HSBC Upgrades American International Group (NYSE:AIG) to “Buy”

American International Group (NYSE:AIG) was upgraded by HSBC from a “hold” rating to a “buy” rating in a report released on Wednesday, MarketBeat reports. The brokerage presently has a $93.00 target price on the insurance provider’s stock. HSBC’s price target indicates a potential upside of 14.45% from the stock’s previous close.

Several other research firms also recently issued reports on AIG. UBS Group reduced their price target on American International Group from $88.00 to $86.00 and set a “buy” rating for the company in a research note on Tuesday, February 18th. StockNews.com upgraded shares of American International Group from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Morgan Stanley lifted their price objective on shares of American International Group from $75.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. The Goldman Sachs Group reissued a “neutral” rating and issued a $79.00 price objective (down previously from $83.00) on shares of American International Group in a report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. lowered their target price on shares of American International Group from $89.00 to $83.00 and set an “overweight” rating on the stock in a report on Friday, January 3rd. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $84.38.

American International Group Stock Performance

AIG opened at $81.26 on Wednesday. The business’s 50-day simple moving average is $75.18 and its 200 day simple moving average is $75.00. American International Group has a 52-week low of $69.00 and a 52-week high of $83.77. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.67 and a current ratio of 0.67. The firm has a market capitalization of $48.21 billion, a PE ratio of -39.06, a PEG ratio of 1.01 and a beta of 0.98.

American International Group (NYSE:AIG) last announced its quarterly earnings data on Tuesday, February 11th. The insurance provider reported $1.30 EPS for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.03). American International Group had a negative net margin of 4.25% and a positive return on equity of 8.01%. As a group, sell-side analysts expect that American International Group will post 6.24 earnings per share for the current fiscal year.

Insider Transactions at American International Group

In other news, Director John G. Rice purchased 10,000 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was bought at an average cost of $77.00 per share, for a total transaction of $770,000.00. Following the purchase, the director now owns 10,000 shares of the company’s stock, valued at approximately $770,000. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On American International Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in AIG. Norges Bank bought a new stake in American International Group in the fourth quarter valued at approximately $718,013,000. Wellington Management Group LLP lifted its position in shares of American International Group by 32.4% in the 3rd quarter. Wellington Management Group LLP now owns 25,013,346 shares of the insurance provider’s stock worth $1,831,727,000 after purchasing an additional 6,119,996 shares during the period. Balyasny Asset Management L.P. bought a new stake in shares of American International Group in the 4th quarter valued at $135,325,000. Prana Capital Management LP increased its position in shares of American International Group by 280.5% during the third quarter. Prana Capital Management LP now owns 1,888,072 shares of the insurance provider’s stock worth $138,264,000 after buying an additional 1,391,859 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec raised its stake in American International Group by 2,134.0% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,426,985 shares of the insurance provider’s stock worth $103,885,000 after buying an additional 1,363,108 shares during the last quarter. 90.60% of the stock is currently owned by institutional investors and hedge funds.

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.