American International Group, Inc (NYSE:AIG), based in New York, is raising around $2 billion selling a stake in AIA Group Ltd as the corporation looks to buy back its shares from the United States Treasury Department.
Bloomberg News obtained term sheet confirms that AIG, the bailed-out United States insurer, was offering around 600 million AIA shares at HK$26.30 to HK$26.50 or $3.39 to $3.42, more than the mid-point of the original range of HK$25.75 to HK$26.75.
American International Group reported in a statement on Thursday that it plans to spend around $5 billion repurchasing its shares.
Chief Executive Officer of AIG Robert Benmosche is raising funds to repurchase shares from the United States.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. American Financial Group (NYSE:AFG) rose +0.79% to settle at $38.26, American National Insurance Company (NASDAQ:ANAT) moved up +1.24% to end at $70.97 while HCC Insurance Holdings, Inc (NYSE:HCC) jumped +1.17% to finish on Thursday at $33.77.
American International Group, Inc (NYSE:AIG) last session volume of 38.64 million shares was surprisingly higher than its average volume of 13.52 million shares. The stock after opening at $33.78 hit high price of $35.30 and then closed at $34.22 by scoring -1.69%.
The liquidity measure in recent quarter results of the debt to equity ratio was -0.71 and long-term debt to equity ratio also remained -0.71. The Company had total cash at hand $56.62 billion and a book value per share as $60.58 in the most recent quarter.
The stock price volatility was 2.71% for a week and 2.42% for a month as well as price volatility’s Average True Range for 14 days was 0.85 and its beta remained 3.43.
AIG generated revenue of 65.69 billion in the following twelve months and earned $21.30 billion. The Company showed a positive 33.24% in the net profit margin and as well as in its operating margin which remained 7.37%. Company’s annual sales growth for the past five year was -10.74%.
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