State of Michigan Retirement System decreased its position in American International Group, Inc. (NYSE:AIG - Free Report) by 4.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 173,867 shares of the insurance provider's stock after selling 8,400 shares during the quarter. State of Michigan Retirement System's holdings in American International Group were worth $15,116,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the company. Miracle Mile Advisors LLC increased its position in shares of American International Group by 1.6% in the first quarter. Miracle Mile Advisors LLC now owns 8,094 shares of the insurance provider's stock valued at $704,000 after acquiring an additional 124 shares during the period. Western Pacific Wealth Management LP boosted its stake in shares of American International Group by 2.3% during the 1st quarter. Western Pacific Wealth Management LP now owns 5,673 shares of the insurance provider's stock valued at $493,000 after purchasing an additional 125 shares in the last quarter. Checchi Capital Advisers LLC boosted its stake in shares of American International Group by 2.4% during the 1st quarter. Checchi Capital Advisers LLC now owns 5,610 shares of the insurance provider's stock valued at $488,000 after purchasing an additional 132 shares in the last quarter. Snowden Capital Advisors LLC boosted its stake in shares of American International Group by 1.4% during the 4th quarter. Snowden Capital Advisors LLC now owns 10,564 shares of the insurance provider's stock valued at $769,000 after purchasing an additional 146 shares in the last quarter. Finally, Laird Norton Wetherby Wealth Management LLC boosted its stake in shares of American International Group by 1.8% during the 4th quarter. Laird Norton Wetherby Wealth Management LLC now owns 8,799 shares of the insurance provider's stock valued at $641,000 after purchasing an additional 152 shares in the last quarter. Hedge funds and other institutional investors own 90.60% of the company's stock.
American International Group Stock Down 0.9%
AIG opened at $81.75 on Friday. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.21. American International Group, Inc. has a 1-year low of $69.00 and a 1-year high of $88.07. The company has a market capitalization of $47.12 billion, a PE ratio of -30.73, a PEG ratio of 0.90 and a beta of 0.63. The firm's 50 day simple moving average is $83.84 and its two-hundred day simple moving average is $80.26.
American International Group (NYSE:AIG - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The insurance provider reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.13. American International Group had a negative net margin of 7.05% and a positive return on equity of 7.13%. The business had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.89 billion. During the same period last year, the firm earned $1.25 earnings per share. As a group, equities analysts forecast that American International Group, Inc. will post 6.24 EPS for the current year.
American International Group Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were given a $0.45 dividend. The ex-dividend date was Friday, June 13th. This is an increase from American International Group's previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.20%. American International Group's dividend payout ratio (DPR) is presently -67.67%.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on AIG. Evercore ISI lifted their target price on shares of American International Group from $81.00 to $89.00 and gave the company an "in-line" rating in a research note on Tuesday, April 1st. Wells Fargo & Company boosted their price objective on shares of American International Group from $81.00 to $82.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 6th. The Goldman Sachs Group boosted their price objective on shares of American International Group from $79.00 to $87.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 1st. JPMorgan Chase & Co. reissued a "neutral" rating and set a $91.00 price objective (up previously from $83.00) on shares of American International Group in a research note on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods upped their target price on shares of American International Group from $94.00 to $97.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Nine research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, American International Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $88.12.
Get Our Latest Stock Report on American International Group
Insiders Place Their Bets
In other American International Group news, EVP Christopher Flatt sold 46,182 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $83.26, for a total value of $3,845,113.32. Following the transaction, the executive vice president directly owned 21,400 shares in the company, valued at approximately $1,781,764. This trade represents a 68.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.50% of the company's stock.
American International Group Company Profile
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Free Report)
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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