As of its most recent filing with the SEC on June 12, 2023, Renaissance Technologies LLC owned approximately 0.14% of American Financial Group, Inc. (NYSE:AFG). The fund recently purchased a new stake in the insurance provider’s stock by acquiring 122,700 shares valued at approximately $16,844,000 during the fourth quarter.
The move by Renaissance Technologies to increase its ownership in American Financial Group is just one example of how investors continue to keep a watchful eye on the insurance sector. News from these firms can often have significant impacts on the market and shareholders alike.
Accordingly, several equities research analysts have recently weighed in on the company’s performance. Piper Sandler boosted their target price from $166.00 to $170.00 while assigning an “overweight” rating to the stock in a report released on April 4th.
Meanwhile, StockNews.com initiated coverage on AFG shares in May, issuing a “hold” rating on the stock. Despite this relatively neutral outlook from some analysts, many continue to see significant growth potential in American Financial Group’s future.
During trading hours on June 12th alone, NYSE AFG traded down $0.62 and closed at approximately $115.48 per share with over 72K trades recorded for that day. These figures are particularly noteworthy given that they differ from its average volume of 350,350 – implying possible shifts or movements within shareholder sentiment.
Nonetheless, there remain quite a number of positive points for potential investors to consider when it comes to American Financial Group even beyond just this latest purchase by Renaissance Technologies LLC.
For instance, data shows that AFG has maintained strong financial fundamentals over time – including healthy debt-to-equity ratios and liquidity ratios well above industry averages – alongside consistent annual dividend payments serving as promising indicators for those looking towards long-term investment opportunities.
Still though – anyone considering investing in this sector should be sure to conduct thorough research on AFG and any others that may come into play, looking closely at everything from company earnings reports and quarterly filings to overall economic trends and outside events which can additionally impact the market.
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Fluctuations in Institutional Holdings and Analyst Reports Drive American Financial Group’s Performance in Q1-Q2 2023
June 12, 2023 – American Financial Group (AFG) has recently seen a fluctuation in its stakes held by institutional investors and hedge funds. Raymond James & Associates increased its holdings by 2.7% during the first quarter, now owning 10,823 shares of AFG worth approximately $1.6 million after purchasing an additional 284 shares in the last quarter. Meanwhile, American Century Companies Inc. also raised its position in AFG by 26.6% during the same period with an additional purchase of 3,076 shares that bring the total to 14,648 shares valued at $2.1 million.
PNC Financial Services Group Inc. and Cibc World Market Inc., on the other hand, increased their positions by buying an additional 212 and 1,081 shares respectively.
In contrast, Great West Life Assurance Co. Can reduced its stake in AFG by selling off some of its shares during the same period but still boosted its stake in shares of AFG by 5.5%.
In addition to these changes in holdings among institutional investors and hedge funds are statements made from recent reports released by analysts on May 18th about American Financial Group’s overall performance.
According to Piper Sandler equity research analysts who conducted a report about American Financial Group – they have upgraded their target price given for AFG from $166 to $170 while providing an “overweight” rating for the stock respectively.
Shares of AFG continue to perform well as it reported better than expected earnings per share (EPS) when it announced its quarterly earnings data on May 2nd earlier this year.
American Financial Group had a net margin of around 11.40%, showing strong growth potential for investors The disappointing consensus estimate of revenue expectations was compensated for because EPS sneaked just above expectation at $2.89 — just one cent above consensus estimates made prior to this announcement by experts.
Throughout this year, American Financial Group continued to raise the company’s dividend rate which was paid on April 25th. The recent payment of $0.63 on an annualized basis per share represents a dividend payout ratio (DPR) that currently stands at 26.20%. It is expected that American Financial Group will post earnings per share of $11.52 for the current fiscal year.