Kentucky Retirement Systems Insurance Trust Fund Sells 1,843 Shares of American International Group, Inc. (NYSE:AIG)

Kentucky Retirement Systems Insurance Trust Fund cut its position in American International Group, Inc. (NYSE:AIG) by 7.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,168 shares of the insurance provider’s stock after selling 1,843 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in American International Group were worth $1,811,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Essex Financial Services Inc. purchased a new stake in American International Group in the fourth quarter valued at approximately $260,000. TCW Group Inc. acquired a new stake in shares of American International Group in the 4th quarter worth $724,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of American International Group in the 4th quarter worth $948,000. Sequoia Financial Advisors LLC increased its stake in shares of American International Group by 121.4% in the 4th quarter. Sequoia Financial Advisors LLC now owns 38,809 shares of the insurance provider’s stock worth $2,629,000 after acquiring an additional 21,279 shares during the last quarter. Finally, Eudaimonia Partners LLC acquired a new stake in shares of American International Group in the 4th quarter worth $635,000. 90.60% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on AIG. Evercore ISI lowered their price target on American International Group from $81.00 to $78.00 and set an “in-line” rating for the company in a report on Thursday, June 27th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $87.00 target price on shares of American International Group in a report on Thursday, June 27th. Morgan Stanley reduced their price target on American International Group from $82.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Citigroup reduced their price target on American International Group from $89.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, July 23rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $87.00 price target on shares of American International Group in a research report on Tuesday, July 9th. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $82.50.

American International Group Stock Performance

Shares of AIG stock traded up $1.99 during midday trading on Friday, hitting $77.24. The company had a trading volume of 3,681,487 shares, compared to its average volume of 4,334,715. The company’s 50 day simple moving average is $76.11 and its 200 day simple moving average is $74.47. American International Group, Inc. has a 52-week low of $57.02 and a 52-week high of $80.83. The stock has a market cap of $51.26 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 2.53 and a beta of 1.08. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.29 and a quick ratio of 0.29.

American International Group (NYSE:AIG) last posted its quarterly earnings results on Thursday, May 2nd. The insurance provider reported $1.77 earnings per share for the quarter, beating 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 the consensus estimate of $12.04 billion. During the same period in the previous year, the business earned $1.63 earnings per share. Research analysts anticipate that American International Group, Inc. will post 6.4 earnings per share for the current fiscal year.

American International Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.07%. This is an increase from American International Group’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Friday, June 14th. American International Group’s payout ratio is presently 23.88%.

American International Group announced that its Board of Directors has approved a stock repurchase plan on Wednesday, May 1st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to purchase up to 19.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

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

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.