The Manufacturers Life Insurance Company Sells 48,163 Shares of American International Group, Inc. $AIG

Key Points

• The Manufacturers Life Insurance Company reduced its AIG position by 9.3%, selling 48,163 shares and retaining 469,051 shares valued at approximately $35.0 million. Institutional investors collectively own 90.6% of AIG.
• AIG reported quarterly earnings of $2.00 per share, exceeding the $1.92 analyst consensus, though revenue of $7.08 billion fell short of the $7.25 billion estimate.
• AIG declared a quarterly dividend of $0.50 per share, representing a $2.00 annualized payout and a 2.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $88.37, versus a recent share price of $75.33.

The Manufacturers Life Insurance Company cut its position in American International Group, Inc. (NYSE:AIG - Free Report) by 9.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 469,051 shares of the insurance provider's stock after selling 48,163 shares during the quarter. The Manufacturers Life Insurance Company owned 0.09% of American International Group worth $34,958,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Geneos Wealth Management Inc. increased its stake in American International Group by 2.6% in the second quarter. Geneos Wealth Management Inc. now owns 5,072 shares of the insurance provider's stock valued at $434,000 after acquiring an additional 129 shares during the last quarter. Westwood Holdings Group Inc. lifted its stake in American International Group by 2.9% during the second quarter. Westwood Holdings Group Inc. now owns 4,627 shares of the insurance provider's stock worth $396,000 after purchasing an additional 130 shares during the last quarter. L2 Asset Management LLC lifted its stake in American International Group by 4.8% during the second quarter. L2 Asset Management LLC now owns 3,046 shares of the insurance provider's stock worth $227,000 after purchasing an additional 139 shares during the last quarter. Larson Financial Group LLC boosted its holdings in shares of American International Group by 12.6% in the 4th quarter. Larson Financial Group LLC now owns 1,250 shares of the insurance provider's stock valued at $107,000 after purchasing an additional 140 shares in the last quarter. Finally, GW&K Investment Management LLC increased its stake in shares of American International Group by 8.1% in the 4th quarter. GW&K Investment Management LLC now owns 1,917 shares of the insurance provider's stock valued at $164,000 after purchasing an additional 144 shares during the last quarter. Institutional investors own 90.60% of the company's stock.

American International Group Price Performance

Shares of AIG opened at $75.33 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.22. The stock has a market cap of $39.39 billion, a PE ratio of 13.77, a PEG ratio of 0.84 and a beta of 0.50. American International Group, Inc. has a 12-month low of $71.25 and a 12-month high of $87.29. The business has a 50-day simple moving average of $77.79 and a two-hundred day simple moving average of $76.84.

American International Group (NYSE:AIG - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The insurance provider reported $2.00 EPS for the quarter, beating analysts' consensus estimates of $1.92 by $0.08. American International Group had a return on equity of 11.05% and a net margin of 11.13%.The firm had revenue of $7.08 billion for the quarter, compared to analyst estimates of $7.25 billion. During the same period last year, the firm posted $1.81 earnings per share. Analysts anticipate that American International Group, Inc. will post 8.02 earnings per share for the current fiscal year.

American International Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, September 16th. This represents a $2.00 annualized dividend and a yield of 2.7%. American International Group's dividend payout ratio (DPR) is currently 36.56%.

Insiders Place Their Bets

In other American International Group news, insider Peter Zaffino sold 36,829 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $76.14, for a total transaction of $2,804,160.06. Following the sale, the insider directly owned 556,004 shares of the company's stock, valued at $42,334,144.56. The trade was a 6.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Mizuho boosted their price target on American International Group from $86.00 to $89.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. Wells Fargo & Company reduced their price objective on American International Group from $89.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Monday, August 10th. Weiss Ratings upgraded American International Group from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, July 2nd. Piper Sandler increased their target price on shares of American International Group from $80.00 to $84.00 and gave the stock a "neutral" rating in a report on Monday, August 10th. Finally, Cantor Fitzgerald dropped their target price on shares of American International Group from $92.00 to $90.00 and set an "overweight" rating for the company in a report on Monday, August 17th. Eight analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, American International Group has a consensus rating of "Hold" and an average price target of $88.37.

About American International Group

American International Group, Inc NYSE: AIG is a global insurance organization that provides commercial and personal insurance products and services. Through its General Insurance business, AIG offers property, casualty, liability, workers' compensation, accident, specialty, and other insurance solutions to businesses, institutions, and individuals.

AIG serves multinational corporations, small and midsize businesses, public-sector organizations, and individual policyholders through a network spanning numerous countries and jurisdictions.

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