DAVENPORT & Co LLC raised its holdings in shares of Arthur J. Gallagher & Co. (NYSE:AJG – Free Report) by 3.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,469 shares of the financial services provider’s stock after buying an additional 617 shares during the period. DAVENPORT & Co LLC’s holdings in Arthur J. Gallagher & Co. were worth $5,592,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. HWG Holdings LP bought a new position in shares of Arthur J. Gallagher & Co. during the first quarter valued at about $25,000. AlphaQuest LLC bought a new position in shares of Arthur J. Gallagher & Co. during the first quarter valued at about $33,000. Saudi Central Bank bought a new position in shares of Arthur J. Gallagher & Co. during the first quarter valued at about $34,000. Centennial Bank AR bought a new position in shares of Arthur J. Gallagher & Co. during the first quarter valued at about $38,000. Finally, Golden State Wealth Management LLC raised its stake in shares of Arthur J. Gallagher & Co. by 2,750.0% during the first quarter. Golden State Wealth Management LLC now owns 114 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 110 shares during the last quarter. 85.53% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
AJG has been the subject of several recent analyst reports. Wells Fargo & Company lowered their price objective on shares of Arthur J. Gallagher & Co. from $369.00 to $365.00 and set an “overweight” rating for the company in a research note on Friday, September 19th. Keefe, Bruyette & Woods raised their price objective on shares of Arthur J. Gallagher & Co. from $288.00 to $298.00 and gave the stock a “market perform” rating in a report on Friday, September 19th. The Goldman Sachs Group started coverage on shares of Arthur J. Gallagher & Co. in a report on Wednesday, September 3rd. They issued a “buy” rating and a $344.00 price objective for the company. UBS Group raised their price objective on shares of Arthur J. Gallagher & Co. from $322.00 to $329.00 and gave the stock a “neutral” rating in a report on Friday, September 19th. Finally, Erste Group Bank restated a “hold” rating on shares of Arthur J. Gallagher & Co. in a report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Arthur J. Gallagher & Co. currently has an average rating of “Hold” and an average price target of $328.80.
Arthur J. Gallagher & Co. Price Performance
AJG stock opened at $309.43 on Wednesday. The firm has a 50 day moving average price of $298.03 and a 200-day moving average price of $316.34. Arthur J. Gallagher & Co. has a 52-week low of $275.56 and a 52-week high of $351.23. The firm has a market capitalization of $79.34 billion, a price-to-earnings ratio of 43.95 and a beta of 0.73. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.36 and a current ratio of 1.36.
Arthur J. Gallagher & Co. (NYSE:AJG – Get Free Report) last released its earnings results on Thursday, July 31st. The financial services provider reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.03). Arthur J. Gallagher & Co. had a net margin of 14.54% and a return on equity of 13.17%. The business had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.20 billion. During the same quarter in the previous year, the business posted $2.29 earnings per share. Arthur J. Gallagher & Co.’s revenue for the quarter was up 16.0% on a year-over-year basis. Equities research analysts forecast that Arthur J. Gallagher & Co. will post 11.54 EPS for the current fiscal year.
Arthur J. Gallagher & Co. Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Friday, September 5th. Arthur J. Gallagher & Co.’s dividend payout ratio (DPR) is presently 36.93%.
Insider Activity at Arthur J. Gallagher & Co.
In other news, CFO Douglas K. Howell sold 8,000 shares of Arthur J. Gallagher & Co. stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $299.54, for a total transaction of $2,396,320.00. Following the completion of the transaction, the chief financial officer directly owned 100,777 shares in the company, valued at approximately $30,186,742.58. This trade represents a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Scott R. Hudson sold 12,855 shares of the firm’s stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $297.60, for a total transaction of $3,825,648.00. Following the sale, the vice president directly owned 85,920 shares of the company’s stock, valued at $25,569,792. This trade represents a 13.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,855 shares of company stock valued at $8,916,928 over the last quarter. Company insiders own 1.30% of the company’s stock.
About Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co engages in the provision of insurance brokerage, reinsurance brokerage, consulting, and third-party claims settlement and administration services. It operates through the following segments: Brokerage, Risk Management, and Corporate. The Brokerage segment consists of retail and wholesale insurance brokerage operations.
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