Dallas, Texas 05/07/2014 (FINANCIALSTRENDS) – American International Group (NYSE:AIG) recently reported its 1Q14 quarterly earnings on Monday, May 5, 2014. The company beat the street estimates of earnings of $1.05 per share in 1Q14 as it reported earnings of $1.21 per share. However, the company considerably missed the consensus revenue estimates of $9.35 billion as its posted revenue of $8.23 billion for 1Q14. The company also declared a quarterly dividend of $0.125 per share to shareholders on record on June 10, 2014. The dividend is scheduled to be paid on June 24, 2014. Given the current market price of the company this represents a dividend yield of 0.99% on an annualized dividend of $0.50 per share. The stock will trade ex-dividend from Friday June 6, 2014.
Following the 1Q14 earnings release, many investment analysts updated their ratings for the stock of American International Group (NYSE:AIG). Equities research analysts at Nomura reaffirmed a “neutral” rating for the stock in a research note released yesterday. They upgraded the price target for the stock from $50 to $53 which indicates close to 5% upside from the company’s current market price. Equities research analysts at S&P Equity Research also reaffirmed a “buy” rating for the stock of AIG in a research note released yesterday.
Investment analysts at Zacks also reaffirmed a “neutral” rating on shares of AIG in a research note released yesterday. They now maintain a price target of $55 on the stock. Earlier in March 2014, analysts at Zacks downgraded the stock of American International Group (NYSE:AIG) to a “neutral” rating from an “outperform” rating.
Yesterday the stock of AIG closed at $50.54, losing around 4.14% or $2.18 from its previous close. The stock traded with a significant volume of 21.78 million shares against its 30 day average volume of 8.10 million shares.