Pallas Capital Advisors LLC Invests in American International Group, Inc.

Pallas Capital Advisors LLC has taken a new position in American International Group, Inc. (NYSE:AIG) during the third quarter of the year, according to reports by HoldingsChannel. The firm purchased 3,413 shares of the insurance company’s stock, which have an estimated value of around $265,000.

In addition to Pallas Capital Advisors, several other hedge funds and institutional investors have also recently adjusted their holdings in American International Group. Forum Financial Management LP increased its stake by 1.1% in the second quarter, bringing its total share count to 12,173, valued at approximately $904,000 after adding 128 shares. Whittier Trust Co. of Nevada Inc. increased its holdings by 5.3% in the first quarter, now owning 2,691 shares worth $210,000 following an additional purchase of 136 shares.

Quent Capital LLC boosted its position by 4.0% in the second quarter, reaching a total of 3,834 shares valued at $285,000 after acquiring an extra 146 shares. New Republic Capital LLC raised its stake by 5.2% in the first quarter, now holding 3,290 shares worth $257,000 after buying 164 additional shares. Avantax Advisory Services Inc. increased its holdings by 2.8% in the first quarter, accumulating 6,106 shares valued at $477,000 after acquiring 165 extra shares during that period. Overall, approximately 90.60% of American International Group’s stocks are owned by institutional investors.

Recent Analyst Ratings

American International Group has recently attracted the attention of various analysts. Piper Sandler lowered their target price on AIG shares from $89.00 to $86.00, maintaining an “overweight” rating for the company. Barclays began their coverage of AIG on September 4th, assigning an “overweight” rating along with a price target of $90.00. Additionally, Jefferies Financial Group raised their target price from $82.00 to $88.00, reiterating a “buy” rating in their research note on October 9th.

On the other hand, Morgan Stanley reduced their price target from $82.00 to $80.00, giving the stock an “equal weight” rating. Citigroup also cut their target price from $89.00 to $87.00, affirming a “buy” rating on the stock. One analyst rates the stock as a sell, seven analysts have a hold rating, and nine analysts recommend a buy according to data from MarketBeat.com. The consensus rating stands at “Hold” with an average target price of $84.38.

American International Group's Performance

As of Friday, shares of AIG opened at $75.72. The company presents a quick ratio and a current ratio both standing at 0.67, alongside a debt-to-equity ratio of 0.22. The 50-day moving average for the firm is $75.09, while the 200-day moving average is $75.58. With a market capitalization of $48.76 billion, the company has a negative PE ratio of -58.70 and a price-to-earnings growth ratio of 5.29. AIG’s shares have seen a twelve-month low of $62.52 and a high of $80.83.

In its latest earnings report on July 31st, American International Group reported earnings per share of $1.16 for the quarter, which fell short of analysts' expectations of $1.30 by $0.14. The company logged a positive return on equity of 9.52%, but had a negative net margin of 1.54%. It reported revenue of $1.00 million for the quarter, considerably below the analyst projections of $11.64 billion; however, this revenue represented a slight increase from the previous year, where it garnered $1.75 earnings per share. Analysts forecast that American International Group will record an EPS of 4.99 for the current year.

Insider Trading Activity

In other developments, a significant shareholder, International Group American, sold 5,000,000 shares on September 16th. The shares were sold at an average price of $28.86, totaling around $144.3 million. After this transaction, the insider now holds 279,238,898 shares, valued at approximately $8.06 billion, indicating no change in ownership percentage. This transaction was documented in a filing with the Securities and Exchange Commission.

About American International Group

American International Group, Inc. offers insurance solutions to commercial, institutional, and individual clients in North America and globally. The company operates through various segments, including General Insurance, Life and Retirement, and Other Operations. The General Insurance segment provides a variety of insurance types, including property insurance, liability insurance, and professional liability insurance among others.

Investment, Insurance, Stocks