Bank of America Corp DE Takes $53.94 Million Position in American Financial Group, Inc. $AFG

Key Points

• Bank of America acquired a new $53.94 million stake in American Financial Group during the second quarter, purchasing 385,440 shares and representing approximately 0.46% ownership. Several other institutional investors also initiated positions, bringing institutional ownership to 64.37%.
• American Financial Group reported quarterly EPS of $2.82, exceeding analyst expectations of $2.32, while revenue rose 5.5% year over year to $2.03 billion. The company also announced an annualized dividend of $3.52 per share, yielding about 2.5%.
• Analyst sentiment remains mixed, with the stock carrying an overall “Hold” rating and an average price target of $156 versus its reported price of $142.29. Company insiders sold 17,380 shares worth roughly $2.39 million over the prior 90 days.

Bank of America Corp DE purchased a new position in American Financial Group, Inc. (NYSE:AFG - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 385,440 shares of the insurance provider's stock, valued at approximately $53,939,000. Bank of America Corp DE owned about 0.46% of American Financial Group at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of AFG. Freestone Grove Partners LP bought a new position in American Financial Group in the 2nd quarter valued at approximately $14,416,000. Caisse de depot et placement du Quebec bought a new position in shares of American Financial Group during the second quarter valued at $5,598,000. Man Group plc bought a new position in shares of American Financial Group during the second quarter valued at $18,143,000. Jupiter Topco LLC purchased a new stake in shares of American Financial Group during the second quarter valued at $4,267,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of American Financial Group during the second quarter valued at $12,624,000. Institutional investors own 64.37% of the company's stock.

American Financial Group Price Performance

NYSE AFG opened at $142.29 on Monday. The business's fifty day moving average is $143.10 and its 200 day moving average is $136.22. American Financial Group, Inc. has a fifty-two week low of $123.09 and a fifty-two week high of $150.02. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.49 and a current ratio of 0.49. The company has a market capitalization of $11.80 billion, a PE ratio of 12.44 and a beta of 0.60.

American Financial Group (NYSE:AFG - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The insurance provider reported $2.82 earnings per share for the quarter, beating analysts' consensus estimates of $2.32 by $0.50. The firm had revenue of $2.03 billion for the quarter, compared to analysts' expectations of $1.85 billion. American Financial Group had a return on equity of 20.35% and a net margin of 11.51%.The business's quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the previous year, the firm earned $2.14 EPS. Sell-side analysts predict that American Financial Group, Inc. will post 12.17 earnings per share for the current year.

American Financial Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 24th. Investors of record on Wednesday, July 15th were issued a $0.88 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.5%. American Financial Group's dividend payout ratio (DPR) is 30.77%.

Insider Buying and Selling at American Financial Group

In related news, SVP Michelle A. Gillis sold 2,247 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $139.00, for a total transaction of $312,333.00. Following the sale, the senior vice president owned 13,135 shares in the company, valued at approximately $1,825,765. This represents a 14.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Brian S. Hertzman sold 950 shares of American Financial Group stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $142.87, for a total transaction of $135,726.50. Following the transaction, the chief financial officer directly owned 11,123 shares of the company's stock, valued at $1,589,143.01. The trade was a 7.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 17,380 shares of company stock valued at $2,390,788. 16.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Piper Sandler boosted their target price on American Financial Group from $140.00 to $156.00 and gave the stock a "neutral" rating in a research report on Monday, August 10th. Weiss Ratings raised shares of American Financial Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. Keefe, Bruyette & Woods increased their price objective on shares of American Financial Group from $148.00 to $153.00 and gave the company a "market perform" rating in a research report on Tuesday, August 11th. Wells Fargo & Company raised their target price on shares of American Financial Group from $158.00 to $173.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Finally, Wall Street Zen downgraded shares of American Financial Group from a "buy" rating to a "hold" rating in a research report on Saturday, September 12th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $156.00.

American Financial Group Company Profile

American Financial Group, Inc NYSE: AFG is an insurance holding company headquartered in Cincinnati, Ohio. Through its Great American Insurance Group subsidiaries, the company primarily underwrites specialty property and casualty insurance and sells annuity products.

Its property and casualty operations serve businesses, organizations and individuals through specialized products that include commercial transportation, agricultural and crop insurance, workers' compensation, casualty coverage, financial institution insurance, surety and fidelity bonds, marine insurance, travel insurance and public-sector coverage.

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