Norges Bank Acquires New Holdings in Arthur J. Gallagher & Co. (NYSE:AJG)


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Norges Bank bought a new position in shares of Arthur J. Gallagher & Co. (NYSE:AJG) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,932,403 shares of the financial services provider’s stock, valued at approximately $239,058,000.

Other hedge funds also recently made changes to their positions in the company. Amundi Pioneer Asset Management Inc. boosted its holdings in Arthur J. Gallagher & Co. by 59.2% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 211,330 shares of the financial services provider’s stock valued at $16,504,000 after acquiring an additional 78,599 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Arthur J. Gallagher & Co. by 1,372.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 48,600 shares of the financial services provider’s stock valued at $5,131,000 after buying an additional 45,300 shares during the last quarter. First Allied Advisory Services Inc. bought a new position in Arthur J. Gallagher & Co. in the 3rd quarter worth approximately $203,000. Public Sector Pension Investment Board lifted its holdings in shares of Arthur J. Gallagher & Co. by 25.7% during the third quarter. Public Sector Pension Investment Board now owns 22,963 shares of the financial services provider’s stock worth $2,424,000 after buying an additional 4,700 shares during the last quarter. Finally, ExodusPoint Capital Management LP bought a new stake in shares of Arthur J. Gallagher & Co. in the third quarter valued at approximately $1,718,000. Institutional investors own 81.99% of the company’s stock.

NYSE AJG opened at $129.83 on Thursday. The stock has a fifty day moving average of $123.75 and a 200-day moving average of $116.79. The stock has a market capitalization of $25.34 billion, a P/E ratio of 32.54, a price-to-earnings-growth ratio of 2.37 and a beta of 0.70. Arthur J. Gallagher & Co. has a 52 week low of $73.66 and a 52 week high of $130.37. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.11 and a current ratio of 1.11.

Arthur J. Gallagher & Co. (NYSE:AJG) last released its earnings results on Wednesday, January 27th. The financial services provider reported $0.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.10. The company had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Arthur J. Gallagher & Co. had a return on equity of 16.19% and a net margin of 11.04%. During the same period last year, the firm earned $0.67 EPS. Equities research analysts forecast that Arthur J. Gallagher & Co. will post 4.62 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, March 19th. Stockholders of record on Friday, March 5th were paid a $0.48 dividend. This is a boost from Arthur J. Gallagher & Co.’s previous quarterly dividend of $0.45. This represents a $1.92 annualized dividend and a dividend yield of 1.48%. The ex-dividend date of this dividend was Thursday, March 4th. Arthur J. Gallagher & Co.’s dividend payout ratio (DPR) is 52.60%.

In related news, Director David S. Johnson sold 420 shares of Arthur J. Gallagher & Co. stock in a transaction on Wednesday, February 24th. The stock was sold at an average price of $124.02, for a total transaction of $52,088.40. Following the completion of the sale, the director now directly owns 45,918 shares of the company’s stock, valued at $5,694,750.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Scott R. Hudson sold 416 shares of Arthur J. Gallagher & Co. stock in a transaction on Tuesday, March 2nd. The stock was sold at an average price of $122.11, for a total value of $50,797.76. Following the sale, the vice president now directly owns 35,603 shares of the company’s stock, valued at $4,347,482.33. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,191 shares of company stock valued at $847,537. 1.40% of the stock is owned by insiders.

AJG has been the subject of a number of research reports. Wells Fargo & Company increased their price target on shares of Arthur J. Gallagher & Co. from $120.00 to $137.00 and gave the company an “overweight” rating in a report on Wednesday, December 16th. Zacks Investment Research upgraded shares of Arthur J. Gallagher & Co. from a “hold” rating to a “buy” rating and set a $130.00 target price for the company in a research note on Wednesday, December 16th. The Goldman Sachs Group lowered Arthur J. Gallagher & Co. from a “buy” rating to a “neutral” rating and upped their price objective for the company from $123.00 to $129.00 in a research note on Friday, January 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $138.00 price target on shares of Arthur J. Gallagher & Co. in a research note on Wednesday, March 24th. Finally, Raymond James lifted their price objective on Arthur J. Gallagher & Co. from $125.00 to $140.00 and gave the company a “strong-buy” rating in a report on Monday, February 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $126.53.

Arthur J. Gallagher & Co. Company Profile

Arthur J. Gallagher & Co, together with its subsidiaries, provides insurance brokerage, consulting, and third party claims settlement and administration services in the United States, Australia, Bermuda, Canada, the Caribbean, New Zealand, India, and the United Kingdom. Its Brokerage segment consists of retail and wholesale insurance brokerage operations.

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Institutional Ownership by Quarter for Arthur J. Gallagher & Co. (NYSE:AJG)

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