Bank of Nova Scotia Makes New $6.76 Million Investment in American Financial Group, Inc. $AFG

Key Points

• Bank of Nova Scotia initiated a roughly $6.76 million position in American Financial Group during the second quarter, while institutional investors collectively own 64.37% of the insurer.
• American Financial Group reported quarterly EPS of $2.82, beating estimates by $0.50, with revenue rising 5.5% year over year to $2.03 billion.
• AFG pays a quarterly dividend of $0.88 per share, equivalent to a 2.4% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $156, versus a recent share price of $143.70.

Bank of Nova Scotia purchased a new position in shares of American Financial Group, Inc. (NYSE:AFG - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 48,304 shares of the insurance provider's stock, valued at approximately $6,760,000. Bank of Nova Scotia owned approximately 0.06% of American Financial Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of AFG. BlackRock Inc. acquired a new stake in shares of American Financial Group during the 2nd quarter worth approximately $1,079,329,000. Norges Bank acquired a new position in shares of American Financial Group during the 4th quarter valued at $114,661,000. Bank of New York Mellon Corp bought a new position in American Financial Group during the second quarter worth $102,590,000. Vestor Capital LLC boosted its stake in American Financial Group by 100,006.8% during the fourth quarter. Vestor Capital LLC now owns 600,641 shares of the insurance provider's stock worth $82,096,000 after acquiring an additional 600,041 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in American Financial Group by 337.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 431,144 shares of the insurance provider's stock worth $55,061,000 after acquiring an additional 332,517 shares in the last quarter. 64.37% of the stock is currently owned by institutional investors.

American Financial Group Stock Down 0.5%

Shares of NYSE AFG opened at $143.70 on Wednesday. The stock has a market capitalization of $11.92 billion, a P/E ratio of 12.56 and a beta of 0.62. The company has a 50-day moving average price of $141.69 and a 200-day moving average price of $134.67. American Financial Group, Inc. has a 1 year low of $123.09 and a 1 year high of $150.02. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.49 and a quick ratio of 0.49.

American Financial Group (NYSE:AFG - Get Free Report) last posted its 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. American Financial Group had a net margin of 11.51% and a return on equity of 20.35%. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the previous year, the firm posted $2.14 earnings per share. The firm's revenue for the quarter was up 5.5% on a year-over-year basis. On average, equities research analysts forecast that American Financial Group, Inc. will post 11.87 EPS for the current fiscal year.

American Financial Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Wednesday, July 15th were issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a 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%.

Insiders Place Their Bets

In other news, insider David Lawrence Thompson, Jr. sold 11,370 shares of the firm's 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 transaction, the insider owned 584,098 shares in the company, valued at $78,882,434.90. This trade represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Michelle A. Gillis sold 2,247 shares of American Financial Group stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $139.00, for a total value of $312,333.00. Following the transaction, the senior vice president directly owned 13,135 shares in the company, valued at approximately $1,825,765. The trade was a 14.61% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 16,430 shares of company stock valued at $2,255,061. Corporate insiders own 16.90% of the company's stock.

Analyst Upgrades and Downgrades

AFG has been the topic of several research reports. Piper Sandler upped their price objective on shares of American Financial Group from $140.00 to $156.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Wells Fargo & Company raised their target price on American Financial Group from $158.00 to $173.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. Wall Street Zen raised American Financial Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Keefe, Bruyette & Woods boosted their target price on 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. Finally, Weiss Ratings raised American Financial Group from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, American Financial Group currently has an average rating of "Hold" and an average price target of $156.00.

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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