Essex Financial Services Inc. Boosts Stake in American International Group, Inc. (NYSE:AIG)

Essex Financial Services Inc. grew its stake in American International Group, Inc. (NYSE:AIG) by 13.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,656 shares of the insurance provider’s stock after acquiring an additional 566 shares during the quarter. Essex Financial Services Inc.’s holdings in American International Group were worth $346,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in AIG. Norges Bank purchased a new position in American International Group in the fourth quarter valued at about $746,005,000. Swedbank AB acquired a new position in American International Group during the 1st quarter valued at about $99,951,000. Canada Pension Plan Investment Board raised its stake in American International Group by 98.9% in the first quarter. Canada Pension Plan Investment Board now owns 1,893,990 shares of the insurance provider’s stock valued at $148,053,000 after buying an additional 941,607 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in American International Group by 95.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,221,724 shares of the insurance provider’s stock worth $82,772,000 after acquiring an additional 597,661 shares in the last quarter. Finally, Third Point LLC grew its position in American International Group by 16.9% during the 4th quarter. Third Point LLC now owns 3,450,000 shares of the insurance provider’s stock worth $233,738,000 after purchasing an additional 500,000 shares during the last quarter. 90.60% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Piper Sandler reduced their target price on American International Group from $89.00 to $86.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Bank of America boosted their target price on shares of American International Group from $81.00 to $82.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Evercore ISI cut their price target on American International Group from $81.00 to $78.00 and set an “in-line” rating on the stock in a research report on Thursday, June 27th. Wells Fargo & Company lowered their price objective on American International Group from $79.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Finally, Citigroup lowered their price target on shares of American International Group from $89.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $83.47.

Insider Buying and Selling

In other news, major shareholder International Group American sold 8,032,129 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $24.90, for a total value of $200,000,012.10. Following the sale, the insider now directly owns 284,238,898 shares in the company, valued at approximately $7,077,548,560.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.61% of the company’s stock.

American International Group Stock Performance

Shares of American International Group stock opened at $77.05 on Tuesday. The business’s fifty day simple moving average is $75.01 and its 200-day simple moving average is $75.50. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.22. The firm has a market cap of $49.62 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 3.84 and a beta of 1.07. American International Group, Inc. has a 52 week low of $57.72 and a 52 week high of $80.83.

American International Group (NYSE:AIG) last released its quarterly earnings results on Wednesday, July 31st. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.14). The company had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $11.64 billion. American International Group had a negative net margin of 1.54% and a positive return on equity of 9.52%. American International Group’s revenue was up .0% on a year-over-year basis. During the same period last year, the firm posted $1.75 earnings per share. Equities analysts forecast that American International Group, Inc. will post 5.24 earnings per share for the current year.

American International Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Monday, September 16th. American International Group’s dividend payout ratio is currently 23.88%.

American International Group Profile

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.