Townsend & Associates Inc Has $30.63 Million Stock Position in American International Group, Inc. (NYSE:AIG)

Townsend & Associates Inc boosted its stake in American International Group, Inc. (NYSE:AIG - Free Report) by 63.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 442,852 shares of the insurance provider's stock after buying an additional 171,950 shares during the quarter. American International Group makes up approximately 3.8% of Townsend & Associates Inc's portfolio, making the stock its 7th largest holding. Townsend & Associates Inc owned approximately 0.06% of American International Group worth $30,628,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Nordea Investment Management AB raised its holdings in American International Group by 18.7% in the 4th quarter. Nordea Investment Management AB now owns 2,032,907 shares of the insurance provider's stock valued at $138,014,000 after acquiring an additional 319,948 shares during the last quarter. American Century Companies Inc. lifted its position in American International Group by 22.6% during the third quarter. American Century Companies Inc. now owns 422,852 shares of the insurance provider's stock worth $25,625,000 after buying an additional 77,874 shares in the last quarter. Essex Financial Services Inc. acquired a new position in American International Group during the fourth quarter worth $260,000. Sequoia Financial Advisors LLC grew its holdings in American International Group by 121.4% in the 4th quarter. Sequoia Financial Advisors LLC now owns 38,809 shares of the insurance provider's stock valued at $2,629,000 after buying an additional 21,279 shares in the last quarter. Finally, abrdn plc grew its holdings in American International Group by 19.6% in the 4th quarter. abrdn plc now owns 598,143 shares of the insurance provider's stock valued at $40,524,000 after buying an additional 98,143 shares in the last quarter. 90.60% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at American International Group

In related news, CEO Peter Zaffino sold 333,000 shares of the company's stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $75.87, for a total value of $25,264,710.00. Following the completion of the transaction, the chief executive officer now directly owns 505,420 shares of the company's stock, valued at $38,346,215.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director John C. Inglis acquired 659 shares of the firm's stock in a transaction dated Thursday, March 14th. The stock was acquired at an average cost of $75.39 per share, with a total value of $49,682.01. Following the completion of the acquisition, the director now owns 659 shares of the company's stock, valued at $49,682.01. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Peter Zaffino sold 333,000 shares of the company'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 sale, the chief executive officer now owns 505,420 shares of the company's stock, 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 corporate insiders.

Analyst Ratings Changes

AIG has been the topic of several recent research reports. Evercore ISI boosted their price target on shares of American International Group from $80.00 to $81.00 and gave the company an "in-line" rating in a research report on Friday, May 3rd. Bank of America cut shares of American International Group from a "buy" rating to a "neutral" rating and increased their price target for the company from $75.00 to $77.00 in a research note on Tuesday, February 20th. BMO Capital Markets reduced their price target on shares of American International Group from $83.00 to $81.00 and set an "outperform" rating on the stock in a research report on Thursday, February 15th. Piper Sandler upped their price objective on American International Group from $87.00 to $89.00 and gave the company an "overweight" rating in a report on Friday, April 19th. Finally, Wells Fargo & Company raised their target price on American International Group from $74.00 to $80.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 11th. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, American International Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.44.

American International Group Stock Down 0.0 %

Shares of American International Group stock traded down $0.01 during trading hours on Thursday, reaching $79.88. 3,192,582 shares of the company were exchanged, compared to its average volume of 3,986,120. The firm has a market cap of $53.01 billion, a PE ratio of 11.92, a PEG ratio of 1.11 and a beta of 1.02. The stock's fifty day moving average is $75.88 and its 200 day moving average is $69.91. American International Group, Inc. has a 1 year low of $51.86 and a 1 year high of $80.76. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.29 and a current ratio of 0.29.

American International Group (NYSE:AIG - Get Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The insurance provider reported $1.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.66 by $0.11. American International Group had a return on equity of 10.54% and a net margin of 9.98%. The company had revenue of $12.58 billion for the quarter, compared to analyst estimates of $12.04 billion. During the same quarter last year, the company earned $1.63 EPS. As a group, equities research analysts forecast that American International Group, Inc. will post 7.05 earnings per share for the current year.

American International Group announced that its Board of Directors has approved a share repurchase plan on Wednesday, May 1st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the insurance provider to repurchase up to 19.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its shares are undervalued.

American International Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, June 14th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.00%. This is an increase from American International Group's previous quarterly dividend of $0.36. American International Group's payout ratio is presently 21.49%.

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.