American International Group’s (NYSE:AIG) interim CFO Sabra Purtill has now been appointed to the role in a permanent capacity, effective immediately. She served in the acting role since January 2023, when Mark Lyons who was then named as interim CFO, was terminated. He was charged with violating confidentiality and nondisclosure agreements.
Purtill has been with AIG since 2019, prior to which she served as chief investment officer of Corebridge Financial (NYSE:CRBG). Corebridge was formerly AIG Life & Retirement and was formed in 2021 as AIG spun off its retirement, life insurance, and wealth management segments. In September 2022, AIG took Corebridge public via a $1.7 billion stock offering.
Originally, Shane Fitzsimons had stepped down from the position, citing a temporary medical leave of absence.
What is AIG’s Stock Price Prediction?
Of the 11 top Wall Street Analysts covering AIG stock, seven have assigned a Buy rating while four rate it a Hold, taking the average analyst consensus rating to Moderate Buy. The average analyst price target stands at $68.55, implying a 22.2% upside potential from current levels.
Morgan Stanley Analyst Bob Huang initiated the stock with a Hold rating yesterday at a price target of $57, implying a 1.64% upside potential from current levels. While the analyst believes that AIG is seeking to streamline expenses and improve efficiencies, he sees the transformation to have largely priced in. In the past 3 months, the stock price gained 10.1%.
Last week after AIG initiated the secondary share offering (65 million shares) of Corebridge shares, Piper Sandler Analyst Paul Newsome reaffirmed his Buy rating on AIG stock with a $78 price target (vs. $77 prior) indicating a 39.1% upside potential from current levels. The analyst states that while offerings are dilutive to earnings, this would be incremental to the company’s valuation as property-casualty operations’ value trade at higher multiples than life companies.
