In the second quarter of this year, Everhart Financial Group Inc. made a significant acquisition by obtaining a new stake in American International Group, Inc. (NYSE:AIG), as per its recent filing with the Securities and Exchange Commission (SEC). The financial group purchased 4,228 shares of AIG’s stock, amounting to approximately $243,000.
American International Group recently reported its quarterly earnings data on August 2nd. For the quarter, the insurance provider disclosed earnings per share (EPS) of $1.75, surpassing the consensus estimate of $1.54 by $0.21. In terms of revenue, AIG generated $13.22 billion during the quarter, exceeding analyst expectations of $12.28 billion. With a net margin of 8.94% and return on equity of 9.28%, American International Group continues to exhibit its financial strength and performance in the market.
An interesting point to note is that AIG’s EPS for the same period the previous year was $1.19, indicating growth in profitability over time. Analysts predict that American International Group will achieve an earnings per share figure of 6.73 for the current year.
Various research reports have been published on AIG lately, shedding light on its performance and providing recommendations for investors. Notably, BMO Capital Markets revised their target price for AIG’s shares from $65 to $63 while maintaining their “market perform” rating on the stock in a report released on August 24th.
Another influential research firm, TheStreet, upgraded their rating on AIG’s shares from “c+” to “b-” in June this year with confidence in its potential growth prospects.
Wells Fargo & Company also weighed in and increased their price target for AIG from $61 to $62 while assigning an “equal weight” rating to the company’s stock in August.
Bank of America, on the other hand, reduced their price target for AIG from $73 to $68 in June. However, Barclays raised their price target from $58 to $66 and maintained an “equal weight” rating on the stock in August.
Overall, nine analysts have assigned a hold rating and six analysts have recommended buying American International Group’s stock. Bloomberg reports that the stock presently has a consensus rating of “Hold” in addition to a consensus price target of $68.00.
As of September 21st, 2023, this update offers insights into American International Group’s recent acquisition by Everhart Financial Group Inc., its impressive quarterly performance, and various research reports regarding AIG’s future prospects. Investors and stakeholders alike will continue to monitor AIG as it demonstrates its resilience and potential in the insurance industry.
Updated on: 22/09/2023
Hedge Funds Demonstrate High Interest in American International Group (AIG)
A recent report indicates that several hedge funds have engaged in buying and selling shares of American International Group (AIG), demonstrating the interest and activity surrounding the company. One such hedge fund, Thompson Investment Management Inc., acquired a new position in AIG during the first quarter of this year, valuing it at $28,000. Similarly, Avalon Trust Co also added a new position to its portfolio, with an investment of $28,000 in shares of AIG during the same time frame. Creative Capital Management Investments LLC followed suit by purchasing shares amounting to $43,000 in the same quarter. Motco invested $53,000 in AIG shares in the previous fourth quarter. Lastly, Ridgewood Investments LLC rounded off these purchases with an acquisition worth $69,000 during the first quarter. Collectively, institutional investors now own 88.57% of the total stock.
An interesting development within AIG was observed recently when Kathleen Carbone, Chief Accounting Officer (CAO), sold 7,757 shares of AIG stock on August 9th. The average selling price amounted to $61.30 per share and brought a total value of $475,504.10. This sale was made public through a filing with the Securities & Exchange Commission (SEC), which can be accessed through a provided link. In another transaction involving CAO Kathleen Carbone, she sold another 7,757 shares on August 9th for an average price of $61.30 per share as well but did not disclose additional details about this transaction.
Furthermore, Director William G. Jurgensen sold 635 shares of AIG on July 1st at an average price of $53.47 per share for a total value of $33,953.45; following this sale’s completion Mr.Juregensen held 1,190 direct shares valued at roughly $63,629.30. The details of this sale can also be obtained through the SEC website. Collectively, insiders have sold a significant volume of AIG shares amounting to 10,989,500 in the past three months, totaling a market value of $180,709,440. Astonishingly, corporate insiders now own only 0.49% of the company’s stock.
Shares of AIG commenced trading at $62.32 on Thursday morning. The company currently boasts a market capitalization of $44.37 billion and has a price-to-earnings ratio (P/E) of 10.54 with a price-to-earnings-growth ratio (PEG) standing at 0.37, indicating potential growth and development opportunities for investors.
AIG’s share prices have experienced fluctuations over the past year, with its lowest point being $45.66 and its highest peak reaching $64.88 recently. In terms of moving averages, AIG has maintained a 50-day moving average price of $59.70 and a 200-day moving average price tracking at $55.66.
The current financial position is outlined by AIG’s current ratio and quick ratio both standing at 0.29 while maintaining an impressively low debt-to-equity ratio of 0.06.
In conclusion, the recent activity surrounding American International Group indicates a high level of interest from hedge funds as they engage in buying and selling shares within the company. This demonstrates their confidence in AIG as well as their anticipation for future developments within this market sector.