Bank of New York Mellon Corp Purchases New Shares in American Financial Group, Inc. $AFG

Bank of New York Mellon Corp acquired a new stake in shares of American Financial Group, Inc. (NYSE:AFG - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 733,098 shares of the insurance provider's stock, valued at approximately $102,590,000. Bank of New York Mellon Corp owned about 0.88% of American Financial Group as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Louisiana State Employees Retirement System bought a new position in shares of American Financial Group during the 1st quarter valued at approximately $2,567,000. UBS Group AG lifted its position in American Financial Group by 10.1% in the fourth quarter. UBS Group AG now owns 581,805 shares of the insurance provider's stock worth $79,521,000 after buying an additional 53,431 shares during the last quarter. First Trust Advisors LP lifted its position in American Financial Group by 433.2% in the first quarter. First Trust Advisors LP now owns 316,974 shares of the insurance provider's stock worth $40,481,000 after buying an additional 257,522 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its stake in American Financial Group by 281.1% during the first quarter. Y Intercept Hong Kong Ltd now owns 28,243 shares of the insurance provider's stock worth $3,607,000 after buying an additional 20,832 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in American Financial Group by 377.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 49,681 shares of the insurance provider's stock worth $6,790,000 after buying an additional 39,279 shares during the period. 64.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AFG has been the topic of several recent analyst reports. Piper Sandler increased their target price on shares of American Financial Group from $140.00 to $156.00 and gave the company a "neutral" rating in a research note on Monday, August 10th. Wall Street Zen raised shares of American Financial Group from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Wells Fargo & Company upped their price target on shares of American Financial Group from $158.00 to $173.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. 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. Finally, Keefe, Bruyette & Woods increased their price objective on shares of American Financial Group from $148.00 to $153.00 and gave the stock a "market perform" rating in a research report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $156.00.

American Financial Group Stock Up 0.5%

Shares of AFG opened at $144.39 on Tuesday. The firm has a market capitalization of $11.97 billion, a P/E ratio of 12.62 and a beta of 0.62. American Financial Group, Inc. has a 12-month low of $123.09 and a 12-month high of $150.02. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.38. The firm has a fifty day moving average price of $141.50 and a 200-day moving average price of $134.55.

American Financial Group (NYSE:AFG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The insurance provider reported $2.82 EPS for the quarter, topping the consensus estimate of $2.32 by $0.50. The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $1.85 billion. American Financial Group had a net margin of 11.51% and a return on equity of 20.35%. The firm's revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the firm posted $2.14 EPS. Equities research analysts expect that American Financial Group, Inc. will post 11.87 earnings per share for the current year.

American Financial Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Wednesday, July 15th were paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Wednesday, July 15th. American Financial Group's payout ratio is currently 30.77%.

Insider Activity at American Financial Group

In related news, SVP Michelle A. Gillis sold 2,247 shares of the business's stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $139.00, for a total value of $312,333.00. Following the completion of the sale, the senior vice president owned 13,135 shares in the company, valued at approximately $1,825,765. The trade was a 14.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David Lawrence Thompson, Jr. sold 11,370 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $135.05, for a total value of $1,535,518.50. Following the completion of the transaction, the insider directly owned 584,098 shares in the company, valued at approximately $78,882,434.90. This trade represents a 1.91% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 16,430 shares of company stock worth $2,255,061. Company insiders own 16.90% of the company's stock.

American Financial Group Profile

American Financial Group, Inc NYSE: AFG is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.

The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.

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