State of Michigan Retirement System Decreases Position in American Financial Group, Inc. (NYSE:AFG)

Posted by on Jul 22nd, 2023

State of Michigan Retirement System lessened its holdings in American Financial Group, Inc. (NYSE:AFG – Free Report) by 0.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,110 shares of the insurance provider’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in American Financial Group were worth $2,565,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Machina Capital S.A.S. purchased a new position in American Financial Group in the 1st quarter worth $26,000. Raleigh Capital Management Inc. raised its position in American Financial Group by 219.0% in the 4th quarter. Raleigh Capital Management Inc. now owns 201 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 138 shares during the period. Dark Forest Capital Management LP purchased a new position in American Financial Group in the 4th quarter worth $29,000. Money Concepts Capital Corp purchased a new position in shares of American Financial Group in the fourth quarter valued at about $35,000. Finally, Parallel Advisors LLC increased its position in shares of American Financial Group by 372.1% in the first quarter. Parallel Advisors LLC now owns 321 shares of the insurance provider’s stock valued at $39,000 after acquiring an additional 253 shares during the period. Hedge funds and other institutional investors own 63.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. StockNews.com assumed coverage on shares of American Financial Group in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Piper Sandler decreased their price objective on shares of American Financial Group from $162.00 to $150.00 in a research report on Thursday, July 6th.

Insider Buying and Selling

In related news, Director Lehman John I. Von sold 1,479 shares of the business’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $117.39, for a total transaction of $173,619.81. Following the sale, the director now owns 14,116 shares of the company’s stock, valued at $1,657,077.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Lehman John I. Von sold 1,479 shares of the business’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $117.39, for a total transaction of $173,619.81. Following the sale, the director now owns 14,116 shares of the company’s stock, valued at $1,657,077.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Terry S. Jacobs sold 761 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $115.84, for a total transaction of $88,154.24. Following the completion of the transaction, the director now owns 7,500 shares in the company, valued at approximately $868,800. The disclosure for this sale can be found here. 14.60% of the stock is currently owned by insiders.

American Financial Group Price Performance

Shares of NYSE AFG opened at $120.21 on Friday. American Financial Group, Inc. has a 1 year low of $111.54 and a 1 year high of $150.98. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.42 and a quick ratio of 0.42. The company’s 50-day moving average is $116.53 and its 200 day moving average is $124.15. The stock has a market capitalization of $10.24 billion, a P/E ratio of 12.50 and a beta of 0.82.

American Financial Group (NYSE:AFG – Get Free Report) last announced its quarterly earnings results on Tuesday, May 2nd. The insurance provider reported $2.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.88 by $0.01. American Financial Group had a net margin of 11.40% and a return on equity of 23.44%. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.57 billion. During the same quarter in the previous year, the company earned $3.56 earnings per share. American Financial Group’s quarterly revenue was up 10.4% on a year-over-year basis. On average, sell-side analysts expect that American Financial Group, Inc. will post 11.52 earnings per share for the current year.

American Financial Group Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 25th. Investors of record on Friday, July 14th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 2.10%. The ex-dividend date is Thursday, July 13th. American Financial Group’s payout ratio is currently 26.20%.

American Financial Group Company Profile

(Free Report)

American Financial Group, Inc, an insurance holding company, provides specialty property and casualty insurance products in the United States. It offers property and transportation insurance products, such as physical damage and liability coverage for buses and trucks, inland and ocean marine, agricultural-related products, and other commercial property and specialty transportation coverages; specialty casualty insurance, including primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, and specialty coverage in targeted markets, as well as customized programs for small to mid-sized businesses and workers' compensation insurance; and specialty financial insurance products comprising risk management insurance programs for lending and leasing institutions, fidelity and surety products, and trade credit insurance.

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

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