Corebridge Financial Inc. Trims Stake in American International Group, Inc. $AIG

Key Points

• Corebridge Financial Inc. reduced its stake in American International Group, Inc. by 7.7%, bringing its total holdings to 132,334 shares valued at approximately $11.51 million.
• A number of institutional investors have adjusted their positions in AIG, collectively owning 90.60% of the company's stock, indicating strong interest from hedge funds.
• American International Group recently reported earnings of $1.81 per share, surpassing analysts' expectations, but its revenue fell slightly short of consensus estimates at $6.77 billion.

Corebridge Financial Inc. reduced its holdings in shares of American International Group, Inc. (NYSE:AIG - Free Report) by 7.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 132,334 shares of the insurance provider's stock after selling 11,027 shares during the quarter. Corebridge Financial Inc.'s holdings in American International Group were worth $11,505,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of AIG. Ameriflex Group Inc. purchased a new stake in shares of American International Group during the fourth quarter worth $29,000. Sachetta LLC lifted its holdings in American International Group by 194.5% during the 1st quarter. Sachetta LLC now owns 377 shares of the insurance provider's stock worth $33,000 after purchasing an additional 249 shares in the last quarter. Hemington Wealth Management lifted its holdings in American International Group by 42.8% during the 1st quarter. Hemington Wealth Management now owns 474 shares of the insurance provider's stock worth $41,000 after purchasing an additional 142 shares in the last quarter. NBC Securities Inc. purchased a new stake in American International Group during the 1st quarter worth about $47,000. Finally, SouthState Corp lifted its holdings in American International Group by 798.5% during the 1st quarter. SouthState Corp now owns 584 shares of the insurance provider's stock worth $51,000 after purchasing an additional 519 shares in the last quarter. 90.60% of the stock is currently owned by hedge funds and other institutional investors.

American International Group Trading Down 0.3%

Shares of NYSE AIG traded down $0.23 during midday trading on Monday, reaching $81.37. The company had a trading volume of 4,039,872 shares, compared to its average volume of 3,777,485. The stock has a market cap of $45.08 billion, a PE ratio of 15.41, a price-to-earnings-growth ratio of 0.87 and a beta of 0.70. American International Group, Inc. has a one year low of $69.24 and a one year high of $88.07. The firm's fifty day moving average price is $81.18 and its 200-day moving average price is $81.97. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22.

American International Group (NYSE:AIG - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The insurance provider reported $1.81 earnings per share for the quarter, beating analysts' consensus estimates of $1.60 by $0.21. American International Group had a return on equity of 7.88% and a net margin of 11.51%.The firm had revenue of $6.77 billion during the quarter, compared to analyst estimates of $6.81 billion. During the same quarter in the prior year, the firm posted $1.16 earnings per share. On average, equities research analysts anticipate that American International Group, Inc. will post 6.24 earnings per share for the current year.

American International Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. American International Group's payout ratio is 34.09%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on AIG shares. Cantor Fitzgerald upgraded shares of American International Group to a "hold" rating in a research note on Tuesday, August 12th. Wells Fargo & Company raised their target price on shares of American International Group from $81.00 to $82.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 6th. Wall Street Zen raised shares of American International Group from a "hold" rating to a "buy" rating in a research note on Saturday. Keefe, Bruyette & Woods lowered their price objective on shares of American International Group from $97.00 to $91.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 12th. Finally, Morgan Stanley raised their price objective on shares of American International Group from $81.00 to $85.00 and gave the company an "equal weight" rating in a research report on Monday, May 19th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $88.27.

American International Group Profile

American International Group, Inc offers insurance products for commercial, institutional, and individual customers in North America and internationally. It operates through three segments: General Insurance, Life and Retirement, and Other Operations. The General Insurance segment provides commercial and industrial property insurance, including business interruption and package insurance that cover exposure to made and natural disasters; general liability, environmental, commercial automobile liability, workers' compensation, excess casualty, and crisis management insurance products; and professional liability insurance.