Pzena Investment Management LLC Sells 58,705 Shares of American International Group, Inc. $AIG

Key Points

• Pzena Investment Management LLC reduced its stake in American International Group, Inc. (AIG) by 12.0%, selling 58,705 shares and owning around 0.07% of the company, valued at approximately $36.75 million.
• AIG has received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and a price target of $89.53, while two analysts have rated it a Strong Buy.
• The company declared a quarterly dividend of $0.45 per share, representing an annualized dividend of $1.80 and a yield of 2.2%.

Pzena Investment Management LLC lessened its stake in American International Group, Inc. (NYSE:AIG - Free Report) by 12.0% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 429,369 shares of the insurance provider's stock after selling 58,705 shares during the quarter. Pzena Investment Management LLC owned approximately 0.07% of American International Group worth $36,750,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of AIG. Sachetta LLC lifted its holdings in American International Group by 194.5% during the first quarter. Sachetta LLC now owns 377 shares of the insurance provider's stock worth $33,000 after acquiring an additional 249 shares during the period. GFG Capital LLC bought a new stake in American International Group during the second quarter worth $33,000. Barrett & Company Inc. bought a new stake in American International Group during the second quarter worth $35,000. Hemington Wealth Management lifted its holdings in American International Group by 42.8% during the first quarter. Hemington Wealth Management now owns 474 shares of the insurance provider's stock worth $41,000 after acquiring an additional 142 shares during the period. Finally, Ameritas Advisory Services LLC bought a new stake in American International Group during the second quarter worth $42,000. 90.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

AIG has been the topic of a number of recent analyst reports. Wolfe Research initiated coverage on American International Group in a report on Tuesday, September 16th. They set a "peer perform" rating on the stock. Citigroup started coverage on American International Group in a report on Wednesday, August 13th. They set a "neutral" rating and a $85.00 price target on the stock. William Blair raised American International Group to a "strong-buy" rating in a research report on Friday, August 1st. Piper Sandler decreased their target price on American International Group from $96.00 to $88.00 and set an "overweight" rating for the company in a research report on Thursday, October 2nd. Finally, Morgan Stanley decreased their target price on American International Group from $85.00 to $84.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 7th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, American International Group has a consensus rating of "Moderate Buy" and a consensus price target of $89.53.

American International Group Price Performance

Shares of NYSE AIG opened at $81.34 on Monday. The stock has a market cap of $45.06 billion, a PE ratio of 15.41, a price-to-earnings-growth ratio of 0.86 and a beta of 0.68. American International Group, Inc. has a fifty-two week low of $69.24 and a fifty-two week high of $88.07. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.63 and a current ratio of 0.63. The stock has a fifty day moving average of $79.80 and a 200-day moving average of $81.64.

American International Group (NYSE:AIG - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The insurance provider reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.21. The company had revenue of $6.77 billion during the quarter, compared to analysts' expectations of $6.81 billion. American International Group had a return on equity of 7.88% and a net margin of 11.51%.During the same period in the previous year, the business earned $1.16 earnings per share. Equities research analysts anticipate that American International Group, Inc. will post 6.24 earnings per share for the current year.

American International Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were given a $0.45 dividend. The ex-dividend date was Tuesday, September 16th. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. American International Group's payout ratio is 34.09%.

American International Group Company 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.

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