AIG: S&P Intraday Laggard
NEW YORK (TheStreet) - American International Group(AIG) was the worst performer in the S&P 500 intraday Thursday.
The S&P 500 was higher by 6.59 points, or 0.49%, to 1,359.22 in trading early Thursday.
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Shares of AIG fell 3.16% to $28.52.
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The U.S. Treasury is selling $6 billion worth of its bailout-related holdings in the insurance giant. AIG is expected to purchase up to $3 billion worth of the stock being sold by the Treasury, which will still hold nearly $42 billion sunk into the company following its 2008 bailout.
AIG has an estimated price-to-earnings ratio for next year of 10.31 times; the average for full-line insurance companies is 11.89. For comparison, both United Fire and Casualty(UFCS) and Eastern Insurance Holdings(EIHI) have higher forward P/Es of 22.58 and 16.88, respectively.
Twelve of the 16 analysts who cover AIG rated it hold. Three analysts gave the stock a buy rating and one rated it sell.
TheStreet Ratings gives AIG a C grade and a hold rating. The stock has risen 22.93% year to date.
