Envestnet Portfolio Solutions Inc. Sells 2,323 Shares of American International Group, Inc. $AIG

Envestnet Portfolio Solutions Inc. lessened its holdings in American International Group, Inc. (NYSE:AIG) by 19.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,348 shares of the insurance provider’s stock after selling 2,323 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in American International Group were worth $800,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Patton Fund Management Inc. acquired a new position in American International Group in the second quarter valued at about $232,000. AIA Group Ltd raised its stake in American International Group by 169.6% in the first quarter. AIA Group Ltd now owns 10,368 shares of the insurance provider’s stock valued at $901,000 after purchasing an additional 6,523 shares in the last quarter. Townsquare Capital LLC raised its stake in American International Group by 5.4% in the first quarter. Townsquare Capital LLC now owns 115,129 shares of the insurance provider’s stock valued at $10,009,000 after purchasing an additional 5,899 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in American International Group by 175.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 181,810 shares of the insurance provider’s stock valued at $15,807,000 after purchasing an additional 115,706 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its stake in American International Group by 2.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 16,625 shares of the insurance provider’s stock valued at $1,445,000 after purchasing an additional 355 shares in the last quarter. Institutional investors own 90.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AIG. William Blair raised American International Group to a “strong-buy” rating in a research note on Friday, August 1st. Jefferies Financial Group boosted their target price on American International Group from $96.00 to $99.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. UBS Group boosted their target price on American International Group from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Piper Sandler lowered their target price on American International Group from $96.00 to $88.00 and set an “overweight” rating for the company in a research note on Thursday, October 2nd. Finally, Cfra Research raised American International Group to a “moderate buy” rating in a research note on Monday, August 11th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $89.81.

American International Group Stock Performance

NYSE:AIG opened at $77.30 on Monday. The stock has a market cap of $42.82 billion, a P/E ratio of 14.64, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.22. The stock’s 50-day moving average is $80.00 and its 200-day moving average is $81.43. American International Group, Inc. has a 1-year low of $69.24 and a 1-year high of $88.07.

American International Group (NYSE:AIG) last released its quarterly earnings results on Wednesday, August 6th. The insurance provider reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.21. The company had revenue of $6.77 billion for the quarter, compared to analysts’ expectations of $6.81 billion. American International Group had a return on equity of 7.88% and a net margin of 11.51%.During the same period in the previous year, the business posted $1.16 earnings per share. Equities research analysts anticipate that American International Group, Inc. will post 6.24 earnings per share for the current year.

American International Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were issued a $0.45 dividend. The ex-dividend date was Tuesday, September 16th. This represents a $1.80 annualized dividend and a yield of 2.3%. American International Group’s dividend payout ratio is presently 34.09%.

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.