NEW YORK (TheStreet) -- Shares of American International Group (AIG) rose 1.28% to $54.49 in after-hours trading Monday after the insurance company reported third-quarter earnings that beat analysts' expectations.
AIG reported adjusted earnings per share of $1.21 on revenue of $8.63 billion. The consensus estimate called for EPS of $1.09 on revenue of $8.57 billion.
The insurance company also declared a quarterly dividend of $0.125 a share, par value $2.50 per share. The dividend will be payable on December 18 to shareholders of record as of the close of business on December 4.
AIG also announced an increase of up to $1.5 billion in share buyback of its common stock.
Separately, TheStreet Ratings team rates AMERICAN INTERNATIONAL GROUP as a "buy" with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMERICAN INTERNATIONAL GROUP (AIG) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, largely solid financial position with reasonable debt levels by most measures, notable return on equity, increase in net income and increase in stock price during the past year. We feel these strengths outweigh the fact that the company shows weak operating cash flow."