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.
Shares of AIG fell 3.16% to $28.52. 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. -- Written by Alexandra Zendrian >To contact the writer of this article, click here: Alexandra Zendrian >To submit a news tip, send an email to: firstname.lastname@example.org. >To follow the writer on Twitter, go to Alexandra Zendrian.