Magnetar Financial LLC Makes New Investment in American Financial Group, Inc. $AFG

Key Points

• Magnetar Financial LLC has acquired 27,334 shares of American Financial Group valued at approximately $3.59 million in the first quarter.
• American Financial Group reported a quarterly earnings per share of $2.14, exceeding analysts' expectations of $2.08, despite a slight revenue drop compared to expectations.
• The company declared a quarterly dividend of $0.80 per share, which translates to an annual yield of 2.4% based on a payout ratio of 35.16%.

Magnetar Financial LLC purchased a new position in shares of American Financial Group, Inc. (NYSE:AFG - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 27,334 shares of the insurance provider's stock, valued at approximately $3,590,000.

Several other large investors also recently modified their holdings of AFG. Private Trust Co. NA increased its stake in shares of American Financial Group by 144.3% during the 1st quarter. Private Trust Co. NA now owns 215 shares of the insurance provider's stock worth $28,000 after purchasing an additional 127 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in American Financial Group in the 1st quarter valued at approximately $34,000. Lazard Asset Management LLC purchased a new position in American Financial Group in the 4th quarter valued at approximately $53,000. Headlands Technologies LLC purchased a new position in American Financial Group in the 1st quarter valued at approximately $55,000. Finally, Costello Asset Management INC purchased a new position in American Financial Group in the 1st quarter valued at approximately $68,000. Hedge funds and other institutional investors own 64.37% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on AFG. Wall Street Zen lowered shares of American Financial Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th. Jefferies Financial Group lifted their price objective on shares of American Financial Group from $125.00 to $130.00 and gave the company a "hold" rating in a research note on Monday, August 11th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of American Financial Group from $127.00 to $124.00 and set a "market perform" rating for the company in a research note on Tuesday, August 12th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, American Financial Group has a consensus rating of "Hold" and a consensus target price of $136.75.

Insider Activity at American Financial Group

In other news, Director Stephen Craig Lindner, Jr. sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $134.31, for a total transaction of $1,343,100.00. Following the sale, the director owned 326,730 shares in the company, valued at $43,883,106.30. This represents a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 17.40% of the stock is currently owned by insiders.

American Financial Group Trading Up 1.1%

Shares of NYSE:AFG traded up $1.48 during midday trading on Thursday, hitting $138.90. 152,230 shares of the stock traded hands, compared to its average volume of 495,458. The stock has a market capitalization of $11.58 billion, a PE ratio of 15.26 and a beta of 0.73. The business's 50 day moving average is $128.94 and its two-hundred day moving average is $126.45. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.33. American Financial Group, Inc. has a one year low of $114.73 and a one year high of $150.19.

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

American Financial Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Tuesday, July 15th were paid a dividend of $0.80 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.3%. American Financial Group's dividend payout ratio (DPR) is currently 35.16%.

American Financial Group Profile

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.