American International Group (AIG) Gets a Buy Rating from Wells Fargo

By Carrie Williams

Wells Fargo analyst Elyse Greenspan maintained a Buy rating on American International Group (AIGResearch Report) today and set a price target of $64. The company’s shares closed last Monday at $57.89, close to its 52-week high of $58.66.

Greenspan noted:

“We show that the majority of the six companies we tracked have outperformed with expense programs underway. PRU is one of the underperformers in our analysis, however it is really too early into their program for it to have an impact on the bottom line. The LNC savings program came when the stock was more impacted by the movement in the 10-year treasury rate.”

According to TipRanks.com, Greenspan is a 4-star analyst with an average return of 6.3% and a 66.7% success rate. Greenspan covers the Financial sector, focusing on stocks such as Marsh & Mclennan Companies, Renaissancere Holdings Ltd, and AXA Equitable Holdings Inc.

American International Group has an analyst consensus of Strong Buy, with a price target consensus of $62.86.

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Based on American International Group’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $12.45 billion and net profit of $1.11 billion. In comparison, last year the company earned revenue of $11.47 billion and had a net profit of $937 million.

Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AIG in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

American International Group, Inc. engages in the provision of a range of property casualty insurance, life insurance, retirement products, and other financial services to commercial and individual customers. It operates through the following segments: General Insurance, Life and Retirement, Other Operations, and Legacy Portfolio.