Connor Clark & Lunn Investment Management Ltd. Cuts Stock Position in American International Group, Inc. (NYSE:AIG)

Connor Clark & Lunn Investment Management Ltd. trimmed its position in shares of American International Group, Inc. (NYSE:AIG) by 69.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 19,593 shares of the insurance provider’s stock after selling 44,794 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in American International Group were worth $1,435,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Swedbank AB purchased a new stake in American International Group during the first quarter valued at approximately $99,951,000. Diamond Hill Capital Management Inc. lifted its holdings in shares of American International Group by 5.6% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 13,685,138 shares of the insurance provider’s stock valued at $1,002,163,000 after purchasing an additional 722,237 shares during the last quarter. Bank of Montreal Can boosted its position in shares of American International Group by 83.6% in the 2nd quarter. Bank of Montreal Can now owns 1,312,741 shares of the insurance provider’s stock worth $97,825,000 after purchasing an additional 597,765 shares in the last quarter. Marshall Wace LLP grew its stake in American International Group by 2,493.5% during the 2nd quarter. Marshall Wace LLP now owns 349,341 shares of the insurance provider’s stock worth $25,935,000 after buying an additional 335,871 shares during the last quarter. Finally, AustralianSuper Pty Ltd increased its position in American International Group by 41.5% during the 3rd quarter. AustralianSuper Pty Ltd now owns 1,028,532 shares of the insurance provider’s stock valued at $75,319,000 after buying an additional 301,637 shares in the last quarter. Hedge funds and other institutional investors own 90.60% of the company’s stock.

Insider Activity at American International Group

In related news, major shareholder International Group American sold 5,000,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $28.86, for a total value of $144,300,000.00. Following the completion of the sale, the insider now owns 279,238,898 shares of the company’s stock, valued at approximately $8,058,834,596.28. This represents a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.61% of the company’s stock.

American International Group Stock Up 0.4 %

AIG opened at $76.28 on Wednesday. The company has a market cap of $47.58 billion, a PE ratio of -22.50, a price-to-earnings-growth ratio of 7.54 and a beta of 1.05. The company has a 50-day moving average price of $75.61 and a 200 day moving average price of $75.50. American International Group, Inc. has a twelve month low of $64.54 and a twelve month high of $80.83. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.22.

American International Group (NYSE:AIG) last posted its quarterly earnings results on Monday, November 4th. The insurance provider reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.13. The firm had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.62 billion. American International Group had a negative net margin of 6.19% and a positive return on equity of 8.63%. During the same period last year, the firm posted $1.61 earnings per share. Sell-side analysts expect that American International Group, Inc. will post 5.12 earnings per share for the current fiscal year.

American International Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 16th will be given a $0.40 dividend. The ex-dividend date is Monday, December 16th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.10%. American International Group’s dividend payout ratio (DPR) is presently -47.20%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on AIG shares. Wells Fargo & Company lowered their price target on American International Group from $77.00 to $76.00 and set an “equal weight” rating for the company in a report on Wednesday, November 6th. Evercore ISI lowered their price target on shares of American International Group from $79.00 to $78.00 and set an “in-line” rating on the stock in a report on Wednesday, October 9th. Piper Sandler reduced their price objective on American International Group from $89.00 to $86.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. TD Cowen lowered their target price on American International Group from $83.00 to $80.00 and set a “hold” rating on the stock in a research note on Tuesday, August 13th. Finally, Keefe, Bruyette & Woods reduced their price target on American International Group from $88.00 to $87.00 and set an “outperform” rating for the company in a research report on Tuesday, November 12th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $84.80.

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.