American International Group Inc (NYSE:AIG) shares were sliding as the company was not able to meet third-quarter estimates.
The insurance company reported earnings of 42 cents per share. When adjusted for one-time gains and costs, earnings amounted to $1 per share, which missed the average estimate of analysts surveyed by Zacks Investment Research, which is of earnings of $1.21 per share.
Revenue came in at $12.85 billion over the three-month period. American International Group also announced that a quarterly dividend will be issued out to shareholders on record as of Thursday, December 8th.
They will each receive a payout of 32 cents per share, which represents a $1.28 annualized dividend and a yield of 2.11%. The company’s payout ratio is -799.95%.
A number of equities research analysts recently commented on AIG shares, including Vetr, which raised American International Group from a “hold” rating to a “buy” rating, setting a price target of $67.85 for the company in a research note on Tuesday.
Meanwhile, TheStreet raised the company from a “hold” rating to a “buy” rating. BMO Capital Markets also increased its price target on AIG stock, from $58.86 to $64.00, giving it a “market perform” rating.
Credit Suisse Group AG set a price target of $60.00 on the stock, with a “hold” rating, making it one of nine analysts with a “hold” rating on the stock. One analyst has a “sell” rating on the stock, while 18 have issued a “buy” rating on the stock.
AIG shares suffered a 4.6% setback on the company’s earnings news Thursday.
