John C. Inglis, a director at American International Group, Inc. (NYSE:AIG), recently acquired additional shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. Inglis purchased 10.9095 shares at a price of $72.16 per share, totaling approximately $787. Following this transaction, Inglis holds 1,343.9724 shares directly. This insider purchase aligns with broader management share buyback activity, as highlighted by InvestingPro data, which shows AIG trading below its Fair Value with a solid "GOOD" financial health rating.
In addition to the common stock acquisition, Inglis received 16 deferred stock units (DSUs) as dividend equivalent rights under AIG’s 2021 Omnibus Incentive Plan. These DSUs are set to convert to common stock on a one-to-one basis upon the end of his service on the Board of Directors, unless he chooses to defer the vesting date. Inglis now holds a total of 2,872 DSUs. The company, currently valued at $45.43B, offers a 2.19% dividend yield and has maintained dividend payments for 12 consecutive years. For deeper insights into AIG’s valuation and financial metrics, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, American International Group (AIG) has reported a strong third quarter for 2024. The company’s adjusted after-tax income increased by 31% to $798 million, and its consolidated net investment income rose by 19% to $897 million. AIG’s underwriting income reached $437 million, and the company returned approximately $1.8 billion to shareholders through stock repurchases and dividends.
AIG also completed a sale of notes totaling approximately ¥100 billion. The transaction was conducted under an underwriting agreement with Mizuho (NYSE:MFG) Securities USA LLC, Morgan Stanley (NYSE:MS) & Co. International plc, and SMBC Nikko Securities America, Inc. The Bank of New York Mellon (NYSE:BK) will act as Trustee for the notes.
Analysts at Keefe, Bruyette & Woods have adjusted their outlook on AIG, reducing the price target slightly from $88.00 to $87.00 but maintaining an Outperform rating. The firm has also increased the 2024 earnings per share estimate for AIG to $5.10, while lowering projections for 2025 and 2026 to $6.70 and $7.70, respectively.
In other company developments, AIG is launching a project called AIG Next (LON:NXT), aimed at streamlining operations and achieving $500 million in savings by 2025. These are the recent developments for the company, as reported in the past articles.
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