Legal & General Group Plc Sells 121,404 Shares of American International Group, Inc. $AIG

Key Points

• Legal & General Group Plc trimmed its AIG stake by 3.6% in Q4, selling 121,404 shares but still holding 3.27 million shares worth about $279.3 million.
• AIG reported better-than-expected earnings for the quarter, posting $2.11 EPS versus the $1.89 consensus estimate, though revenue came in below analyst expectations.
• The company raised its quarterly dividend to $0.50 per share from $0.45, implying a 2.6% annualized yield and reflecting a payout ratio of 35.27%.

Legal & General Group Plc reduced its position in shares of American International Group, Inc. (NYSE:AIG - Free Report) by 3.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 3,265,264 shares of the insurance provider's stock after selling 121,404 shares during the quarter. Legal & General Group Plc owned about 0.61% of American International Group worth $279,343,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AIG. Capital Research Global Investors boosted its position in shares of American International Group by 79.6% during the 3rd quarter. Capital Research Global Investors now owns 28,534,448 shares of the insurance provider's stock valued at $2,241,091,000 after acquiring an additional 12,645,616 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of American International Group by 11.6% during the 3rd quarter. Vanguard Group Inc. now owns 68,482,752 shares of the insurance provider's stock valued at $5,378,635,000 after acquiring an additional 7,117,583 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of American International Group by 7.9% during the 3rd quarter. Wellington Management Group LLP now owns 26,046,055 shares of the insurance provider's stock valued at $2,045,657,000 after acquiring an additional 1,899,203 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in shares of American International Group by 22.0% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 10,256,290 shares of the insurance provider's stock valued at $805,529,000 after acquiring an additional 1,846,979 shares during the last quarter. Finally, Viking Global Investors LP bought a new stake in American International Group in the second quarter worth $155,413,000. 90.60% of the stock is currently owned by institutional investors.

American International Group Stock Performance

AIG stock opened at $77.23 on Wednesday. The firm has a market cap of $40.95 billion, a price-to-earnings ratio of 13.62, a PEG ratio of 0.71 and a beta of 0.53. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.23. American International Group, Inc. has a twelve month low of $71.25 and a twelve month high of $87.46. The business's fifty day simple moving average is $76.20 and its two-hundred day simple moving average is $77.61.

American International Group (NYSE:AIG - Get Free Report) last announced its quarterly earnings results on Friday, May 1st. The insurance provider reported $2.11 EPS for the quarter, beating the consensus estimate of $1.89 by $0.22. American International Group had a return on equity of 10.93% and a net margin of 11.86%.The firm had revenue of $6.65 billion for the quarter, compared to analyst estimates of $7.03 billion. During the same quarter last year, the firm posted $1.17 earnings per share. Analysts predict that American International Group, Inc. will post 7.97 earnings per share for the current year.

American International Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 15th will be issued a $0.50 dividend. This is a boost from American International Group's previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Monday, June 15th. American International Group's dividend payout ratio is 35.27%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AIG. UBS Group raised their price target on American International Group from $92.00 to $94.00 and gave the stock a "buy" rating in a research report on Monday, May 4th. JPMorgan Chase & Co. lowered their price target on American International Group from $97.00 to $86.00 and set a "neutral" rating for the company in a research report on Monday, April 20th. Piper Sandler lowered their price target on American International Group from $95.00 to $88.00 and set an "overweight" rating for the company in a research report on Thursday, February 12th. The Goldman Sachs Group raised their price target on American International Group from $87.00 to $90.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. Finally, Cantor Fitzgerald raised their price target on American International Group from $81.00 to $85.00 and gave the stock a "neutral" rating in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat, American International Group has a consensus rating of "Hold" and an average price target of $88.06.

About American International Group

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.

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