American International Group, Inc. (NYSE:AIG) Shares Purchased by Essex Financial Services Inc.

Essex Financial Services Inc. boosted its position in shares of American International Group, Inc. (NYSE:AIG) by 13.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 4,656 shares of the insurance provider’s stock after buying an additional 566 shares during the period. Essex Financial Services Inc.’s holdings in American International Group were worth $346,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Forum Financial Management LP raised its position in shares of American International Group by 1.1% in the second quarter. Forum Financial Management LP now owns 12,173 shares of the insurance provider’s stock valued at $904,000 after buying an additional 128 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of American International Group by 5.3% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 2,691 shares of the insurance provider’s stock valued at $210,000 after purchasing an additional 136 shares during the period. Quent Capital LLC boosted its holdings in American International Group by 4.0% in the 2nd quarter. Quent Capital LLC now owns 3,834 shares of the insurance provider’s stock valued at $285,000 after purchasing an additional 146 shares during the last quarter. Sage Mountain Advisors LLC increased its holdings in shares of American International Group by 2.3% during the 1st quarter. Sage Mountain Advisors LLC now owns 6,700 shares of the insurance provider’s stock worth $524,000 after buying an additional 148 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund raised its position in shares of American International Group by 0.6% during the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 25,011 shares of the insurance provider’s stock valued at $1,694,000 after buying an additional 154 shares during the period. Hedge funds and other institutional investors own 90.60% of the company’s stock.

American International Group Stock Up 1.2 %

American International Group stock opened at $77.05 on Tuesday. The stock’s 50 day moving average price is $75.01 and its 200 day moving average price is $75.50. American International Group, Inc. has a 1-year low of $57.72 and a 1-year high of $80.83. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.67 and a quick ratio of 0.67. The company has a market cap of $49.62 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 3.84 and a beta of 1.07.

American International Group (NYSE:AIG) last posted its earnings results on Wednesday, July 31st. The insurance provider reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.14). The business had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $11.64 billion. American International Group had a negative net margin of 1.54% and a positive return on equity of 9.52%. The business’s revenue was up .0% compared to the same quarter last year. During the same quarter last year, the business posted $1.75 earnings per share. On average, sell-side analysts predict that American International Group, Inc. will post 5.24 EPS for the current fiscal year.

American International Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Monday, September 16th. American International Group’s dividend payout ratio (DPR) is presently 23.88%.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 8,032,129 shares of the firm’s stock in a transaction 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 legal filing with the SEC, which is accessible through this hyperlink. 0.61% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on AIG. BMO Capital Markets raised their price objective on American International Group from $88.00 to $89.00 and gave the stock an “outperform” rating in a research report on Monday, May 13th. Bank of America increased their target price on American International Group from $81.00 to $82.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Wells Fargo & Company lowered their price objective on shares of American International Group from $79.00 to $77.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. JPMorgan Chase & Co. boosted their target price on American International Group from $80.00 to $93.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. Finally, Piper Sandler decreased their price target on shares of American International Group from $89.00 to $86.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, American International Group presently has a consensus rating of “Hold” and an average target price of $83.47.

About American International Group

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.