American International Group (NYSE:AIG) Price Target Cut to $86.00 by Analysts at Piper Sandler

American International Group (NYSE:AIG) had its price target cut by Piper Sandler from $89.00 to $86.00 in a report released on Friday, Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

AIG has been the topic of a number of other reports. Citigroup lowered their price target on shares of American International Group from $89.00 to $87.00 and set a buy rating on the stock in a research note on Tuesday, July 23rd. Morgan Stanley lowered their price objective on shares of American International Group from $82.00 to $80.00 and set an equal weight rating on the stock in a research note on Wednesday, July 10th. Evercore ISI dropped their target price on shares of American International Group from $81.00 to $78.00 and set an in-line rating for the company in a report on Thursday, June 27th. Wells Fargo & Company raised their target price on shares of American International Group from $80.00 to $82.00 and gave the company an equal weight rating in a report on Friday, May 10th. Finally, BMO Capital Markets raised their target price on shares of American International Group from $88.00 to $89.00 and gave the company an outperform rating in a report on Monday, May 13th. Nine analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $82.38.

American International Group Stock Performance

AIG traded down $2.94 during trading on Friday, hitting $71.97. The stock had a trading volume of 7,453,145 shares, compared to its average volume of 4,655,245. 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 has a twelve month low of $57.02 and a twelve month high of $80.83. The firm has a market capitalization of $47.76 billion, a P/E ratio of 10.74, a PEG ratio of 2.48 and a beta of 1.07. The company’s 50-day moving average price is $75.93 and its 200 day moving average price is $74.73.

American International Group (NYSE:AIG) last posted its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.14). American International Group had a positive return on equity of 9.37% and a negative net margin of 1.54%. The company had revenue of $1.00 million for the quarter, compared to analyst estimates of $11.64 billion. During the same period last year, the company earned $1.75 earnings per share. The business’s revenue for the quarter was up .0% compared to the same quarter last year. On average, equities research analysts forecast that American International Group will post 6.4 EPS for the current fiscal year.

American International Group announced that its board has initiated a stock buyback program on Wednesday, May 1st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to repurchase up to 19.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

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 paid a dividend of $0.40 per share. The ex-dividend date is Monday, September 16th. This represents a $1.60 annualized dividend and a dividend yield of 2.22%. American International Group’s dividend payout ratio is currently 23.88%.

Insider Buying and Selling

In other news, Director W Don Cornwell 1,000 shares of American International Group stock in a transaction dated Tuesday, July 30th. The was disclosed in a filing with the SEC, which is available at the SEC website. In other American International Group news, major shareholder International Group American sold 1,932,609 shares of American International Group stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the transaction, the insider now directly owns 292,271,027 shares of the company’s stock, valued at $8,534,313,988.40. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director W Don Cornwell 1,000 shares of the stock in a transaction dated Tuesday, July 30th. The disclosure for this trade can be found here. Corporate insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of AIG. Norges Bank purchased a new stake in shares of American International Group during the fourth quarter valued at approximately $746,005,000. Swedbank AB purchased a new stake in shares of American International Group during the first quarter valued at approximately $99,951,000. Canada Pension Plan Investment Board raised its stake in shares of American International Group by 98.9% during the first quarter. Canada Pension Plan Investment Board now owns 1,893,990 shares of the insurance provider’s stock valued at $148,053,000 after purchasing an additional 941,607 shares during the period. Balyasny Asset Management L.P. raised its stake in shares of American International Group by 95.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,221,724 shares of the insurance provider’s stock valued at $82,772,000 after purchasing an additional 597,661 shares during the period. Finally, Third Point LLC raised its stake in shares of American International Group by 16.9% during the fourth quarter. Third Point LLC now owns 3,450,000 shares of the insurance provider’s stock valued at $233,738,000 after purchasing an additional 500,000 shares during the period. 90.60% of the stock is owned by institutional investors and hedge funds.

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.