PNC Financial Services Group Inc. Boosts Stake in Arthur J. Gallagher & Co. (NYSE:AJG)

PNC Financial Services Group Inc. increased its position in Arthur J. Gallagher & Co. (NYSE:AJG) by 1.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 57,686 shares of the financial services provider’s stock after purchasing an additional 576 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Arthur J. Gallagher & Co. were worth $12,972,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Kestra Advisory Services LLC boosted its holdings in shares of Arthur J. Gallagher & Co. by 4.3% during the 3rd quarter. Kestra Advisory Services LLC now owns 11,537 shares of the financial services provider’s stock valued at $2,630,000 after buying an additional 479 shares in the last quarter. QRG Capital Management Inc. purchased a new position in Arthur J. Gallagher & Co. during the 3rd quarter valued at about $1,989,000. Clearstead Advisors LLC boosted its stake in Arthur J. Gallagher & Co. by 98.1% during the third quarter. Clearstead Advisors LLC now owns 2,575 shares of the financial services provider’s stock worth $587,000 after acquiring an additional 1,275 shares in the last quarter. Stokes Family Office LLC increased its stake in shares of Arthur J. Gallagher & Co. by 22.3% during the third quarter. Stokes Family Office LLC now owns 2,224 shares of the financial services provider’s stock valued at $507,000 after purchasing an additional 406 shares in the last quarter. Finally, Bison Wealth LLC lifted its holdings in shares of Arthur J. Gallagher & Co. by 9.1% during the third quarter. Bison Wealth LLC now owns 2,723 shares of the financial services provider’s stock valued at $621,000 after purchasing an additional 227 shares during the last quarter. 85.53% of the stock is currently owned by institutional investors.

Insider Activity at Arthur J. Gallagher & Co.

In other news, CFO Douglas K. Howell sold 16,000 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $248.41, for a total value of $3,974,560.00. Following the completion of the sale, the chief financial officer now directly owns 80,952 shares in the company, valued at approximately $20,109,286.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Arthur J. Gallagher & Co. news, CAO Richard C. Cary sold 3,395 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $254.00, for a total transaction of $862,330.00. Following the sale, the chief accounting officer now owns 38,314 shares in the company, valued at approximately $9,731,756. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Douglas K. Howell sold 16,000 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $248.41, for a total transaction of $3,974,560.00. Following the completion of the transaction, the chief financial officer now owns 80,952 shares of the company’s stock, valued at $20,109,286.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 53,165 shares of company stock worth $13,629,049. 1.60% of the stock is owned by company insiders.

Arthur J. Gallagher & Co. Price Performance

Shares of AJG opened at $261.81 on Wednesday. The firm has a fifty day simple moving average of $246.85 and a two-hundred day simple moving average of $241.59. The firm has a market cap of $57.21 billion, a PE ratio of 53.00, a P/E/G ratio of 2.34 and a beta of 0.72. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.70. Arthur J. Gallagher & Co. has a 1-year low of $209.39 and a 1-year high of $264.26.

Arthur J. Gallagher & Co. (NYSE:AJG) last posted its quarterly earnings data on Thursday, April 25th. The financial services provider reported $3.49 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.08. The company had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.18 billion. Arthur J. Gallagher & Co. had a return on equity of 18.94% and a net margin of 10.27%. Arthur J. Gallagher & Co.’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.03 earnings per share. On average, equities analysts anticipate that Arthur J. Gallagher & Co. will post 10.06 EPS for the current year.

Arthur J. Gallagher & Co. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 21st. Investors of record on Friday, June 7th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date of this dividend is Friday, June 7th. Arthur J. Gallagher & Co.’s payout ratio is 48.58%.

Analyst Upgrades and Downgrades

AJG has been the topic of several recent research reports. Keefe, Bruyette & Woods cut their price target on Arthur J. Gallagher & Co. from $246.00 to $240.00 and set an “underperform” rating on the stock in a research note on Wednesday, April 10th. Truist Financial restated a “hold” rating and set a $255.00 price target (down from $280.00) on shares of Arthur J. Gallagher & Co. in a report on Wednesday, April 10th. TD Cowen upped their price target on shares of Arthur J. Gallagher & Co. from $249.00 to $273.00 and gave the stock a “hold” rating in a research note on Tuesday, April 2nd. Royal Bank of Canada raised their price objective on shares of Arthur J. Gallagher & Co. from $270.00 to $282.00 and gave the company an “outperform” rating in a research note on Friday, March 22nd. Finally, Bank of America increased their price target on shares of Arthur J. Gallagher & Co. from $233.00 to $255.00 and gave the company an “underperform” rating in a report on Wednesday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $260.58.

Arthur J. Gallagher & Co. Company Profile

Arthur J. Gallagher & Co, together with its subsidiaries, provides insurance and reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals worldwide. It operates in Brokerage and Risk Management segments. The Brokerage segment offers retail and wholesale insurance and reinsurance brokerage services; assists retail brokers and other non-affiliated brokers in the placement of specialized and hard-to-place insurance; and acts as a brokerage wholesaler, managing general agent, and managing general underwriter for distributing specialized insurance coverages to underwriting enterprises.