American International Group (NYSE:AIG) Given New $83.00 Price Target at Wells Fargo & Company

American International Group (NYSE:AIG) had its target price cut by Wells Fargo & Company from $85.00 to $83.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an equal weight rating on the insurance provider’s stock.

AIG has been the topic of several other research reports. Royal Bank Of Canada raised their target price on shares of American International Group from $85.00 to $87.00 and gave the company a “sector perform” rating in a report on Monday, August 10th. Keefe, Bruyette & Woods lowered their price target on shares of American International Group from $96.00 to $90.00 and set an “outperform” rating for the company in a report on Monday. Morgan Stanley dropped their price objective on shares of American International Group from $81.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 6th. Barclays raised their price objective on shares of American International Group from $80.00 to $81.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Finally, JPMorgan Chase & Co. raised their price objective on shares of American International Group from $86.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Eight investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, American International Group presently has a consensus rating of “Hold” and a consensus target price of $87.68.

American International Group Price Performance

Shares of NYSE AIG opened at $77.67 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.61 and a quick ratio of 0.61. The company has a market cap of $40.61 billion, a price-to-earnings ratio of 14.20, a price-to-earnings-growth ratio of 0.82 and a beta of 0.52. The stock’s 50-day moving average is $76.15 and its two-hundred day moving average is $76.49. American International Group has a 1-year low of $71.25 and a 1-year high of $87.29.

American International Group (NYSE:AIG) last announced its quarterly earnings data on Friday, August 7th. The insurance provider reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.92 by $0.08. American International Group had a return on equity of 11.05% and a net margin of 11.13%. The business had revenue of $7.08 billion during the quarter, compared to analysts’ expectations of $7.25 billion. During the same quarter last year, the business posted $1.81 EPS. Analysts forecast that American International Group will post 8.06 EPS for the current fiscal year.

American International Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were issued a $0.50 dividend. The ex-dividend date was Wednesday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.6%. American International Group’s dividend payout ratio is presently 36.56%.

Insider Buying and Selling at American International Group

In other news, insider Peter Zaffino sold 36,829 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $76.14, for a total transaction of $2,804,160.06. Following the sale, the insider owned 556,004 shares of the company’s stock, valued at approximately $42,334,144.56. This trade represents a 6.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On American International Group

Several hedge funds have recently added to or reduced their stakes in AIG. Wellington Management Group LLP boosted its holdings in shares of American International Group by 6.9% in the 2nd quarter. Wellington Management Group LLP now owns 30,331,704 shares of the insurance provider’s stock valued at $2,260,622,000 after buying an additional 1,961,270 shares in the last quarter. State Street Corp raised its stake in American International Group by 0.8% during the 2nd quarter. State Street Corp now owns 25,115,416 shares of the insurance provider’s stock worth $1,871,852,000 after acquiring an additional 196,969 shares in the last quarter. Bank of New York Mellon Corp raised its stake in American International Group by 6.1% during the 1st quarter. Bank of New York Mellon Corp now owns 8,237,375 shares of the insurance provider’s stock worth $619,862,000 after acquiring an additional 474,035 shares in the last quarter. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in American International Group during the 2nd quarter worth $464,539,000. Finally, Dimensional Fund Advisors LP lifted its position in American International Group by 5.2% in the first quarter. Dimensional Fund Advisors LP now owns 6,142,278 shares of the insurance provider’s stock valued at $462,147,000 after acquiring an additional 303,201 shares during the last quarter. 90.60% of the stock is currently owned by hedge funds and other institutional investors.

About American International Group

American International Group, Inc (NYSE:AIG) is a global insurance organization whose principal operating business is general insurance. Through its property and casualty operations, AIG provides commercial and personal insurance products, including coverage for businesses, multinational companies, individuals, and specialty risks. Its offerings include property, casualty, liability, marine, aviation, cyber, accident, and travel insurance, along with other risk-management solutions.

AIG serves customers through a network spanning approximately 190 countries and jurisdictions.