AIG NYSE:AIG Up On Bernstein Buy Recommendation
AIG NYSE:AIG Up On Bernstein Buy Recommendation
ACE, TVR
American International Group Inc. posted the largest gainer among big insurers as Sanford C. Bernstein & Co. said the stock presents a “once in a generation” opportunity after the firm repaid the US rescue money
“With the Treasury out, and AIG a public company once again, this will be the year that the company begins to make progress on driving earnings, returns to buying back stock, and likely institutes a dividend,” Josh Stirling, an analyst at Bernstein, said in a note to investors Monday.
AIG rallied 1.5% to 37.24 at 1:27 p in New York, the top increase in the 22-company Standard & Poor’s 500 Insurance Index. The advance brought this year’s gain to 5.5%, after a 52% rise in Y 2012.
New York-based AIG repaid the last of its 182.3-B bailout in December, just 4 yrs after the company’s near failure, and a US rescue wiped out most of its equity value.
The insurer still trades at about 50% of its book value while rivals Ace Ltd. NYSE:ACE and Travelers Cos.NYSE:TVR trade at more than the measure of assets minus liabilities.
LTN Analysis: Overall Short Intermediate Long
Bullish (0.26) Neutral (0.14) Very Bullish (0.51) Neutral (0.14)
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