American International Group (NYSE:AIG) Price Target Raised to $81.00 at Evercore ISI

American International Group (NYSE:AIG) had its price objective upped by research analysts at Evercore ISI from $80.00 to $81.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “in-line” rating on the insurance provider’s stock. Evercore ISI’s target price suggests a potential upside of 3.21% from the company’s previous close.

Other analysts have also recently issued reports about the company. Royal Bank of Canada boosted their price target on American International Group from $76.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, February 15th. Piper Sandler upped their price target on shares of American International Group from $87.00 to $89.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Bank of America lowered shares of American International Group from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $75.00 to $77.00 in a report on Tuesday, February 20th. Morgan Stanley increased their price objective on American International Group from $72.00 to $79.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Finally, UBS Group upped their price target on shares of American International Group from $83.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, February 22nd. Eight investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $80.44.

American International Group Trading Up 0.5 %

Shares of American International Group stock opened at $78.48 on Friday. The firm has a market capitalization of $53.44 billion, a PE ratio of 11.71, a price-to-earnings-growth ratio of 1.12 and a beta of 1.02. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.44. The firm’s 50 day moving average is $75.39 and its 200 day moving average is $69.47. American International Group has a 1 year low of $48.95 and a 1 year high of $79.70.

American International Group (NYSE:AIG) last announced its quarterly earnings results on Thursday, May 2nd. The insurance provider reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.11. American International Group had a net margin of 9.98% and a return on equity of 10.68%. The company had revenue of $12.58 billion during the quarter, compared to the consensus estimate of $12.04 billion. During the same period in the prior year, the business earned $1.63 earnings per share. Equities research analysts forecast that American International Group will post 6.95 earnings per share for the current fiscal year.

American International Group announced that its Board of Directors has initiated a share repurchase program on Wednesday, May 1st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to buy up to 19.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director John C. Inglis purchased 659 shares of the stock in a transaction dated Thursday, March 14th. The shares were purchased at an average cost of $75.39 per share, with a total value of $49,682.01. Following the completion of the acquisition, the director now owns 659 shares in the company, valued at approximately $49,682.01. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director John C. Inglis purchased 659 shares of American International Group stock in a transaction dated Thursday, March 14th. The stock was purchased at an average cost of $75.39 per share, for a total transaction of $49,682.01. Following the transaction, the director now directly owns 659 shares of the company’s stock, valued at $49,682.01. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Peter Zaffino sold 333,000 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $75.87, for a total transaction of $25,264,710.00. Following the completion of the transaction, the chief executive officer now directly owns 505,420 shares in the company, valued at approximately $38,346,215.40. The disclosure for this sale can be found here. 0.61% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Nordea Investment Management AB lifted its position in American International Group by 18.7% during the fourth quarter. Nordea Investment Management AB now owns 2,032,907 shares of the insurance provider’s stock valued at $138,014,000 after purchasing an additional 319,948 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of American International Group by 22.6% in the third quarter. American Century Companies Inc. now owns 422,852 shares of the insurance provider’s stock worth $25,625,000 after purchasing an additional 77,874 shares during the last quarter. Essex Financial Services Inc. purchased a new position in shares of American International Group in the fourth quarter worth $260,000. Sequoia Financial Advisors LLC raised its holdings in American International Group by 121.4% during the 4th quarter. Sequoia Financial Advisors LLC now owns 38,809 shares of the insurance provider’s stock valued at $2,629,000 after buying an additional 21,279 shares during the last quarter. Finally, abrdn plc increased its position in shares of American International Group by 19.6% in the fourth quarter. abrdn plc now owns 598,143 shares of the insurance provider’s stock valued at $40,524,000 after acquiring an additional 98,143 shares during the period. Hedge funds and other institutional investors own 90.60% of the company’s stock.

About American International Group

American International Group, Inc offers insurance products for commercial, institutional, and individual customers in North America and internationally. It operates through three segments: General Insurance, Life and Retirement, and Other Operations. 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.