Summit Global Investments Reduces Holdings in American Financial Group, Inc. (NYSE:AFG)

Summit Global Investments reduced its position in shares of American Financial Group, Inc. (NYSE:AFG) by 7.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,435 shares of the insurance provider’s stock after selling 2,454 shares during the period. Summit Global Investments’ holdings in American Financial Group were worth $4,366,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in American Financial Group by 13.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 37,701 shares of the insurance provider’s stock worth $5,145,000 after acquiring an additional 4,420 shares in the last quarter. Vident Advisory LLC raised its position in shares of American Financial Group by 360.7% during the 1st quarter. Vident Advisory LLC now owns 27,155 shares of the insurance provider’s stock valued at $3,706,000 after acquiring an additional 21,261 shares in the last quarter. Edgestream Partners L.P. lifted its stake in American Financial Group by 308.5% during the first quarter. Edgestream Partners L.P. now owns 24,080 shares of the insurance provider’s stock worth $3,286,000 after purchasing an additional 18,185 shares during the last quarter. Duality Advisers LP bought a new stake in American Financial Group during the first quarter valued at $912,000. Finally, Oak Thistle LLC acquired a new stake in shares of American Financial Group during the second quarter worth $987,000. 64.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, BMO Capital Markets lifted their target price on American Financial Group from $132.00 to $135.00 and gave the company a “market perform” rating in a research note on Tuesday, October 8th.

American Financial Group Stock Performance

Shares of AFG stock opened at $134.24 on Friday. The business has a 50 day simple moving average of $133.99 and a 200 day simple moving average of $129.81. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.46 and a quick ratio of 0.46. The firm has a market capitalization of $11.26 billion, a price-to-earnings ratio of 12.58 and a beta of 0.79. American Financial Group, Inc. has a 12-month low of $107.11 and a 12-month high of $138.81.

American Financial Group (NYSE:AFG) last released its quarterly earnings results on Tuesday, November 5th. The insurance provider reported $2.31 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.20). American Financial Group had a return on equity of 21.16% and a net margin of 11.06%. The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter last year, the firm posted $2.45 earnings per share. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, equities research analysts anticipate that American Financial Group, Inc. will post 10.98 EPS for the current year.

American Financial Group Increases Dividend

The firm also recently announced a None dividend, which will be paid on Tuesday, November 26th. Investors of record on Friday, November 15th will be issued a $4.00 dividend. This is an increase from American Financial Group’s previous None dividend of $1.00. The ex-dividend date of this dividend is Friday, November 15th. American Financial Group’s payout ratio is presently 29.99%.

About American Financial Group

American Financial Group, Inc, an insurance holding company, provides specialty property and casualty insurance products in the United States. The company offers property and transportation insurance products, such as physical damage and liability coverage for buses and trucks, inland and ocean marine, agricultural-related products, and other commercial property and specialty transportation coverages; specialty casualty insurance, including primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, and specialty coverage in targeted markets, as well as customized programs for small to mid-sized businesses and workers’ compensation insurance; and specialty financial insurance products comprising risk management insurance programs for lending and leasing institutions, fidelity and surety products, and trade credit insurance.