American International Group, Inc. (NYSE:AIG) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System lessened its position in shares of American International Group, Inc. (NYSE:AIG) by 6.7% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 196,467 shares of the insurance provider’s stock after selling 14,000 shares during the period. State of Michigan Retirement System’s holdings in American International Group were worth $14,586,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in AIG. Verdence Capital Advisors LLC raised its position in American International Group by 1.7% during the second quarter. Verdence Capital Advisors LLC now owns 22,869 shares of the insurance provider’s stock worth $1,698,000 after acquiring an additional 389 shares during the last quarter. AlphaCentric Advisors LLC purchased a new stake in American International Group in the 2nd quarter valued at approximately $92,000. Catalyst Financial Partners LLC raised its holdings in shares of American International Group by 8.4% in the second quarter. Catalyst Financial Partners LLC now owns 6,233 shares of the insurance provider’s stock worth $463,000 after acquiring an additional 483 shares during the last quarter. Calamos Advisors LLC raised its position in shares of American International Group by 0.3% in the second quarter. Calamos Advisors LLC now owns 352,775 shares of the insurance provider’s stock valued at $26,190,000 after buying an additional 953 shares during the last quarter. Finally, LRI Investments LLC grew its holdings in American International Group by 1,550.4% in the 2nd quarter. LRI Investments LLC now owns 4,324 shares of the insurance provider’s stock valued at $321,000 after buying an additional 4,062 shares during the period. 90.60% of the stock is currently owned by hedge funds and other institutional investors.

American International Group Stock Performance

Shares of AIG stock opened at $74.64 on Tuesday. The stock has a market capitalization of $49.54 billion, a price-to-earnings ratio of 11.14, a PEG ratio of 2.48 and a beta of 1.07. American International Group, Inc. has a one year low of $57.45 and a one year high of $80.83. The company’s 50-day simple moving average is $74.89 and its 200-day simple moving average is $75.27. 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) last released its earnings results on Wednesday, July 31st. The insurance provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.14). The firm had revenue of $1.00 million for the quarter, compared to the consensus estimate of $11.64 billion. American International Group had a positive return on equity of 9.37% and a negative net margin of 1.54%. The company’s quarterly revenue was up .0% on a year-over-year basis. During the same period in the prior year, the business earned $1.75 EPS. Equities analysts anticipate that American International Group, Inc. will post 6.4 earnings per share for the current fiscal year.

American International Group declared that its board has authorized a share buyback plan on Wednesday, May 1st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the insurance provider to buy up to 19.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

American International Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.14%. The ex-dividend date is Monday, September 16th. American International Group’s dividend payout ratio (DPR) is 23.88%.

Insider Transactions at American International Group

In other news, major shareholder International Group American sold 8,032,129 shares of American International Group stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total value of $200,000,012.10. Following the transaction, the insider now owns 284,238,898 shares of the company’s stock, valued at approximately $7,077,548,560.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders sold 39,964,738 shares of company stock worth $1,132,432,195. Insiders own 0.61% of the company’s stock.

Analyst Upgrades and Downgrades

AIG has been the topic of several research analyst reports. Piper Sandler decreased their target price on shares of American International Group from $89.00 to $86.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Citigroup lowered their price objective on shares of American International Group from $89.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, July 23rd. BMO Capital Markets lifted their target price on American International Group from $88.00 to $89.00 and gave the company an “outperform” rating in a report on Monday, May 13th. Evercore ISI cut their price objective on American International Group from $81.00 to $78.00 and set an “in-line” rating on the stock in a report on Thursday, June 27th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $87.00 target price on shares of American International Group in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $83.47.

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.