Diamond Hill Capital Management Inc. Sells 764,230 Shares of American International Group, Inc. (NYSE:AIG)

Diamond Hill Capital Management Inc. decreased its position in American International Group, Inc. (NYSE:AIG) by 5.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 12,962,901 shares of the insurance provider’s stock after selling 764,230 shares during the quarter. American International Group accounts for approximately 4.1% of Diamond Hill Capital Management Inc.’s holdings, making the stock its biggest holding. Diamond Hill Capital Management Inc. owned approximately 1.95% of American International Group worth $962,366,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in AIG. Fortitude Family Office LLC boosted its stake in American International Group by 199.2% in the second quarter. Fortitude Family Office LLC now owns 359 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 239 shares in the last quarter. Y.D. More Investments Ltd acquired a new position in American International Group during the 2nd quarter worth about $27,000. Rise Advisors LLC acquired a new position in American International Group during the 1st quarter worth about $29,000. Valued Wealth Advisors LLC increased its position in American International Group by 303.3% in the 1st quarter. Valued Wealth Advisors LLC now owns 367 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 276 shares in the last quarter. Finally, Versant Capital Management Inc increased its position in American International Group by 326.0% in the 2nd quarter. Versant Capital Management Inc now owns 443 shares of the insurance provider’s stock valued at $33,000 after acquiring an additional 339 shares in the last quarter. 90.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on AIG shares. Royal Bank of Canada reissued an “outperform” rating and set a $87.00 price target on shares of American International Group in a research note on Tuesday, July 9th. Citigroup lowered their target price on American International Group from $89.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, July 23rd. Evercore ISI cut their price target on American International Group from $81.00 to $78.00 and set an “in-line” rating on the stock in a research note on Thursday, June 27th. Wells Fargo & Company lowered their price objective on American International Group from $79.00 to $77.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Finally, Piper Sandler cut their target price on shares of American International Group from $89.00 to $86.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, American International Group has an average rating of “Hold” and a consensus target price of $83.88.

Insiders Place Their Bets

In other news, major shareholder International Group American sold 1,932,609 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $29.20, for a total value of $56,432,182.80. Following the completion of the transaction, the insider now owns 292,271,027 shares in the company, valued at $8,534,313,988.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.61% of the company’s stock.

American International Group Trading Down 0.1 %

Shares of NYSE AIG opened at $73.11 on Friday. American International Group, Inc. has a twelve month low of $57.72 and a twelve month high of $80.83. The stock has a market cap of $48.52 billion, a price-to-earnings ratio of 10.91, a P/E/G ratio of 3.60 and a beta of 1.06. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.22. The company’s fifty day moving average is $74.81 and its 200-day moving average is $75.67.

American International Group (NYSE:AIG) last posted its earnings results on Wednesday, July 31st. The insurance provider reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.14). American International Group had a positive return on equity of 9.52% and a negative net margin of 1.54%. The business had revenue of $1.00 million for the quarter, compared to the consensus estimate of $11.64 billion. During the same quarter in the prior year, the firm posted $1.75 earnings per share. The business’s revenue was up .0% on a year-over-year basis. Equities research analysts predict that American International Group, Inc. will post 5.24 EPS for the current year.

American International Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $1.60 dividend on an annualized basis and a yield of 2.19%. American International Group’s payout ratio is 23.88%.

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.