American International Group (NYSE:AIG) Stock Price Target Cut by Wells Fargo & Company

American International Group (NYSE:AIG) had its price objective decreased by research analysts at Wells Fargo & Company from $85.00 to $83.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 6.91% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Cantor Fitzgerald lowered their price objective on shares of American International Group from $92.00 to $90.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. UBS Group boosted their target price on American International Group from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 6th. Piper Sandler upped their price target on American International Group from $80.00 to $84.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. Argus restated a “buy” rating and set a $90.00 price target on shares of American International Group in a research note on Wednesday, September 2nd. Finally, Morgan Stanley lowered their price target on American International Group from $81.00 to $80.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 6th. Eight analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $87.68.

American International Group Trading Down 0.1%

Shares of AIG stock opened at $77.64 on Monday. American International Group has a 1-year low of $71.25 and a 1-year high of $87.29. The firm has a market cap of $40.60 billion, a PE ratio of 9.40, a price-to-earnings-growth ratio of 0.82 and a beta of 0.52. The company has a 50-day moving average of $76.11 and a two-hundred day moving average of $76.51. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.61 and a quick ratio of 0.61.

American International Group (NYSE:AIG) last released its quarterly earnings results on Friday, August 7th. The insurance provider reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.92 by $0.08. American International Group had a net margin of 11.13% and a return on equity of 11.05%. The business had revenue of $7.08 billion for the quarter, compared to the consensus estimate of $7.25 billion. During the same period in the previous year, the firm earned $1.81 EPS. On average, analysts predict that American International Group will post 8.07 EPS for the current year.

Insider Activity

In related news, insider Peter Zaffino sold 36,829 shares of American International Group stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $76.14, for a total value of $2,804,160.06. Following the completion of the transaction, the insider directly owned 556,004 shares in the company, valued at approximately $42,334,144.56. This trade represents a 6.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On American International Group

Several large investors have recently bought and sold shares of AIG. Wellington Management Group LLP boosted its stake in shares of American International Group by 6.9% in the 2nd quarter. Wellington Management Group LLP now owns 30,331,704 shares of the insurance provider’s stock valued at $2,260,622,000 after buying an additional 1,961,270 shares during the period. State Street Corp increased its stake in shares of American International Group by 0.8% during the second quarter. State Street Corp now owns 25,115,416 shares of the insurance provider’s stock worth $1,871,852,000 after buying an additional 196,969 shares during the period. Bank of New York Mellon Corp increased its stake in shares of American International Group by 6.1% during the first quarter. Bank of New York Mellon Corp now owns 8,237,375 shares of the insurance provider’s stock worth $619,862,000 after buying an additional 474,035 shares during the period. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in American International Group in the second quarter valued at approximately $464,539,000. Finally, Dimensional Fund Advisors LP raised its holdings in American International Group by 5.2% in the first quarter. Dimensional Fund Advisors LP now owns 6,142,278 shares of the insurance provider’s stock valued at $462,147,000 after acquiring an additional 303,201 shares in the last quarter. Hedge funds and other institutional investors own 90.60% of the company’s stock.

American International Group Company Profile

American International Group, Inc (NYSE:AIG) is a global insurance organization whose principal operating business is general insurance. Through its property and casualty operations, AIG provides commercial and personal insurance products, including coverage for businesses, multinational companies, individuals, and specialty risks. Its offerings include property, casualty, liability, marine, aviation, cyber, accident, and travel insurance, along with other risk-management solutions.

AIG serves customers through a network spanning approximately 190 countries and jurisdictions.