AIG stock holds steady as analysts adjust price targets and dividend date approaches
2023.12.07 05:47
© Reuters.
NEW YORK – American International Group (NYSE:) maintains investor attention as it navigates through a series of financial assessments by analysts and prepares for its upcoming dividend payment. The insurer’s performance and strategic moves over the past months have led to a diversity of opinions from financial institutions, yet the stock remains resilient in the market.
Starting in early October, StockNews.com suggested a “Hold” position on AIG. Shortly after, on October 10th, BMO Capital Markets slightly reduced its price target for AIG to $68, still maintaining a neutral outlook. Wells Fargo followed suit on October 17th, increasing its price goal from $62 to $64, with an “Equal weight” rating.
AIG’s financial robustness was highlighted on November 2nd when it reported strong quarterly earnings of $1.61 per share against expected revenues of around $12.77 billion. This positive momentum continued into November when the Royal Bank of Canada expressed confidence in AIG by raising its stock target price to $72 and giving it an “Outperform” rating on November 3rd.
The company’s stock saw significant insider selling on November 8th, with stakeholders selling approximately fifty million shares at an average of $20.50 each, signaling a substantial capital movement within AIG’s ownership structure.
Morgan Stanley updated its assessment of AIG on November 9th, raising the target to $67 while maintaining a market weight expectation. Investment actions in the third quarter showed new positions taken by OFI Invest Asset Management and Headlands Technologies LLC, indicating continued interest in AIG’s financial prospects.
As the year comes to a close, AIG has established key dates for its dividend cycle: shareholders should note the ex-dividend date just before mid-December and the record date shortly thereafter to be eligible for the upcoming dividend payment. On December 28th, AIG is set to distribute dividends at $0.36 per share.
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