Bank of New York Mellon Corp Cuts Stock Holdings in American Financial Group, Inc. $AFG

Bank of New York Mellon Corp cut its stake in American Financial Group, Inc. (NYSE:AFG) by 5.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 778,073 shares of the insurance provider’s stock after selling 40,961 shares during the period. Bank of New York Mellon Corp’s holdings in American Financial Group were worth $99,368,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Global Retirement Partners LLC increased its holdings in American Financial Group by 904.8% during the 4th quarter. Global Retirement Partners LLC now owns 211 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 190 shares during the period. Clearstead Advisors LLC boosted its stake in shares of American Financial Group by 87.7% in the 4th quarter. Clearstead Advisors LLC now owns 259 shares of the insurance provider’s stock valued at $35,000 after buying an additional 121 shares during the period. Los Angeles Capital Management LLC acquired a new position in shares of American Financial Group during the fourth quarter worth about $45,000. CIBC Private Wealth Group LLC grew its position in shares of American Financial Group by 86.1% during the fourth quarter. CIBC Private Wealth Group LLC now owns 376 shares of the insurance provider’s stock worth $51,000 after buying an additional 174 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of American Financial Group during the fourth quarter worth about $52,000. 64.37% of the stock is owned by institutional investors and hedge funds.

American Financial Group Price Performance

Shares of NYSE AFG opened at $142.25 on Tuesday. The stock’s 50-day simple moving average is $136.15 and its 200-day simple moving average is $132.36. The firm has a market capitalization of $11.82 billion, a PE ratio of 13.52 and a beta of 0.62. American Financial Group, Inc. has a fifty-two week low of $122.11 and a fifty-two week high of $150.02. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.48 and a current ratio of 0.48.

American Financial Group (NYSE:AFG) last announced its quarterly earnings results on Thursday, April 30th. The insurance provider reported $2.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.54 by ($0.07). The business had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.70 billion. American Financial Group had a net margin of 10.76% and a return on equity of 19.50%. The business’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period last year, the company earned $1.81 earnings per share. As a group, equities research analysts forecast that American Financial Group, Inc. will post 11.37 EPS for the current fiscal year.

American Financial Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Wednesday, July 15th will be issued a $0.88 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $3.52 annualized dividend and a dividend yield of 2.5%. American Financial Group’s dividend payout ratio is presently 33.46%.

Insider Buying and Selling at American Financial Group

In related news, insider David Lawrence Thompson, Jr. sold 11,370 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $135.05, for a total value of $1,535,518.50. Following the transaction, the insider directly owned 584,098 shares of the company’s stock, valued at $78,882,434.90. This trade represents a 1.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Michelle A. Gillis sold 2,247 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $139.00, for a total transaction of $312,333.00. Following the completion of the transaction, the senior vice president directly owned 13,135 shares in the company, valued at $1,825,765. This trade represents a 14.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 16.90% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Piper Sandler raised their target price on shares of American Financial Group from $135.00 to $140.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th. Weiss Ratings reiterated a “buy (b-)” rating on shares of American Financial Group in a report on Thursday, June 11th. Keefe, Bruyette & Woods increased their price objective on shares of American Financial Group from $140.00 to $148.00 and gave the company a “market perform” rating in a research report on Wednesday, July 8th. Finally, Wells Fargo & Company raised their price objective on shares of American Financial Group from $158.00 to $173.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $150.75.

American Financial Group Profile

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.