Bank of America Cuts American International Group (NYSE:AIG) Price Target to $80.00

American International Group (NYSE:AIG) had its price objective decreased by Bank of America from $89.00 to $80.00 in a research report sent to investors on Friday morning,MarketScreener reports. Bank of America currently has a neutral rating on the insurance provider’s stock.

Other research analysts have also recently issued reports about the company. Wells Fargo & Company upped their price objective on American International Group from $83.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, January 13th. JPMorgan Chase & Co. upped their price target on American International Group from $95.00 to $97.00 and gave the company a “neutral” rating in a research note on Thursday, October 9th. Weiss Ratings reissued a “buy (b-)” rating on shares of American International Group in a research report on Monday, December 29th. Keefe, Bruyette & Woods boosted their price objective on shares of American International Group from $91.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday, January 6th. Finally, HSBC lowered their target price on shares of American International Group from $93.00 to $91.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and fourteen have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $87.68.

American International Group Trading Down 1.6%

Shares of AIG stock opened at $72.85 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.22. American International Group has a twelve month low of $71.74 and a twelve month high of $88.07. The company’s 50-day moving average price is $79.63 and its 200-day moving average price is $79.74. The stock has a market cap of $39.31 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 0.70 and a beta of 0.62.

American International Group (NYSE:AIG) last posted its earnings results on Wednesday, November 5th. The insurance provider reported $2.20 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.63. American International Group had a net margin of 11.89% and a return on equity of 9.09%. The company had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.82 billion. During the same period in the previous year, the business posted $1.23 EPS. As a group, equities analysts predict that American International Group will post 6.24 earnings per share for the current year.

American International Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 30th. Stockholders of record on Tuesday, December 16th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Tuesday, December 16th. American International Group’s dividend payout ratio is currently 32.73%.

Institutional Investors Weigh In On American International Group

Several large investors have recently added to or reduced their stakes in the business. Westfuller Advisors LLC purchased a new position in American International Group in the 3rd quarter valued at approximately $26,000. Atlantic Union Bankshares Corp increased its position in shares of American International Group by 7,100.0% during the third quarter. Atlantic Union Bankshares Corp now owns 360 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 355 shares during the period. Eastern Bank raised its stake in shares of American International Group by 2,473.3% in the third quarter. Eastern Bank now owns 386 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 371 shares in the last quarter. Twin Peaks Wealth Advisors LLC purchased a new position in American International Group in the second quarter valued at $32,000. Finally, GFG Capital LLC acquired a new position in American International Group during the 2nd quarter worth $33,000. 90.60% of the stock is owned by hedge funds and other institutional investors.

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.