State of New Jersey Common Pension Fund D Sells 39,417 Shares of Arthur J. Gallagher & Co. (NYSE:AJG)

State of New Jersey Common Pension Fund D cut its stake in Arthur J. Gallagher & Co. (NYSE:AJG) by 32.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 81,027 shares of the financial services provider’s stock after selling 39,417 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Arthur J. Gallagher & Co. were worth $21,011,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of AJG. Richardson Financial Services Inc. bought a new stake in Arthur J. Gallagher & Co. in the fourth quarter worth $27,000. Creekmur Asset Management LLC bought a new stake in Arthur J. Gallagher & Co. in the first quarter worth $27,000. DiNuzzo Private Wealth Inc. lifted its position in Arthur J. Gallagher & Co. by 89.7% in the second quarter. DiNuzzo Private Wealth Inc. now owns 110 shares of the financial services provider’s stock worth $29,000 after buying an additional 52 shares during the last quarter. Transcendent Capital Group LLC bought a new stake in Arthur J. Gallagher & Co. in the fourth quarter worth $31,000. Finally, Security National Bank bought a new stake in shares of Arthur J. Gallagher & Co. during the fourth quarter worth $33,000. 85.53% of the stock is currently owned by institutional investors.

Arthur J. Gallagher & Co. Price Performance

Shares of AJG stock opened at $296.47 on Friday. Arthur J. Gallagher & Co. has a fifty-two week low of $218.63 and a fifty-two week high of $300.66. The firm has a market capitalization of $64.78 billion, a price-to-earnings ratio of 60.01, a PEG ratio of 2.47 and a beta of 0.72. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.04 and a current ratio of 1.04. The stock’s 50-day simple moving average is $282.68 and its 200-day simple moving average is $260.78.

Arthur J. Gallagher & Co. (NYSE:AJG) last issued its earnings results on Thursday, July 25th. The financial services provider reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.24 by $0.02. The firm had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.77 billion. Arthur J. Gallagher & Co. had a return on equity of 19.25% and a net margin of 10.41%. Arthur J. Gallagher & Co.’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.90 earnings per share. As a group, equities analysts forecast that Arthur J. Gallagher & Co. will post 10.16 earnings per share for the current fiscal year.

Arthur J. Gallagher & Co. Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be given a $0.60 dividend. The ex-dividend date is Friday, September 6th. This represents a $2.40 dividend on an annualized basis and a yield of 0.81%. Arthur J. Gallagher & Co.’s dividend payout ratio is currently 48.58%.

Analysts Set New Price Targets

Several research firms have recently weighed in on AJG. UBS Group lifted their target price on Arthur J. Gallagher & Co. from $260.00 to $292.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Wells Fargo & Company lifted their target price on Arthur J. Gallagher & Co. from $282.00 to $301.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. TD Cowen lifted their target price on Arthur J. Gallagher & Co. from $273.00 to $288.00 and gave the stock a “hold” rating in a research report on Tuesday, August 13th. Piper Sandler lifted their price objective on Arthur J. Gallagher & Co. from $252.00 to $254.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Finally, Jefferies Financial Group lifted their price objective on Arthur J. Gallagher & Co. from $264.00 to $267.00 in a report on Friday, July 26th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Arthur J. Gallagher & Co. presently has an average rating of “Hold” and a consensus target price of $276.82.

Insider Activity at Arthur J. Gallagher & Co.

In other Arthur J. Gallagher & Co. news, VP Scott R. Hudson sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $263.45, for a total value of $2,634,500.00. Following the completion of the transaction, the vice president now directly owns 93,730 shares of the company’s stock, valued at $24,693,168.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Arthur J. Gallagher & Co. news, VP Scott R. Hudson sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $263.45, for a total value of $2,634,500.00. Following the completion of the transaction, the vice president now directly owns 93,730 shares of the company’s stock, valued at $24,693,168.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Douglas K. Howell sold 8,710 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $285.07, for a total value of $2,482,959.70. Following the completion of the transaction, the chief financial officer now directly owns 75,963 shares of the company’s stock, valued at $21,654,772.41. The disclosure for this sale can be found here. Insiders have sold a total of 48,348 shares of company stock worth $13,342,910 over the last quarter. Insiders own 1.60% of the company’s stock.

Arthur J. Gallagher & Co. 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.