Cornercap Investment Counsel Inc. Lowers Stock Position in American International Group, Inc. (NYSE:AIG)

Cornercap Investment Counsel Inc. trimmed its position in American International Group, Inc. (NYSE:AIG) by 27.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,069 shares of the insurance provider’s stock after selling 3,412 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in American International Group were worth $664,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AIG. Swedbank AB purchased a new stake in shares of American International Group in the first quarter worth $99,951,000. Canada Pension Plan Investment Board raised its holdings in American International Group by 98.9% during the first quarter. Canada Pension Plan Investment Board now owns 1,893,990 shares of the insurance provider’s stock valued at $148,053,000 after acquiring an additional 941,607 shares during the period. Diamond Hill Capital Management Inc. lifted its position in shares of American International Group by 5.6% in the third quarter. Diamond Hill Capital Management Inc. now owns 13,685,138 shares of the insurance provider’s stock valued at $1,002,163,000 after acquiring an additional 722,237 shares in the last quarter. Bank of Montreal Can grew its position in shares of American International Group by 83.6% during the second quarter. Bank of Montreal Can now owns 1,312,741 shares of the insurance provider’s stock worth $97,825,000 after purchasing an additional 597,765 shares in the last quarter. Finally, Senator Investment Group LP raised its stake in American International Group by 41.0% during the 1st quarter. Senator Investment Group LP now owns 1,517,466 shares of the insurance provider’s stock valued at $118,620,000 after purchasing an additional 441,048 shares during the period. Institutional investors own 90.60% of the company’s stock.

American International Group Stock Up 0.0 %

NYSE AIG opened at $75.77 on Friday. American International Group, Inc. has a 52 week low of $63.57 and a 52 week high of $80.83. The firm has a market capitalization of $47.26 billion, a price-to-earnings ratio of -22.35, a PEG ratio of 7.53 and a beta of 1.05. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.22. The company has a fifty day moving average of $75.12 and a two-hundred day moving average of $75.68.

American International Group (NYSE:AIG) last issued its quarterly earnings results on Monday, November 4th. The insurance provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.10 by $0.13. The company had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.62 billion. American International Group had a negative net margin of 6.19% and a positive return on equity of 8.63%. During the same period in the prior year, the firm posted $1.61 EPS. On average, analysts predict that American International Group, Inc. will post 5.13 earnings per share for the current year.

American International Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 16th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $1.60 annualized dividend and a dividend yield of 2.11%. American International Group’s payout ratio is -47.20%.

Insider Buying and Selling

In related news, major shareholder International Group American sold 5,000,000 shares of American International Group stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total transaction of $144,300,000.00. Following the completion of the sale, the insider now owns 279,238,898 shares in the company, valued at $8,058,834,596.28. This trade represents a 1.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.61% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on AIG shares. BMO Capital Markets lowered shares of American International Group from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $90.00 to $84.00 in a report on Tuesday, October 15th. Jefferies Financial Group lifted their price target on shares of American International Group from $82.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Royal Bank of Canada reissued an “outperform” rating and set a $87.00 price objective on shares of American International Group in a report on Wednesday, November 6th. Barclays assumed coverage on American International Group in a research report on Wednesday, September 4th. They issued an “overweight” rating and a $90.00 target price on the stock. Finally, Piper Sandler cut their price target on American International Group from $89.00 to $86.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $84.13.

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.