Wells Fargo & Co Cuts American International Group (NYSE:AIG) Price Target to $38.00

American International Group (NYSE:AIG) had its target price decreased by Wells Fargo & Co from $66.00 to $38.00 in a research report report published on Wednesday morning, The Fly reports. Wells Fargo & Co currently has an overweight rating on the insurance provider’s stock.

Several other analysts have also recently weighed in on the company. Standpoint Research upgraded American International Group from a hold rating to a buy rating in a report on Thursday, February 27th. TheStreet lowered American International Group from a b- rating to a c+ rating in a research note on Wednesday, March 11th. UBS Group lowered their target price on American International Group from $64.00 to $61.00 and set a buy rating on the stock in a research report on Friday, February 14th. Citigroup began coverage on American International Group in a research report on Tuesday, January 21st. They set a neutral rating and a $55.00 target price on the stock. Finally, ValuEngine raised American International Group from a strong sell rating to a sell rating in a research report on Tuesday, March 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $55.00.

Shares of NYSE:AIG traded down $0.79 during midday trading on Wednesday, hitting $20.46. The stock had a trading volume of 9,571,271 shares, compared to its average volume of 12,204,166. The company has a quick ratio of 0.24, a current ratio of 0.24 and a debt-to-equity ratio of 0.53. The business’s 50-day simple moving average is $35.48 and its 200-day simple moving average is $48.72. American International Group has a 12 month low of $16.07 and a 12 month high of $58.66. The company has a market cap of $18.56 billion, a P/E ratio of 5.47, a PEG ratio of 0.49 and a beta of 1.53.

American International Group (NYSE:AIG) last posted its earnings results on Thursday, February 13th. The insurance provider reported $1.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.03. The company had revenue of $12.07 billion during the quarter, compared to the consensus estimate of $12.32 billion. American International Group had a return on equity of 6.28% and a net margin of 6.73%. During the same quarter last year, the firm earned ($0.63) earnings per share. As a group, equities analysts predict that American International Group will post 4.33 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, March 30th. Stockholders of record on Monday, March 16th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.28 annualized dividend and a dividend yield of 6.26%. American International Group’s payout ratio is 27.89%.

Several hedge funds have recently bought and sold shares of the company. AXA boosted its stake in American International Group by 80.4% in the 4th quarter. AXA now owns 999,348 shares of the insurance provider’s stock worth $51,296,000 after purchasing an additional 445,293 shares during the period. ING Groep NV boosted its stake in American International Group by 9.9% in the 4th quarter. ING Groep NV now owns 59,671 shares of the insurance provider’s stock worth $3,063,000 after purchasing an additional 5,382 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in American International Group by 38.7% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 26,931 shares of the insurance provider’s stock worth $1,382,000 after purchasing an additional 7,516 shares during the period. Pinebridge Investments L.P. bought a new position in American International Group in the 4th quarter worth about $255,000. Finally, Hudson Valley Investment Advisors Inc. ADV bought a new position in American International Group in the 4th quarter worth about $392,000. Institutional investors own 91.41% of the company’s stock.

About American International Group

American International Group, Inc provides insurance products for commercial, institutional, and individual customers in North America and internationally. The company's General Insurance segment offers general liability, environmental, commercial automobile liability, workers' compensation, excess casualty, and crisis management insurance products, as well as various risk-sharing and other customized structured programs; commercial, industrial, and energy-related property insurance; and aerospace, political risk, trade credit, portfolio solutions, surety, crop, and marine insurance.

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