Summit Global Investments increased its position in shares of American International Group Inc (NYSE:AIG) by 4.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,388 shares of the insurance provider’s stock after purchasing an additional 6,148 shares during the period. Summit Global Investments’ holdings in American International Group were worth $6,347,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in AIG. Norges Bank bought a new stake in American International Group during the fourth quarter worth approximately $354,739,000. Barrow Hanley Mewhinney & Strauss LLC grew its position in American International Group by 49.9% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 22,573,630 shares of the insurance provider’s stock worth $889,627,000 after buying an additional 7,516,503 shares during the last quarter. Diamond Hill Capital Management Inc. acquired a new position in American International Group in the fourth quarter worth approximately $291,537,000. Macquarie Group Ltd. grew its position in American International Group by 24.8% in the fourth quarter. Macquarie Group Ltd. now owns 16,690,982 shares of the insurance provider’s stock worth $657,792,000 after buying an additional 3,312,810 shares during the last quarter. Finally, Pzena Investment Management LLC grew its position in American International Group by 35.8% in the fourth quarter. Pzena Investment Management LLC now owns 12,069,892 shares of the insurance provider’s stock worth $475,674,000 after buying an additional 3,181,354 shares during the last quarter. 90.12% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Therese M. Vaughan acquired 1,000 shares of the stock in a transaction on Thursday, May 23rd. The shares were purchased at an average cost of $51.71 per share, for a total transaction of $51,710.00. Following the transaction, the director now owns 1,000 shares in the company, valued at approximately $51,710. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.10% of the company’s stock.
American International Group (NYSE:AIG) last posted its quarterly earnings data on Monday, May 6th. The insurance provider reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.52. American International Group had a negative net margin of 0.60% and a positive return on equity of 2.48%. The firm had revenue of $12.90 billion for the quarter, compared to analysts’ expectations of $12.25 billion. During the same period in the previous year, the company posted $1.04 EPS. On average, research analysts forecast that American International Group Inc will post 4.96 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.40%. The ex-dividend date is Thursday, June 13th. American International Group’s payout ratio is 109.40%.
AIG has been the topic of several recent research reports. Royal Bank of Canada restated an “outperform” rating and issued a $56.00 price target on shares of American International Group in a research report on Wednesday, May 8th. Compass Point upgraded shares of American International Group from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $44.00 to $56.00 in a research report on Friday, February 15th. Zacks Investment Research upgraded shares of American International Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 16th. Argus lowered shares of American International Group from a “buy” rating to a “hold” rating in a research report on Friday, February 15th. Finally, Wells Fargo & Co lifted their price target on shares of American International Group from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 8th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $54.85.
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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