American International Group (AIG) Upgraded at Zacks Investment Research
American International Group (NYSE:AIG) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “American International Group’s shares have underperformed the industry year to date. The company has been suffering from tough market conditions and its massive size with numerous uncorrelated businesses creating little or no synergy. A number of asset sale and business divestitures made over the past many years have however, streamlined the company to some extent. Recently the insurance giant appointed Brian Duperreault as its new CEO with expectations of improving operations by completing restructuring initiatives already underway and making further changes. Nevertheless, its underperforming commercial lines business and an exposure to catastrophes continue to bother.”
Other research analysts also recently issued research reports about the stock. Royal Bank of Canada reissued a “buy” rating and issued a $73.00 price objective on shares of American International Group in a research report on Wednesday, September 6th. Wells Fargo & Company reaffirmed a “buy” rating and set a $75.00 target price on shares of American International Group in a report on Sunday, October 1st. Morgan Stanley reaffirmed a “buy” rating on shares of American International Group in a report on Tuesday, October 10th. Bank of America reduced their target price on shares of American International Group from $71.00 to $69.00 and set a “buy” rating for the company in a report on Tuesday, October 10th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $75.00 target price on shares of American International Group in a report on Friday, October 6th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $67.70.
American International Group (NYSE:AIG) last announced its quarterly earnings data on Thursday, November 2nd. The insurance provider reported ($1.22) EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($2.45). American International Group had a negative net margin of 5.07% and a positive return on equity of 3.43%. The firm had revenue of $12.67 billion during the quarter, compared to the consensus estimate of $12.05 billion. During the same period last year, the business earned $1.23 EPS. analysts expect that American International Group will post 2.76 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of AIG. Beach Investment Management LLC. bought a new stake in American International Group in the 2nd quarter valued at about $2,770,000. Global X Management Co. LLC boosted its holdings in American International Group by 12.2% in the 2nd quarter. Global X Management Co. LLC now owns 9,469 shares of the insurance provider’s stock valued at $592,000 after purchasing an additional 1,026 shares during the period. Alpine Woods Capital Investors LLC bought a new stake in American International Group in the 2nd quarter valued at about $221,000. Dowling & Yahnke LLC boosted its holdings in American International Group by 1.6% in the 2nd quarter. Dowling & Yahnke LLC now owns 38,182 shares of the insurance provider’s stock valued at $2,387,000 after purchasing an additional 609 shares during the period. Finally, State of Wisconsin Investment Board boosted its holdings in American International Group by 15.4% in the 2nd quarter. State of Wisconsin Investment Board now owns 1,534,425 shares of the insurance provider’s stock valued at $95,932,000 after purchasing an additional 205,240 shares during the period. 86.10% of the stock is owned by hedge funds and other institutional investors.
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About American International Group
American International Group, Inc is a global insurance company. The Company provides a range of property casualty insurance, life insurance, retirement products and other financial services to commercial and individual customers. Its segments include Commercial Insurance, Consumer Insurance, Other Operations and Legacy Portfolio.
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