Townsend & Associates Inc Sells 44,642 Shares of American International Group, Inc. $AIG

Key Points

• Townsend & Associates Inc has reduced its position in American International Group, Inc. (AIG) by 10.5%, selling 44,642 shares during the 2nd quarter, leaving them with 381,494 shares.
• AIG reported earnings of $1.81 per share for the last quarter, exceeding analysts' estimates of $1.60 and reflecting a net margin of 11.51%.
• The company has announced a quarterly dividend of $0.45 per share, yielding approximately 2.3% annually, reflecting a payout ratio of 34.09%.

Townsend & Associates Inc cut its position in American International Group, Inc. (NYSE:AIG - Free Report) by 10.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 381,494 shares of the insurance provider's stock after selling 44,642 shares during the quarter. American International Group comprises 3.0% of Townsend & Associates Inc's investment portfolio, making the stock its 13th biggest position. Townsend & Associates Inc owned about 0.07% of American International Group worth $30,558,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Sachetta LLC boosted its stake in American International Group by 194.5% during the first quarter. Sachetta LLC now owns 377 shares of the insurance provider's stock valued at $33,000 after buying an additional 249 shares during the period. GFG Capital LLC purchased a new stake in shares of American International Group in the 2nd quarter valued at about $33,000. Barrett & Company Inc. purchased a new stake in shares of American International Group in the 2nd quarter valued at about $35,000. Hemington Wealth Management boosted its position in shares of American International Group by 42.8% during the 1st quarter. Hemington Wealth Management now owns 474 shares of the insurance provider's stock valued at $41,000 after acquiring an additional 142 shares during the last quarter. Finally, Ameritas Advisory Services LLC purchased a new position in shares of American International Group during the second quarter worth about $42,000. 90.60% of the stock is currently owned by hedge funds and other institutional investors.

American International Group Price Performance

Shares of NYSE:AIG opened at $77.30 on Monday. The stock has a market cap of $42.82 billion, a PE ratio of 14.64, a PEG ratio of 0.76 and a beta of 0.68. The company's fifty day moving average is $80.00 and its 200 day moving average is $81.43. American International Group, Inc. has a 52 week low of $69.24 and a 52 week high of $88.07. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.22.

American International Group (NYSE:AIG - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The insurance provider reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.21. American International Group had a net margin of 11.51% and a return on equity of 7.88%. The business had revenue of $6.77 billion during the quarter, compared to the consensus estimate of $6.81 billion. During the same period in the previous year, the firm posted $1.16 earnings per share. 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 announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were issued a dividend of $0.45 per share. The ex-dividend date was Tuesday, September 16th. This represents a $1.80 annualized dividend and a yield of 2.3%. American International Group's dividend payout ratio is currently 34.09%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on AIG shares. Citigroup initiated coverage on shares of American International Group in a research report on Wednesday, August 13th. They set a "neutral" rating and a $85.00 target price for the company. The Goldman Sachs Group raised their price objective on shares of American International Group from $85.00 to $86.00 and gave the company a "neutral" rating in a research report on Monday, October 6th. Jefferies Financial Group upped their target price on shares of American International Group from $96.00 to $99.00 and gave the stock a "buy" rating in a research report on Tuesday, October 7th. Piper Sandler reduced their target price on American International Group from $96.00 to $88.00 and set an "overweight" rating on the stock in a research note on Thursday, October 2nd. Finally, Bank of America lifted their price target on American International Group from $88.00 to $94.00 and gave the stock a "neutral" rating in a research note on Monday, October 13th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, American International Group presently has an average rating of "Moderate Buy" and a consensus target price of $89.81.

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.

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