Lord Abbett & CO. LLC Has $58.60 Million Stock Position in American Financial Group, Inc. $AFG

Key Points

• Lord Abbett & CO. LLC increased its position in American Financial Group by 12.8%, owning 446,170 shares valued at $58.6 million, as per its recent filing with the SEC.
• American Financial Group's recent earnings report showed $2.14 EPS, exceeding estimates, despite revenue of $1.65 billion falling short of expectations.
• The company announced a quarterly dividend of $0.80 per share, representing a dividend yield of 2.4% with a payout ratio of 35.16%.

Lord Abbett & CO. LLC lifted its holdings in American Financial Group, Inc. (NYSE:AFG - Free Report) by 12.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 446,170 shares of the insurance provider's stock after buying an additional 50,733 shares during the period. Lord Abbett & CO. LLC owned about 0.53% of American Financial Group worth $58,600,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Private Trust Co. NA lifted its stake in American Financial Group by 144.3% in the 1st quarter. Private Trust Co. NA now owns 215 shares of the insurance provider's stock worth $28,000 after acquiring an additional 127 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of American Financial Group in the 1st quarter valued at about $34,000. Natixis acquired a new position in shares of American Financial Group in the 4th quarter valued at about $47,000. Lazard Asset Management LLC purchased a new stake in shares of American Financial Group in the fourth quarter worth approximately $53,000. Finally, Headlands Technologies LLC acquired a new stake in shares of American Financial Group during the first quarter worth approximately $55,000. Hedge funds and other institutional investors own 64.37% of the company's stock.

American Financial Group Stock Performance

AFG stock traded up $1.3560 during midday trading on Wednesday, hitting $134.1060. 458,913 shares of the company traded hands, compared to its average volume of 463,640. American Financial Group, Inc. has a twelve month low of $114.73 and a twelve month high of $150.19. The stock has a market capitalization of $11.18 billion, a price-to-earnings ratio of 14.74 and a beta of 0.74. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.33. The business has a 50 day simple moving average of $126.67 and a 200-day simple moving average of $125.96.

American Financial Group (NYSE:AFG - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $2.14 earnings per share for the quarter, topping analysts' consensus estimates of $2.08 by $0.06. The business had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.77 billion. American Financial Group had a net margin of 9.21% and a return on equity of 17.41%. American Financial Group's revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.56 earnings per share. As a group, equities research analysts predict that American Financial Group, Inc. will post 10.5 earnings per share for the current year.

American Financial Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Tuesday, July 15th were issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Tuesday, July 15th. American Financial Group's dividend payout ratio is 35.16%.

Analyst Ratings Changes

AFG has been the topic of several research reports. Keefe, Bruyette & Woods dropped their price objective on shares of American Financial Group from $127.00 to $124.00 and set a "market perform" rating on the stock in a research note on Tuesday, August 12th. Wall Street Zen raised shares of American Financial Group from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Jefferies Financial Group upped their price target on shares of American Financial Group from $125.00 to $130.00 and gave the stock a "hold" rating in a research note on Monday, August 11th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, American Financial Group has a consensus rating of "Hold" and a consensus target price of $136.75.

About American Financial Group

American Financial Group, Inc, an insurance holding company, provides specialty property and casualty insurance products in the United States. The company offers property and transportation insurance products, such as physical damage and liability coverage for buses and trucks, inland and ocean marine, agricultural-related products, and other commercial property and specialty transportation coverages; specialty casualty insurance, including primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, and specialty coverage in targeted markets, as well as customized programs for small to mid-sized businesses and workers' compensation insurance; and specialty financial insurance products comprising risk management insurance programs for lending and leasing institutions, fidelity and surety products, and trade credit insurance.