Pictet Asset Management Holding SA Decreases Stake in American Financial Group, Inc. $AFG

Key Points

• Pictet Asset Management cut its stake in American Financial Group by 59.8% in the first quarter, selling 15,568 shares and leaving it with 10,478 shares worth about $1.34 million.
• American Financial Group reported Q1 EPS of $2.47, missing estimates by $0.07, though revenue came in above expectations at $1.85 billion. Analysts still expect full-year EPS of 11.37.
• The company announced a quarterly dividend of $0.88 per share, implying an annualized yield of 2.5%, while analysts currently have a consensus Hold rating and a $145 average price target.

Pictet Asset Management Holding SA lessened its holdings in shares of American Financial Group, Inc. (NYSE:AFG - Free Report) by 59.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,478 shares of the insurance provider's stock after selling 15,568 shares during the period. Pictet Asset Management Holding SA's holdings in American Financial Group were worth $1,338,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of AFG. Royal Bank of Canada grew its stake in shares of American Financial Group by 11.1% during the 1st quarter. Royal Bank of Canada now owns 75,421 shares of the insurance provider's stock worth $9,905,000 after purchasing an additional 7,554 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of American Financial Group in the 1st quarter valued at about $2,330,000. Jones Financial Companies Lllp lifted its stake in shares of American Financial Group by 145.8% in the first quarter. Jones Financial Companies Lllp now owns 1,278 shares of the insurance provider's stock valued at $168,000 after purchasing an additional 758 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of American Financial Group by 144.8% in the second quarter. EverSource Wealth Advisors LLC now owns 793 shares of the insurance provider's stock valued at $100,000 after purchasing an additional 469 shares during the period. Finally, Cerity Partners LLC boosted its holdings in American Financial Group by 62.4% during the second quarter. Cerity Partners LLC now owns 2,941 shares of the insurance provider's stock worth $371,000 after buying an additional 1,130 shares in the last quarter. Hedge funds and other institutional investors own 64.37% of the company's stock.

American Financial Group Price Performance

Shares of NYSE AFG traded up $1.24 on Tuesday, hitting $143.26. The company's stock had a trading volume of 16,250 shares, compared to its average volume of 578,264. American Financial Group, Inc. has a 12-month low of $122.11 and a 12-month high of $150.02. The company has a market capitalization of $11.90 billion, a price-to-earnings ratio of 13.62 and a beta of 0.62. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.48 and a quick ratio of 0.48. The stock has a 50 day moving average of $134.14 and a 200-day moving average of $132.12.

American Financial Group (NYSE:AFG - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The insurance provider reported $2.47 EPS for the quarter, missing the consensus estimate of $2.54 by ($0.07). American Financial Group had a net margin of 10.76% and a return on equity of 19.50%. The business had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the prior year, the company earned $1.81 earnings per share. The firm's revenue for the quarter was down .1% compared to the same quarter last year. As a group, research analysts predict that American Financial Group, Inc. will post 11.37 EPS for the current year.

American Financial Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Wednesday, July 15th will be given a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Wednesday, July 15th. American Financial Group's dividend payout ratio is currently 33.46%.

Analysts Set New Price Targets

Several research analysts have weighed in on AFG shares. Weiss Ratings restated a "buy (b-)" rating on shares of American Financial Group in a research report on Thursday, June 11th. Piper Sandler boosted their price target on American Financial Group from $135.00 to $140.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 26th. Wells Fargo & Company upped their price target on American Financial Group from $155.00 to $158.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Finally, Keefe, Bruyette & Woods lifted their price objective on American Financial Group from $134.00 to $140.00 and gave the stock a "market perform" rating in a report on Wednesday, March 25th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, American Financial Group currently has a consensus rating of "Hold" and an average price target of $145.00.

Insiders Place Their Bets

In related news, insider David Lawrence Thompson, Jr. sold 11,370 shares of the stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $135.05, for a total transaction of $1,535,518.50. Following the sale, the insider owned 584,098 shares of the company's stock, valued at $78,882,434.90. This trade represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michelle A. Gillis sold 2,247 shares of American Financial Group stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $139.00, for a total value of $312,333.00. Following the sale, the senior vice president owned 13,135 shares of the company's stock, valued at approximately $1,825,765. This represents a 14.61% decrease in their position. The SEC filing for this sale provides additional information. 16.90% of the stock is owned by company insiders.

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.

Want to see what other hedge funds are holding AFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Financial Group, Inc. (NYSE:AFG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.