American International Group, Inc. (NYSE:AIG) [Trend Analysis] under pressure from investors to improve its performance, reported a lower-than-expected profit for the third straight quarter as poor returns from hedge funds hurt its investment income. AIG has been scaling back investments in hedge funds, which have borne the brunt of excessive market volatility in the past year.
The operating profit attributable to AIG fell 54 percent to $773 million in the first quarter, partly due to restructuring costs of $122 million. On a per-share basis, AIG earned 65 cents, far short of the average analyst estimate of $1.00, according to Thomson Reuters I/B/E/S. Pre-tax income in AIG’s commercial property and casualty insurance business, its biggest, fell 38.5 percent to $720 million. The unit’s net investment income fell about 44 percent to $577 million.
American International Group, Inc. (NYSE:AIG) luring active investment momentum, shares an advance 1.38% to $56.59. The total volume of 9.08 Million shares held in the session was surprisingly higher than its average volume of 8451.53 shares. EPS estimates indicating constrictive facts, the current year from sell-side analysts, Price to current year EPS stands at -68.60%, and looking further price to next year’s EPS is 23.38%. While take a short look on price to sales ratio, that was 1.09 and price to earnings ratio of 38.63 attracting passive investors.
Bank of America Corporation (NYSE:BAC) [Trend Analysis] signed into $190M settlement with a federal home loan bank over four mortgage-related complaints, according to a securities filing on Monday. The bank had accrued “substantially all” of the settlement amount previously, Bank of America said in a filing with the U.S. Securities and Exchange Commission. The settlement was dated on April 25.
The litigation was started by the Federal Home Loan Bank of Seattle, which later merged into the Federal Home Loan Bank of Des Moines. A spokeswoman for the merged entity referred Reuters to another securities filing showing it had reached a settlement with an unnamed bank on April 25, but declined to say whether it was with Bank of America.
Several matter pinch shares of Bank of America Corporation (NYSE:BAC), as shares surging 1.44% to $14.77 with a share volume of 68.81 Million. The stock is going forward its 52-week low with 34.91% and moving down from its 52-week high price with -19.29%. The float short ratio was 0.76%, as compared to sentiment indicator; Short Ratio was 0.62.