Northwestern Mutual Wealth Management Co. Buys New Position in American Financial Group, Inc. $AFG

Key Points

• Northwestern Mutual Wealth Management initiated a position in American Financial Group, buying 9,702 shares valued at approximately $1.36 million. Institutional investors collectively own 64.37% of AFG.
• American Financial Group reported quarterly earnings of $2.82 per share, beating estimates by $0.50, while revenue rose 5.5% year over year to $2.03 billion.
• AFG recently paid a quarterly dividend of $0.88 per share, equivalent to an annualized $3.52 dividend and a 2.4% yield. Analysts maintain a consensus “Hold” rating with a $156 price target.

Northwestern Mutual Wealth Management Co. purchased a new position in American Financial Group, Inc. (NYSE:AFG - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 9,702 shares of the insurance provider's stock, valued at approximately $1,358,000.

A number of other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in shares of American Financial Group during the 2nd quarter valued at $1,079,329,000. Charles Schwab Investment Management Inc. grew its position in American Financial Group by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,567,721 shares of the insurance provider's stock worth $350,956,000 after acquiring an additional 57,246 shares in the last quarter. Geode Capital Management LLC increased its stake in American Financial Group by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 1,732,557 shares of the insurance provider's stock valued at $236,645,000 after acquiring an additional 29,731 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in American Financial Group by 19.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,506,510 shares of the insurance provider's stock valued at $192,395,000 after acquiring an additional 240,509 shares during the last quarter. Finally, Northern Trust Corp raised its position in American Financial Group by 33.2% during the third quarter. Northern Trust Corp now owns 1,026,783 shares of the insurance provider's stock valued at $149,623,000 after purchasing an additional 255,693 shares in the last quarter. Institutional investors own 64.37% of the company's stock.

American Financial Group Price Performance

AFG stock opened at $143.70 on Wednesday. The firm has a market cap of $11.92 billion, a P/E ratio of 12.56 and a beta of 0.62. The firm's fifty day moving average is $141.69 and its 200 day moving average is $134.67. American Financial Group, Inc. has a 52 week low of $123.09 and a 52 week high of $150.02. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.49 and a current ratio of 0.49.

American Financial Group (NYSE:AFG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The insurance provider reported $2.82 earnings per share 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 business 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. Research analysts predict that American Financial Group, Inc. will post 11.87 earnings per share for the current year.

American Financial Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Wednesday, July 15th were paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Wednesday, July 15th. American Financial Group's payout ratio is 30.77%.

Insider Activity

In related news, VP Mark A. Weiss sold 2,813 shares of the stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $144.76, for a total transaction of $407,209.88. Following the completion of the sale, the vice president directly owned 6,648 shares in the company, valued at $962,364.48. This represents a 29.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Michelle A. Gillis sold 2,247 shares of the firm's stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $139.00, for a total value of $312,333.00. Following the transaction, the senior vice president owned 13,135 shares in the company, valued at approximately $1,825,765. The trade was a 14.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 16,430 shares of company stock valued at $2,255,061. Insiders own 16.90% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on AFG shares. Wells Fargo & Company lifted their price target on American Financial Group from $158.00 to $173.00 and gave the stock an "overweight" rating in a research note on Thursday, July 9th. Weiss Ratings upgraded American Financial Group from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Keefe, Bruyette & Woods raised their price objective on American Financial Group from $148.00 to $153.00 and gave the company a "market perform" rating in a report on Tuesday, August 11th. Wall Street Zen upgraded American Financial Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Finally, Piper Sandler upped their target price on American Financial Group from $140.00 to $156.00 and gave the stock a "neutral" rating in a research note on Monday, August 10th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, American Financial Group currently has an average rating of "Hold" and a consensus target price 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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