Bank of Nova Scotia Increases Position in American International Group, Inc. $AIG

Bank of Nova Scotia grew its holdings in shares of American International Group, Inc. (NYSE:AIG) by 494.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 507,662 shares of the insurance provider’s stock after buying an additional 422,214 shares during the quarter. Bank of Nova Scotia’s holdings in American International Group were worth $38,202,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geneos Wealth Management Inc. grew its holdings in shares of American International Group by 2.6% in the second quarter. Geneos Wealth Management Inc. now owns 5,072 shares of the insurance provider’s stock worth $434,000 after purchasing an additional 129 shares during the last quarter. Westwood Holdings Group Inc. boosted its position in American International Group by 2.9% in the 2nd quarter. Westwood Holdings Group Inc. now owns 4,627 shares of the insurance provider’s stock valued at $396,000 after buying an additional 130 shares during the period. Larson Financial Group LLC boosted its position in American International Group by 12.6% in the 4th quarter. Larson Financial Group LLC now owns 1,250 shares of the insurance provider’s stock valued at $107,000 after buying an additional 140 shares during the period. GW&K Investment Management LLC grew its stake in American International Group by 8.1% in the 4th quarter. GW&K Investment Management LLC now owns 1,917 shares of the insurance provider’s stock worth $164,000 after acquiring an additional 144 shares in the last quarter. Finally, Kestra Private Wealth Services LLC increased its position in shares of American International Group by 1.3% during the first quarter. Kestra Private Wealth Services LLC now owns 11,048 shares of the insurance provider’s stock worth $831,000 after acquiring an additional 146 shares during the period. 90.60% of the stock is currently owned by hedge funds and other institutional investors.

American International Group Price Performance

NYSE AIG opened at $79.09 on Friday. The firm’s fifty day simple moving average is $76.74 and its two-hundred day simple moving average is $76.49. The firm has a market capitalization of $41.93 billion, a P/E ratio of 13.95, a P/E/G ratio of 0.72 and a beta of 0.53. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.23. American International Group, Inc. has a 12-month low of $71.25 and a 12-month high of $87.29.

American International Group (NYSE:AIG) last issued its quarterly earnings data on Friday, May 1st. The insurance provider reported $2.11 EPS for the quarter, beating 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 firm had revenue of $6.65 billion during the quarter, compared to analyst estimates of $7.03 billion. During the same quarter in the prior year, the business posted $1.17 EPS. Analysts forecast that American International Group, Inc. will post 7.97 EPS for the current fiscal year.

American International Group Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AIG. Piper Sandler reaffirmed a “neutral” rating and set a $80.00 price target (down from $88.00) on shares of American International Group in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods reduced their price objective on American International Group from $98.00 to $95.00 and set an “outperform” rating on the stock in a report on Wednesday, July 8th. HSBC lowered their target price on American International Group from $94.00 to $88.00 and set a “buy” rating for the company in a report on Monday, July 6th. Weiss Ratings upgraded American International Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 2nd. Finally, Wells Fargo & Company lifted their price objective on American International Group from $85.00 to $89.00 and gave the company an “equal weight” rating in a report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $88.22.

About American International Group

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.