Bank of Nova Scotia Boosts Stake in American International Group, Inc. $AIG

Bank of Nova Scotia boosted its position in American International Group, Inc. (NYSE:AIG) by 494.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 507,662 shares of the insurance provider’s stock after purchasing an additional 422,214 shares during the quarter. Bank of Nova Scotia owned approximately 0.10% of American International Group worth $38,202,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in AIG. Norges Bank bought a new position in shares of American International Group in the fourth quarter worth approximately $636,782,000. Price T Rowe Associates Inc. MD increased its position in shares of American International Group by 39.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,371,853 shares of the insurance provider’s stock valued at $1,400,613,000 after purchasing an additional 4,661,246 shares during the last quarter. Franklin Resources Inc. raised its position in American International Group by 36.9% in the fourth quarter. Franklin Resources Inc. now owns 15,618,321 shares of the insurance provider’s stock worth $1,336,147,000 after acquiring an additional 4,210,363 shares during the period. Hotchkis & Wiley Capital Management LLC raised its holdings in American International Group by 22.0% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 10,256,290 shares of the insurance provider’s stock worth $805,529,000 after purchasing an additional 1,846,979 shares during the period. Finally, Viking Global Investors LP purchased a new position in shares of American International Group during the 2nd quarter valued at about $155,413,000. 90.60% of the stock is currently owned by hedge funds and other institutional investors.

American International Group Stock Up 1.2%

Shares of NYSE:AIG opened at $79.09 on Friday. The company has a market cap of $41.93 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 0.72 and a beta of 0.53. American International Group, Inc. has a 12 month low of $71.25 and a 12 month high of $87.29. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average price of $76.74 and a 200 day moving average price of $76.49.

American International Group (NYSE:AIG) last issued its quarterly earnings data on Friday, May 1st. The insurance provider reported $2.11 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.22. American International Group had a return on equity of 10.93% and a net margin of 11.86%.The company had revenue of $6.65 billion for the quarter, compared to analysts’ expectations of $7.03 billion. During the same period in the previous year, the firm posted $1.17 earnings per share. As a group, equities research analysts predict that American International Group, Inc. will post 7.97 earnings per share for the current year.

American International Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $2.00 annualized dividend and a dividend yield of 2.5%. This is an increase from American International Group’s previous quarterly dividend of $0.45. American International Group’s dividend payout ratio is presently 35.27%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on AIG shares. Piper Sandler reissued a “neutral” rating and issued a $80.00 price objective (down from $88.00) on shares of American International Group in a research note on Wednesday, July 15th. Weiss Ratings upgraded American International Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, July 2nd. Wells Fargo & Company lifted their target price on American International Group from $85.00 to $89.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. Mizuho upped their price target on American International Group from $86.00 to $89.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Finally, Citigroup increased their price objective on shares of American International Group from $85.00 to $88.00 and gave the company a “neutral” rating in a report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $88.22.

American International Group Company Profile

American International Group, Inc (AIG) is a global insurance holding company that provides a broad range of property-casualty insurance, specialty insurance, and risk management solutions to institutional, commercial and individual customers. Through its operating subsidiaries, AIG underwrites commercial and personal lines products—ranging from general liability, property, and casualty coverages to specialty lines such as professional liability, surety, cyber and marine—along with related services designed to help clients manage and transfer risk.

The company also has a long history in life insurance, retirement solutions and asset management through businesses that have been restructured or separated over time.