PNC Financial Services Group Inc. Acquires 3,469 Shares of American International Group, Inc. (NYSE:AIG)

Key Points

• PNC Financial Services Group Inc. increased its investment in American International Group, Inc. by 1.6% during the first quarter, holding 214,816 shares valued at approximately $18.68 million.
• Several institutional investors also boosted their stakes in AIG, including the Bank of New York Mellon Corp., which raised its holdings by 20.4% during the same period.
• AIG's stock recently traded at $78.44 with a 52-week high of $88.07, and analysts have generally given it a "Moderate Buy" rating with a consensus price target of $88.33.

PNC Financial Services Group Inc. lifted its position in shares of American International Group, Inc. (NYSE:AIG - Free Report) by 1.6% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 214,816 shares of the insurance provider's stock after buying an additional 3,469 shares during the quarter. PNC Financial Services Group Inc.'s holdings in American International Group were worth $18,676,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of AIG. Ameriflex Group Inc. acquired a new stake in shares of American International Group during the fourth quarter worth $29,000. Sachetta LLC raised its stake in American International Group by 194.5% in the first quarter. Sachetta LLC now owns 377 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 249 shares in the last quarter. NBC Securities Inc. acquired a new position in American International Group in the first quarter valued at about $47,000. Colonial Trust Co SC raised its stake in American International Group by 150.2% in the fourth quarter. Colonial Trust Co SC now owns 738 shares of the insurance provider's stock valued at $54,000 after purchasing an additional 443 shares in the last quarter. Finally, True Wealth Design LLC raised its stake in American International Group by 159.6% in the fourth quarter. True Wealth Design LLC now owns 1,041 shares of the insurance provider's stock valued at $76,000 after purchasing an additional 640 shares in the last quarter. Institutional investors and hedge funds own 90.60% of the company's stock.

American International Group Stock Performance

Shares of American International Group stock traded up $0.63 during trading hours on Wednesday, hitting $79.07. 4,235,061 shares of the company's stock traded hands, compared to its average volume of 4,256,040. American International Group, Inc. has a 12-month low of $69.24 and a 12-month high of $88.07. The stock has a market capitalization of $45.57 billion, a price-to-earnings ratio of -29.73, a PEG ratio of 0.86 and a beta of 0.63. The company has a fifty day simple moving average of $82.78 and a 200-day simple moving average of $81.14. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.64 and a quick ratio of 0.64.

American International Group (NYSE:AIG - Get Free Report) last announced its earnings results on Wednesday, August 6th. The insurance provider reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.15. American International Group had a positive return on equity of 7.13% and a negative net margin of 7.05%. During the same quarter last year, the firm posted $1.16 earnings per share. Equities research analysts anticipate that American International Group, Inc. will post 6.24 EPS for the current fiscal year.

American International Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.3%. American International Group's dividend payout ratio is currently -67.67%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on AIG. Jefferies Financial Group boosted their price target on American International Group from $90.00 to $95.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Barclays raised their price target on shares of American International Group from $92.00 to $93.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. William Blair upgraded American International Group to a "strong-buy" rating in a report on Friday, August 1st. Wells Fargo & Company boosted their price target on American International Group from $81.00 to $82.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. Finally, Keefe, Bruyette & Woods boosted their price target on American International Group from $94.00 to $97.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Nine investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $88.33.

American International Group Profile

American International Group, Inc offers insurance products for commercial, institutional, and individual customers in North America and internationally. It operates through three segments: General Insurance, Life and Retirement, and Other Operations. The General Insurance segment provides commercial and industrial property insurance, including business interruption and package insurance that cover exposure to made and natural disasters; general liability, environmental, commercial automobile liability, workers' compensation, excess casualty, and crisis management insurance products; and professional liability insurance.