American Financial Group (NYSE:AFG) Stock Price Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• American Financial Group shares crossed above their 200-day moving average, reaching $142.99 and last trading near $141.09, compared with the $137.29 average.
• Analysts’ consensus remains “Hold,” with an average price target of $156; individual targets were raised as high as $173.
• The insurer reported quarterly earnings and revenue above estimates and raised its quarterly dividend from $0.88 to $0.97 per share, representing a 2.7% annualized yield.

American Financial Group, Inc. (NYSE:AFG - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $137.29 and traded as high as $142.99. American Financial Group shares last traded at $141.0920, with a volume of 259,913 shares.

Analysts Set New Price Targets

AFG has been the topic of several analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of American Financial Group from $148.00 to $153.00 and gave the company a "market perform" rating in a report on Tuesday, August 11th. Weiss Ratings raised American Financial Group from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Piper Sandler raised their price target on American Financial Group from $140.00 to $156.00 and gave the stock a "neutral" rating in a research report on Monday, August 10th. Wall Street Zen cut American Financial Group from a "buy" rating to a "hold" rating in a research note on Saturday, September 12th. Finally, Wells Fargo & Company upped their price objective on American Financial Group from $158.00 to $173.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $156.00.

American Financial Group Trading Down 0.6%

The business's 50-day moving average price is $142.34 and its two-hundred day moving average price is $137.29. The company has a market capitalization of $11.70 billion, a P/E ratio of 12.33 and a beta of 0.59. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.49 and a quick ratio of 0.49.

American Financial Group (NYSE:AFG - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The insurance provider reported $2.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.50. American Financial Group had a net margin of 11.51% and a return on equity of 20.35%. The company had revenue of $2.03 billion during the quarter, compared to analyst estimates of $1.85 billion. During the same quarter in the previous year, the business earned $2.14 EPS. The firm's revenue was up 5.5% on a year-over-year basis. As a group, analysts forecast that American Financial Group, Inc. will post 12.29 EPS for the current fiscal year.

American Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Thursday, October 15th will be paid a $0.97 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This is a positive change from American Financial Group's previous quarterly dividend of $0.88. This represents a $3.88 dividend on an annualized basis and a yield of 2.7%. American Financial Group's payout ratio is presently 33.92%.

Insider Transactions at American Financial Group

In other news, CFO Brian S. Hertzman sold 950 shares of American Financial Group stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $142.87, for a total transaction of $135,726.50. Following the transaction, the chief financial officer owned 11,123 shares in the company, valued at $1,589,143.01. The trade was a 7.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Mark A. Weiss sold 2,813 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $144.76, for a total value of $407,209.88. Following the completion of the transaction, the vice president owned 6,648 shares of the company's stock, valued at $962,364.48. This represents a 29.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 16.90% of the stock is currently owned by insiders.

Institutional Trading of American Financial Group

Several hedge funds have recently bought and sold shares of AFG. BlackRock Inc. bought a new stake in American Financial Group in the 2nd quarter valued at approximately $1,079,329,000. Bank of New York Mellon Corp bought a new position in shares of American Financial Group during the 2nd quarter worth approximately $102,590,000. Bank of America Corp DE bought a new position in shares of American Financial Group during the 2nd quarter worth approximately $53,939,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of American Financial Group by 337.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 431,144 shares of the insurance provider's stock valued at $55,061,000 after purchasing an additional 332,517 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of American Financial Group by 433.2% in the first quarter. First Trust Advisors LP now owns 316,974 shares of the insurance provider's stock valued at $40,481,000 after purchasing an additional 257,522 shares during the last quarter. 64.37% of the stock is currently owned by institutional investors and hedge funds.

About American Financial Group

American Financial Group, Inc is an insurance holding company headquartered in Cincinnati, Ohio. Through its Great American Insurance Group businesses, the company primarily provides property and casualty insurance products, with an emphasis on specialty commercial markets that require specialized underwriting expertise.

Its insurance offerings include coverage for commercial transportation, agriculture, workers' compensation, excess and surplus risks, environmental exposures, inland marine, and other niche industries.

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