Balyasny Asset Management LLC Trims Position in American Financial Group, Inc. (NYSE:AFG)

Posted by on Mar 15th, 2023

Balyasny Asset Management LLC lessened its position in shares of American Financial Group, Inc. (NYSE:AFG – Get Rating) by 4.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 286,979 shares of the insurance provider’s stock after selling 14,440 shares during the quarter. Balyasny Asset Management LLC owned 0.34% of American Financial Group worth $35,278,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Alaska Permanent Fund Corp purchased a new stake in American Financial Group in the third quarter worth about $45,000. Ronald Blue Trust Inc. increased its position in American Financial Group by 166.9% in the third quarter. Ronald Blue Trust Inc. now owns 331 shares of the insurance provider’s stock worth $46,000 after buying an additional 207 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in American Financial Group in the third quarter worth about $49,000. Hexagon Capital Partners LLC purchased a new stake in American Financial Group in the third quarter worth about $51,000. Finally, Global Retirement Partners LLC increased its position in American Financial Group by 47.2% in the third quarter. Global Retirement Partners LLC now owns 639 shares of the insurance provider’s stock worth $93,000 after buying an additional 205 shares in the last quarter. Hedge funds and other institutional investors own 64.04% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on AFG. Piper Sandler increased their target price on American Financial Group from $162.00 to $168.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 10th. BMO Capital Markets began coverage on American Financial Group in a research report on Thursday, January 19th. They set a “market perform” rating and a $155.00 target price for the company. Finally, Morgan Stanley increased their target price on American Financial Group from $146.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 22nd. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $162.75.

Insider Activity at American Financial Group

In related news, insider John B. Berding sold 5,417 shares of the stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $136.62, for a total transaction of $740,070.54. Following the completion of the transaction, the insider now directly owns 36,083 shares of the company’s stock, valued at $4,929,659.46. The sale was disclosed in a filing with the SEC, which is available through this link. 14.60% of the stock is owned by corporate insiders.

American Financial Group Price Performance

Shares of American Financial Group stock opened at $119.75 on Wednesday. The stock has a 50 day moving average of $135.33 and a 200 day moving average of $134.81. American Financial Group, Inc. has a 12 month low of $116.70 and a 12 month high of $152.29. The firm has a market cap of $10.20 billion, a PE ratio of 11.37 and a beta of 0.84. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.37.

American Financial Group (NYSE:AFG – Get Rating) last announced its quarterly earnings results on Thursday, February 2nd. The insurance provider reported $2.99 EPS for the quarter, beating analysts’ consensus estimates of $2.95 by $0.04. American Financial Group had a return on equity of 23.52% and a net margin of 12.76%. The company had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.55 billion. During the same period in the prior year, the company earned $4.12 earnings per share. The firm’s revenue was up 11.8% on a year-over-year basis. On average, research analysts expect that American Financial Group, Inc. will post 11.7 EPS for the current fiscal year.

American Financial Group Cuts Dividend

The company also recently declared a None dividend, which was paid on Tuesday, February 28th. Investors of record on Wednesday, February 15th were paid a dividend of $4.00 per share. The ex-dividend date was Tuesday, February 14th. American Financial Group’s payout ratio is presently 23.93%.

About American Financial Group

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American Financial Group, Inc is an insurance holding company. It engages in property and casualty insurance, focusing on commercial products for businesses, and in the sale of fixed and fixed-indexed annuities in the retail, financial institutions and education markets. The company was founded by Carl Henry Lindner Jr.

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Institutional Ownership by Quarter for American Financial Group (NYSE:AFG)

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