Piper Sandler Cuts American International Group (NYSE:AIG) Price Target to $88.00

Key Points

• Piper Sandler has reduced the price target for American International Group (NYSE:AIG) from $96.00 to $88.00, while maintaining an "overweight" rating, suggesting a potential upside of 10.73% from the current price.
• Several analysts have recently modified their ratings on AIG, with two giving a "Strong Buy," eight a "Buy," and ten a "Hold," reflecting a consensus rating of "Moderate Buy."
• AIG reported earnings of $1.81 per share for the last quarter, surpassing estimates of $1.60, despite revenue falling short of expectations at $6.77 billion.

American International Group (NYSE:AIG - Get Free Report) had its price objective lowered by stock analysts at Piper Sandler from $96.00 to $88.00 in a research note issued to investors on Thursday,MarketScreener reports. The firm currently has an "overweight" rating on the insurance provider's stock. Piper Sandler's price objective indicates a potential upside of 10.73% from the company's current price.

AIG has been the subject of several other research reports. William Blair upgraded American International Group to a "strong-buy" rating in a research note on Friday, August 1st. Wolfe Research began coverage on shares of American International Group in a research report on Tuesday, September 16th. They issued a "peer perform" rating on the stock. Cantor Fitzgerald upgraded shares of American International Group to a "hold" rating in a research note on Tuesday, August 12th. Keefe, Bruyette & Woods reduced their target price on American International Group from $97.00 to $91.00 and set an "outperform" rating for the company in a report on Tuesday, August 12th. Finally, Wall Street Zen lowered American International Group from a "buy" rating to a "hold" rating in a research report on Tuesday, September 23rd. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $88.31.

American International Group Stock Performance

NYSE AIG opened at $79.48 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.63 and a quick ratio of 0.63. The stock's 50 day simple moving average is $79.27 and its 200-day simple moving average is $81.75. The company has a market cap of $44.03 billion, a PE ratio of 15.05, a price-to-earnings-growth ratio of 0.84 and a beta of 0.68. American International Group has a 1-year low of $69.24 and a 1-year high of $88.07.

American International Group (NYSE:AIG - Get Free Report) last issued its earnings results on Wednesday, August 6th. The insurance provider reported $1.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.60 by $0.21. American International Group had a return on equity of 7.88% and a net margin of 11.51%.The business had revenue of $6.77 billion during the quarter, compared to the consensus estimate of $6.81 billion. During the same period last year, the company earned $1.16 EPS. As a group, equities research analysts anticipate that American International Group will post 6.24 EPS for the current fiscal year.

Hedge Funds Weigh In On American International Group

A number of institutional investors have recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new position in shares of American International Group in the 4th quarter worth about $1,091,000. NBC Securities Inc. bought a new position in American International Group during the first quarter valued at about $47,000. Merit Financial Group LLC raised its position in shares of American International Group by 114.0% during the first quarter. Merit Financial Group LLC now owns 37,043 shares of the insurance provider's stock worth $3,220,000 after purchasing an additional 19,731 shares during the period. RFG Advisory LLC acquired a new stake in American International Group during the 1st quarter worth about $217,000. Finally, Curat Global LLC acquired a new position in shares of American International Group in the first quarter worth about $334,000. Institutional investors and hedge funds own 90.60% of the company's stock.

American International Group Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.