Nordea Investment Management AB Cuts Holdings in American Financial Group, Inc. $AFG

Nordea Investment Management AB decreased its holdings in American Financial Group, Inc. (NYSE:AFG) by 89.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,193 shares of the insurance provider’s stock after selling 51,701 shares during the period. Nordea Investment Management AB’s holdings in American Financial Group were worth $905,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Caxton Associates LLP bought a new position in American Financial Group during the 2nd quarter valued at about $1,790,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of American Financial Group by 16.7% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 64,591 shares of the insurance provider’s stock worth $8,152,000 after acquiring an additional 9,263 shares during the period. Allianz Asset Management GmbH raised its holdings in shares of American Financial Group by 10.3% during the second quarter. Allianz Asset Management GmbH now owns 306,080 shares of the insurance provider’s stock valued at $38,630,000 after purchasing an additional 28,626 shares during the last quarter. Brandywine Global Investment Management LLC lifted its position in American Financial Group by 33.6% during the second quarter. Brandywine Global Investment Management LLC now owns 94,788 shares of the insurance provider’s stock valued at $11,963,000 after purchasing an additional 23,838 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in American Financial Group by 11.7% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 65,693 shares of the insurance provider’s stock valued at $8,291,000 after purchasing an additional 6,872 shares during the period. Hedge funds and other institutional investors own 64.37% of the company’s stock.

American Financial Group Trading Down 0.7%

Shares of AFG stock opened at $130.93 on Tuesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.55 and a quick ratio of 0.55. The company has a market cap of $10.92 billion, a price-to-earnings ratio of 13.75 and a beta of 0.70. American Financial Group, Inc. has a 1 year low of $114.73 and a 1 year high of $150.02. The firm has a fifty day moving average price of $135.97 and a 200-day moving average price of $134.89.

American Financial Group (NYSE:AFG) last released its earnings results on Wednesday, November 5th. The insurance provider reported $2.69 earnings per share for the quarter, beating the consensus estimate of $2.35 by $0.34. American Financial Group had a return on equity of 18.05% and a net margin of 9.66%.The company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same period in the previous year, the business earned $2.31 earnings per share. American Financial Group’s quarterly revenue was up 13.4% compared to the same quarter last year. As a group, equities analysts predict that American Financial Group, Inc. will post 10.5 earnings per share for the current year.

American Financial Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 27th. Stockholders of record on Thursday, January 15th will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Thursday, January 15th. American Financial Group’s payout ratio is presently 36.97%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AFG. Wells Fargo & Company initiated coverage on shares of American Financial Group in a research report on Thursday. They issued an “overweight” rating and a $165.00 target price for the company. Piper Sandler lifted their price objective on American Financial Group from $130.00 to $139.00 and gave the stock a “neutral” rating in a report on Thursday, November 6th. Weiss Ratings cut American Financial Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, January 12th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $142.00 target price on shares of American Financial Group in a report on Tuesday, November 11th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $142.50.

Insider Transactions at American Financial Group

In related news, CFO Brian S. Hertzman sold 1,777 shares of the stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $142.51, for a total value of $253,240.27. Following the completion of the sale, the chief financial officer directly owned 11,300 shares of the company’s stock, valued at approximately $1,610,363. This represents a 13.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 17.40% of the company’s stock.

About American Financial Group

American Financial Group, Inc (NYSE: AFG) is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.

The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.