share. Equities research analysts expect that American International Group, Inc. will post 7.99 earnings per share for the current fiscal year.

American International Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, September 16th. This represents a $2.00 annualized dividend and a yield of 2.5%. American International Group's payout ratio is presently 36.56%.

More American International Group News

Here are the key news stories impacting American International Group this week:

• Positive Sentiment: Second-quarter earnings exceeded expectations. AIG reported adjusted earnings of $2.00 per share, up from $1.81 a year earlier and ahead of consensus estimates ranging from $1.89 to $1.92. Strong underwriting income and lower catastrophe losses were key drivers. AIG Beats Q2 Earnings Estimates on Robust Underwriting Income
• Positive Sentiment: Premium growth was broad-based. Net premiums written increased across all three of AIG’s business lines, reinforcing management’s view that organic growth and recent strategic transactions are strengthening the company’s diversified insurance platform. AIG Q2 earnings beat as NPW grows across all three lines
• Positive Sentiment: AIG declared a quarterly dividend of $0.50 per share. The dividend is payable September 30 to shareholders of record on September 16, implying $2.00 in annualized payments and a yield of approximately 2.5% based on the referenced share price.
• Neutral Sentiment: Barclays raised its price target modestly to $81 from $80 while maintaining an “equal weight” rating. The revised target suggests limited near-term upside and does not represent a strong bullish endorsement.
• Negative Sentiment: Revenue fell short of expectations. Quarterly revenue was approximately $7.08 billion, below the $7.25 billion consensus forecast. Weaker investment income partly offset the improvement in underwriting results, giving investors a reason to temper their reaction to the earnings beat. AIG quarterly earnings report

American International Group 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source