Bangor Savings Bank Cuts Stake in Aon plc (NYSE:AON)

Bangor Savings Bank lowered its position in Aon plc (NYSE:AON) by 6.1% in the 1st quarter, Holdings Channel reports. The institutional investor owned 2,350 shares of the financial services provider’s stock after selling 153 shares during the period. Bangor Savings Bank’s holdings in AON were worth $784,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of AON during the fourth quarter valued at approximately $423,030,000. The Manufacturers Life Insurance Company boosted its stake in shares of AON by 44.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 950,153 shares of the financial services provider’s stock valued at $276,514,000 after purchasing an additional 290,936 shares during the period. FIL Ltd boosted its stake in shares of AON by 36.1% during the fourth quarter. FIL Ltd now owns 1,030,177 shares of the financial services provider’s stock valued at $299,802,000 after purchasing an additional 273,141 shares during the period. OMERS ADMINISTRATION Corp lifted its stake in AON by 61.5% in the third quarter. OMERS ADMINISTRATION Corp now owns 602,637 shares of the financial services provider’s stock worth $195,387,000 after acquiring an additional 229,500 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in AON by 14.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,472,309 shares of the financial services provider’s stock worth $428,280,000 after acquiring an additional 182,688 shares during the period. Hedge funds and other institutional investors own 86.14% of the company’s stock.

Wall Street Analysts Forecast Growth

AON has been the subject of a number of research analyst reports. Bank of America lowered AON from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $345.00 to $306.00 in a research note on Wednesday, May 22nd. Wells Fargo & Company decreased their price objective on AON from $300.00 to $289.00 and set an “underweight” rating for the company in a report on Monday, April 29th. Piper Sandler decreased their price objective on AON from $326.00 to $312.00 and set a “neutral” rating for the company in a report on Monday, April 29th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $315.00 price objective on shares of AON in a report on Tuesday, June 18th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $311.00 price objective on shares of AON in a report on Tuesday, May 28th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, AON presently has an average rating of “Hold” and an average price target of $321.86.

AON Stock Up 0.3 %

AON stock opened at $297.46 on Monday. The business’s 50-day moving average price is $290.97 and its 200-day moving average price is $303.60. The stock has a market cap of $64.68 billion, a P/E ratio of 23.31, a PEG ratio of 1.96 and a beta of 0.91. Aon plc has a twelve month low of $268.06 and a twelve month high of $347.37.

AON (NYSE:AON) last issued its earnings results on Friday, April 26th. The financial services provider reported $5.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.86 by ($0.20). The business had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $4.14 billion. AON had a net margin of 19.04% and a negative return on equity of 1,083.00%. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period last year, the business posted $5.17 EPS. On average, equities research analysts expect that Aon plc will post 15.48 earnings per share for the current fiscal year.

AON Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st were issued a dividend of $0.675 per share. This represents a $2.70 annualized dividend and a dividend yield of 0.91%. This is a boost from AON’s previous quarterly dividend of $0.62. The ex-dividend date was Tuesday, April 30th. AON’s dividend payout ratio is 21.16%.

Insider Transactions at AON

In related news, Director Lester B. Knight purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were bought at an average price of $276.61 per share, for a total transaction of $2,766,100.00. Following the acquisition, the director now owns 139,000 shares of the company’s stock, valued at approximately $38,448,790. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.15% of the company’s stock.

About AON

Aon plc, a professional services firm, provides a range of risk and human capital solutions worldwide. It offers commercial risk solutions, including retail brokerage, specialty solutions, global risk consulting and captives management, and affinity programs; and health solutions, such as health and benefits brokerages, and health care exchanges.