Envestnet Asset Management Inc. Buys 2,035,561 Shares of American International Group, Inc. (NYSE:AIG)

Posted by Defense World Staff on Aug 29th, 2023

Envestnet Asset Management Inc. raised its stake in American International Group, Inc. (NYSE:AIG – Free Report) by 209.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,005,209 shares of the insurance provider’s stock after buying an additional 2,035,561 shares during the period. Envestnet Asset Management Inc. owned about 0.41% of American International Group worth $47,630,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. U.S. Capital Wealth Advisors LLC purchased a new stake in American International Group in the fourth quarter worth approximately $28,000. Thompson Investment Management Inc. purchased a new position in American International Group in the 1st quarter worth $28,000. Creative Capital Management Investments LLC bought a new stake in American International Group in the first quarter worth $43,000. AM Squared Ltd purchased a new stake in American International Group during the fourth quarter valued at about $63,000. Finally, Parkside Financial Bank & Trust increased its holdings in shares of American International Group by 20.9% in the first quarter. Parkside Financial Bank & Trust now owns 1,110 shares of the insurance provider’s stock worth $69,000 after buying an additional 192 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.

American International Group Trading Up 0.0 %

NYSE:AIG opened at $57.87 on Tuesday. American International Group, Inc. has a one year low of $45.66 and a one year high of $64.88. The business has a fifty day moving average price of $58.73 and a 200-day moving average price of $55.73. The firm has a market capitalization of $41.20 billion, a price-to-earnings ratio of 9.79, a price-to-earnings-growth ratio of 0.86 and a beta of 1.13. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.29 and a quick ratio of 0.29.

American International Group (NYSE:AIG – Get Free Report) last issued its quarterly earnings results on Wednesday, August 2nd. The insurance provider reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.21. The business had revenue of $13.22 billion during the quarter, compared to analysts’ expectations of $12.28 billion. American International Group had a return on equity of 9.28% and a net margin of 8.94%. During the same quarter in the prior year, the business posted $1.19 earnings per share. Sell-side analysts forecast that American International Group, Inc. will post 6.71 EPS for the current year.

American International Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date is Thursday, September 14th. American International Group’s dividend payout ratio (DPR) is 24.37%.

Insider Buying and Selling

In other news, major shareholder International Group American sold 74,750,000 shares of the business’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $16.25, for a total value of $1,214,687,500.00. Following the transaction, the insider now directly owns 426,395,000 shares in the company, valued at $6,928,918,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other American International Group news, CAO Kathleen Carbone sold 7,757 shares of American International Group stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $61.30, for a total value of $475,504.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder International Group American sold 74,750,000 shares of the stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $16.25, for a total transaction of $1,214,687,500.00. Following the transaction, the insider now directly owns 426,395,000 shares of the company’s stock, valued at approximately $6,928,918,750. The disclosure for this sale can be found here. In the last quarter, insiders sold 85,739,975 shares of company stock valued at $1,395,423,079. Company insiders own 0.49% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on AIG shares. Bank of America reduced their price target on American International Group from $73.00 to $68.00 in a research report on Friday, June 2nd. StockNews.com initiated coverage on shares of American International Group in a research note on Thursday, August 17th. They set a “hold” rating for the company. Piper Sandler boosted their price target on American International Group from $76.00 to $77.00 in a report on Tuesday, May 23rd. Wells Fargo & Company upped their target price on American International Group from $61.00 to $62.00 and gave the company an “equal weight” rating in a report on Tuesday, August 15th. Finally, TheStreet raised shares of American International Group from a “c+” rating to a “b-” rating in a research note on Friday, June 23rd. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, American International Group currently has an average rating of “Hold” and an average price target of $68.00.

View Our Latest Stock Analysis on AIG

About American International Group

(Free Report)

American International Group, Inc offers insurance products for commercial, institutional, and individual customers in North America and internationally. It operates through General Insurance, and Life and Retirement segments. The General Insurance segment provides commercial and industrial property insurance, including business interruption and package insurance that cover exposure to made and natural disasters; general liability, environmental, commercial automobile liability, workers' compensation, excess casualty, and crisis management insurance products; and professional liability insurance.