Wells Fargo & Company Cuts American International Group (NYSE:AIG) Price Target to $76.00

American International Group (NYSE:AIG) had its price target reduced by Wells Fargo & Company from $77.00 to $76.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price target suggests a potential downside of 0.84% from the stock’s current price.

Several other analysts have also weighed in on AIG. Evercore ISI dropped their price objective on shares of American International Group from $79.00 to $78.00 and set an “in-line” rating for the company in a report on Wednesday, October 9th. Morgan Stanley reduced their price objective on shares of American International Group from $82.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 10th. Barclays started coverage on shares of American International Group in a research note on Wednesday, September 4th. They issued an “overweight” rating and a $90.00 price objective on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of American International Group from $96.00 to $90.00 and set an “outperform” rating on the stock in a research note on Monday, August 12th. Finally, Piper Sandler reduced their price objective on shares of American International Group from $89.00 to $86.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. One 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 data from MarketBeat.com, American International Group currently has a consensus rating of “Hold” and an average target price of $84.31.

American International Group Price Performance

NYSE:AIG traded up $1.25 during mid-day trading on Wednesday, hitting $76.64. The company’s stock had a trading volume of 369,464 shares, compared to its average volume of 4,073,992. The company has a market capitalization of $49.35 billion, a price-to-earnings ratio of -59.41, a P/E/G ratio of 5.21 and a beta of 1.05. The stock has a fifty day moving average of $75.14 and a 200-day moving average of $75.64. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.22. American International Group has a fifty-two week low of $62.52 and a fifty-two week high of $80.83.

American International Group (NYSE:AIG) last posted its quarterly earnings data 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 company had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.62 billion. American International Group had a negative net margin of 1.54% and a positive return on equity of 9.52%. During the same quarter last year, the business posted $1.61 earnings per share. As a group, equities analysts forecast that American International Group will post 4.99 EPS for the current fiscal year.

Insider Buying and Selling at American International Group

In other news, major shareholder International Group American sold 5,000,000 shares of American International Group 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 transaction, the insider now owns 279,238,898 shares of the company’s stock, valued at $8,058,834,596.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.61% of the company’s stock.

Institutional Trading of American International Group

Several hedge funds and other institutional investors have recently modified their holdings of AIG. Cetera Investment Advisers boosted its holdings in American International Group by 348.6% in the 1st quarter. Cetera Investment Advisers now owns 57,648 shares of the insurance provider’s stock valued at $4,506,000 after purchasing an additional 44,797 shares during the period. OFI Invest Asset Management raised its position in shares of American International Group by 2,208.3% in the 2nd quarter. OFI Invest Asset Management now owns 10,249 shares of the insurance provider’s stock valued at $710,000 after buying an additional 9,805 shares in the last quarter. Bessemer Group Inc. raised its position in shares of American International Group by 64.3% in the 1st quarter. Bessemer Group Inc. now owns 28,498 shares of the insurance provider’s stock valued at $2,227,000 after buying an additional 11,149 shares in the last quarter. Illinois Municipal Retirement Fund raised its position in shares of American International Group by 19.0% in the 1st quarter. Illinois Municipal Retirement Fund now owns 156,150 shares of the insurance provider’s stock valued at $12,206,000 after buying an additional 24,906 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in shares of American International Group by 8.0% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 142,369 shares of the insurance provider’s stock valued at $11,081,000 after buying an additional 10,581 shares in the last quarter. Institutional investors own 90.60% of the company’s stock.

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.