Centric Wealth Management Purchases 1,990 Shares of American International Group, Inc. (NYSE:AIG)

Centric Wealth Management increased its position in American International Group, Inc. (NYSE:AIG) by 7.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,620 shares of the insurance provider’s stock after buying an additional 1,990 shares during the quarter. Centric Wealth Management’s holdings in American International Group were worth $2,042,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of AIG. OFI Invest Asset Management bought a new stake in American International Group in the 3rd quarter worth approximately $26,000. Headlands Technologies LLC bought a new stake in American International Group in the third quarter valued at approximately $32,000. CNB Bank bought a new stake in American International Group in the third quarter valued at approximately $42,000. SouthState Corp lifted its position in American International Group by 41.7% in the third quarter. SouthState Corp now owns 737 shares of the insurance provider’s stock valued at $45,000 after purchasing an additional 217 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in American International Group by 41.7% in the fourth quarter. Blue Trust Inc. now owns 788 shares of the insurance provider’s stock valued at $53,000 after purchasing an additional 232 shares during the last quarter. Institutional investors own 90.60% of the company’s stock.

Insider Activity

In other American International Group news, Director John C. Inglis purchased 659 shares of the stock in a transaction dated Thursday, March 14th. The shares were purchased at an average cost of $75.39 per share, with a total value of $49,682.01. Following the completion of the acquisition, the director now directly owns 659 shares in the company, valued at approximately $49,682.01. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other American International Group news, Director John C. Inglis purchased 659 shares of the stock in a transaction dated Thursday, March 14th. The shares were purchased at an average cost of $75.39 per share, with a total value of $49,682.01. Following the completion of the acquisition, the director now directly owns 659 shares in the company, valued at approximately $49,682.01. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Peter Zaffino sold 333,000 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $75.87, for a total value of $25,264,710.00. Following the transaction, the chief executive officer now directly owns 505,420 shares in the company, valued at $38,346,215.40. The disclosure for this sale can be found here. Corporate insiders own 0.61% of the company’s stock.

American International Group Stock Down 0.2 %

Shares of NYSE AIG traded down $0.15 during trading on Wednesday, reaching $80.13. The company had a trading volume of 1,576,587 shares, compared to its average volume of 3,975,277. American International Group, Inc. has a 12-month low of $51.86 and a 12-month high of $80.76. The stock has a market cap of $53.18 billion, a PE ratio of 11.98, a P/E/G ratio of 1.11 and a beta of 1.02. The business’s 50-day moving average is $75.73 and its 200 day moving average is $69.84. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.05.

American International Group (NYSE:AIG) last released its earnings results on Thursday, May 2nd. The insurance provider reported $1.77 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.11. American International Group had a return on equity of 10.54% and a net margin of 9.98%. The firm had revenue of $12.58 billion for the quarter, compared to analysts’ expectations of $12.04 billion. During the same period in the prior year, the firm posted $1.63 earnings per share. As a group, equities analysts forecast that American International Group, Inc. will post 7.05 earnings per share for the current fiscal year.

American International Group declared that its board has authorized a share repurchase plan on Wednesday, May 1st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the insurance provider to reacquire up to 19.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

American International Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a $0.40 dividend. This is a boost from American International Group’s previous quarterly dividend of $0.36. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date is Friday, June 14th. American International Group’s dividend payout ratio is currently 21.49%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Piper Sandler boosted their price objective on American International Group from $87.00 to $89.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. TD Cowen started coverage on American International Group in a research note on Wednesday, January 10th. They set a “market perform” rating and a $78.00 target price on the stock. Wells Fargo & Company boosted their target price on American International Group from $74.00 to $80.00 and gave the company an “equal weight” rating in a research note on Thursday, April 11th. BMO Capital Markets reduced their target price on American International Group from $83.00 to $81.00 and set an “outperform” rating on the stock in a research note on Thursday, February 15th. Finally, Royal Bank of Canada boosted their target price on American International Group from $76.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, February 15th. Eight investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, American International Group presently has a consensus rating of “Moderate Buy” and an average price target of $80.44.

American International Group Profile

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.