Summit Global Investments Purchases 33,533 Shares of American International Group, Inc. (NYSE:AIG)

Summit Global Investments increased its stake in shares of American International Group, Inc. (NYSE:AIG - Free Report) by 24.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 172,697 shares of the insurance provider's stock after purchasing an additional 33,533 shares during the quarter. American International Group makes up 0.8% of Summit Global Investments' holdings, making the stock its 28th largest position. Summit Global Investments' holdings in American International Group were worth $11,700,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Vicus Capital acquired a new stake in American International Group during the third quarter valued at $251,000. Xponance Inc. increased its position in shares of American International Group by 2.1% in the third quarter. Xponance Inc. now owns 96,301 shares of the insurance provider's stock valued at $5,836,000 after buying an additional 1,965 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in shares of American International Group by 5.2% during the 3rd quarter. Pinnacle Associates Ltd. now owns 6,885 shares of the insurance provider's stock worth $417,000 after buying an additional 340 shares during the period. NorthRock Partners LLC lifted its position in shares of American International Group by 11.6% during the 3rd quarter. NorthRock Partners LLC now owns 5,161 shares of the insurance provider's stock valued at $313,000 after buying an additional 535 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in American International Group by 3.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 11,131,560 shares of the insurance provider's stock valued at $674,573,000 after acquiring an additional 408,335 shares during the period. Hedge funds and other institutional investors own 90.60% of the company's stock.

Insiders Place Their Bets

In related news, CEO Peter Zaffino sold 333,000 shares of the firm's stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $75.87, for a total value of $25,264,710.00. Following the sale, the chief executive officer now directly owns 505,420 shares of the company's stock, valued at $38,346,215.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other American International Group news, Director John C. Inglis purchased 659 shares of the business's stock in a transaction that occurred on Thursday, March 14th. The shares were purchased at an average price of $75.39 per share, for a total transaction of $49,682.01. Following the completion of the acquisition, the director now owns 659 shares of the company's stock, valued at approximately $49,682.01. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Peter Zaffino sold 333,000 shares of the firm's stock in a transaction on Friday, March 15th. The shares were sold at an average price of $75.87, for a total transaction of $25,264,710.00. Following the completion of the transaction, the chief executive officer now directly owns 505,420 shares in the company, valued at approximately $38,346,215.40. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by company insiders.

American International Group Price Performance

Shares of NYSE AIG traded up $2.29 during midday trading on Thursday, hitting $78.10. The company had a trading volume of 6,416,413 shares, compared to its average volume of 3,969,321. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.44. The business has a 50-day simple moving average of $75.24 and a two-hundred day simple moving average of $69.36. American International Group, Inc. has a twelve month low of $48.95 and a twelve month high of $79.70. The firm has a market capitalization of $53.18 billion, a price-to-earnings ratio of 15.65, a price-to-earnings-growth ratio of 1.08 and a beta of 1.02.

American International Group (NYSE:AIG - Get Free Report) last announced its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $1.77 EPS for the quarter, topping the consensus estimate of $1.66 by $0.11. American International Group had a return on equity of 10.68% and a net margin of 7.78%. The business had revenue of $12.58 billion for the quarter, compared to analyst estimates of $12.04 billion. During the same quarter in the previous year, the company earned $1.63 EPS. Equities research analysts anticipate that American International Group, Inc. will post 6.95 earnings per share for the current year.

American International Group declared that its Board of Directors has approved a share buyback program on Wednesday, May 1st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to buy up to 19.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

American International Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.44 annualized dividend and a yield of 1.84%. American International Group's dividend payout ratio (DPR) is currently 28.86%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on AIG shares. TD Cowen began coverage on shares of American International Group in a report on Wednesday, January 10th. They set a "market perform" rating and a $78.00 price objective on the stock. BMO Capital Markets dropped their price objective on shares of American International Group from $83.00 to $81.00 and set an "outperform" rating for the company in a research note on Thursday, February 15th. Bank of America downgraded American International Group from a "buy" rating to a "neutral" rating and raised their target price for the stock from $75.00 to $77.00 in a research note on Tuesday, February 20th. Keefe, Bruyette & Woods boosted their price target on shares of American International Group from $82.00 to $86.00 and gave the company an "outperform" rating in a research report on Wednesday, April 10th. Finally, Morgan Stanley boosted their target price on shares of American International Group from $72.00 to $79.00 and gave the company an "equal weight" rating in a report on Monday, April 15th. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $80.38.

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.