Hodges Capital Management Inc. bought a new stake in shares of American International Group Inc (NYSE:AIG) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 5,000 shares of the insurance provider’s stock, valued at approximately $215,000.
Several other institutional investors have also made changes to their positions in the company. Raymond James Trust N.A. increased its position in shares of American International Group by 28.2% during the 1st quarter. Raymond James Trust N.A. now owns 10,816 shares of the insurance provider’s stock valued at $466,000 after purchasing an additional 2,382 shares during the last quarter. Sciencast Management LP purchased a new stake in shares of American International Group during the 1st quarter valued at $1,932,000. Strategic Advisors LLC increased its position in shares of American International Group by 31.5% during the 1st quarter. Strategic Advisors LLC now owns 8,348 shares of the insurance provider’s stock valued at $359,000 after purchasing an additional 2,000 shares during the last quarter. CRA Financial Services LLC purchased a new stake in shares of American International Group during the 1st quarter valued at $216,000. Finally, Landsberg Bennett & Dubbaneh LLC purchased a new stake in American International Group in the 1st quarter worth about $685,000. 91.01% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE AIG opened at $46.74 on Wednesday. American International Group Inc has a 52 week low of $36.16 and a 52 week high of $56.79. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $39.83 billion, a price-to-earnings ratio of 39.95, a P/E/G ratio of 0.95 and a beta of 1.37.
American International Group declared that its Board of Directors has approved a stock repurchase program on Wednesday, February 13th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the insurance provider to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.32 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.28 annualized dividend and a yield of 2.74%. American International Group’s dividend payout ratio is currently 109.40%.
AIG has been the subject of several recent research reports. Wells Fargo & Co reissued a “buy” rating and issued a $54.00 price objective on shares of American International Group in a report on Wednesday, February 13th. Compass Point raised American International Group from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $44.00 to $56.00 in a report on Friday, February 15th. Zacks Investment Research raised American International Group from a “strong sell” rating to a “hold” rating in a report on Tuesday. ValuEngine lowered American International Group from a “hold” rating to a “sell” rating in a report on Monday, February 4th. Finally, Argus lowered American International Group from a “buy” rating to a “hold” rating in a report on Friday, February 15th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. American International Group has a consensus rating of “Buy” and an average target price of $55.07.
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American International Group Company Profile
American International Group, Inc provides insurance products for commercial, institutional, and individual customers in North America and internationally. The company's General Insurance segment offers general liability, environmental, commercial automobile liability, workers' compensation, excess casualty, and crisis management insurance products, as well as various risk-sharing and other customized structured programs; commercial, industrial, and energy-related property insurance; and aerospace, political risk, trade credit, portfolio solutions, surety, crop, and marine insurance.
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