Cornercap Investment Counsel Inc. Invests $927,000 in American International Group, Inc. (NYSE:AIG)

Cornercap Investment Counsel Inc. purchased a new stake in American International Group, Inc. (NYSE:AIG) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 12,481 shares of the insurance provider’s stock, valued at approximately $927,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Fortitude Family Office LLC raised its position in shares of American International Group by 199.2% in the 2nd quarter. Fortitude Family Office LLC now owns 359 shares of the insurance provider’s stock valued at $27,000 after buying an additional 239 shares in the last quarter. Y.D. More Investments Ltd bought a new position in American International Group in the second quarter valued at approximately $27,000. Rise Advisors LLC acquired a new position in American International Group during the first quarter valued at approximately $29,000. Valued Wealth Advisors LLC lifted its stake in American International Group by 303.3% during the first quarter. Valued Wealth Advisors LLC now owns 367 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 276 shares during the last quarter. Finally, Versant Capital Management Inc boosted its holdings in shares of American International Group by 326.0% in the 2nd quarter. Versant Capital Management Inc now owns 443 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 339 shares in the last quarter. Institutional investors own 90.60% of the company’s stock.

American International Group Price Performance

AIG stock opened at $73.11 on Friday. The company has a market capitalization of $48.52 billion, a P/E ratio of 10.91, a price-to-earnings-growth ratio of 3.60 and a beta of 1.06. American International Group, Inc. has a 52-week low of $57.72 and a 52-week high of $80.83. The business has a 50-day simple moving average of $74.81 and a two-hundred day simple moving average of $75.64. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.67 and a current ratio of 0.67.

American International Group (NYSE:AIG) last announced its earnings results on Wednesday, July 31st. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.14). The company had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $11.64 billion. American International Group had a negative net margin of 1.54% and a positive return on equity of 9.52%. The firm’s quarterly revenue was up .0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.75 EPS. Research analysts expect that American International Group, Inc. will post 5.24 EPS for the current fiscal year.

American International Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a $0.40 dividend. The ex-dividend date is Monday, September 16th. This represents a $1.60 annualized dividend and a dividend yield of 2.19%. American International Group’s dividend payout ratio is currently 23.88%.

Insider Activity

In related news, major shareholder International Group American sold 1,932,609 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total transaction of $56,432,182.80. Following the transaction, the insider now directly owns 292,271,027 shares in the company, valued at $8,534,313,988.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.61% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on AIG. Morgan Stanley lowered their target price on American International Group from $82.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. Evercore ISI lowered their price objective on shares of American International Group from $81.00 to $78.00 and set an “in-line” rating for the company in a research report on Thursday, June 27th. StockNews.com lowered shares of American International Group from a “hold” rating to a “sell” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. upped their price target on shares of American International Group from $80.00 to $93.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. Finally, Barclays started coverage on American International Group in a report on Wednesday, September 4th. They set an “overweight” rating and a $90.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $83.88.

About American International Group

American International Group, Inc offers insurance products for commercial, institutional, and individual customers in North America and internationally. It operates through three segments: General Insurance, Life and Retirement, and Other Operations. The General Insurance segment provides commercial and industrial property insurance, including business interruption and package insurance that cover exposure to made and natural disasters; general liability, environmental, commercial automobile liability, workers’ compensation, excess casualty, and crisis management insurance products; and professional liability insurance.