MAI Capital Management Sells 360 Shares of Arthur J. Gallagher & Co. (NYSE:AJG)

MAI Capital Management reduced its stake in Arthur J. Gallagher & Co. (NYSE:AJG) by 6.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,530 shares of the financial services provider’s stock after selling 360 shares during the period. MAI Capital Management’s holdings in Arthur J. Gallagher & Co. were worth $1,556,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of AJG. Janus Henderson Group PLC raised its stake in Arthur J. Gallagher & Co. by 180.6% in the first quarter. Janus Henderson Group PLC now owns 1,228,266 shares of the financial services provider’s stock worth $307,076,000 after buying an additional 790,467 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Arthur J. Gallagher & Co. by 219.6% in the second quarter. The Manufacturers Life Insurance Company now owns 1,043,769 shares of the financial services provider’s stock worth $270,660,000 after buying an additional 717,221 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Arthur J. Gallagher & Co. by 231.2% during the third quarter. Principal Financial Group Inc. now owns 885,796 shares of the financial services provider’s stock valued at $249,237,000 after purchasing an additional 618,362 shares in the last quarter. Capital World Investors increased its stake in shares of Arthur J. Gallagher & Co. by 9.0% during the first quarter. Capital World Investors now owns 4,832,060 shares of the financial services provider’s stock valued at $1,208,208,000 after purchasing an additional 398,350 shares in the last quarter. Finally, International Assets Investment Management LLC increased its stake in shares of Arthur J. Gallagher & Co. by 29,927.4% during the third quarter. International Assets Investment Management LLC now owns 232,412 shares of the financial services provider’s stock valued at $65,394,000 after purchasing an additional 231,638 shares in the last quarter. 85.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on AJG shares. Piper Sandler raised their target price on shares of Arthur J. Gallagher & Co. from $254.00 to $293.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. TD Cowen raised their target price on shares of Arthur J. Gallagher & Co. from $273.00 to $288.00 and gave the company a “hold” rating in a research note on Tuesday, August 13th. Wells Fargo & Company raised their target price on shares of Arthur J. Gallagher & Co. from $309.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Truist Financial raised their price target on shares of Arthur J. Gallagher & Co. from $265.00 to $275.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Finally, Barclays assumed coverage on shares of Arthur J. Gallagher & Co. in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $300.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Arthur J. Gallagher & Co. currently has an average rating of “Hold” and a consensus target price of $289.14.

Arthur J. Gallagher & Co. Trading Up 1.2 %

Shares of AJG stock opened at $295.88 on Thursday. Arthur J. Gallagher & Co. has a 12-month low of $218.63 and a 12-month high of $301.04. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.64. The firm’s 50 day moving average is $288.28 and its 200 day moving average is $276.12. The stock has a market capitalization of $64.92 billion, a P/E ratio of 56.36, a P/E/G ratio of 2.51 and a beta of 0.72.

Arthur J. Gallagher & Co. (NYSE:AJG) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $2.26 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.26. Arthur J. Gallagher & Co. had a net margin of 10.40% and a return on equity of 19.12%. The firm had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.78 billion. During the same quarter in the previous year, the firm posted $2.00 EPS. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. Research analysts expect that Arthur J. Gallagher & Co. will post 10.11 earnings per share for the current year.

Arthur J. Gallagher & Co. Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date is Friday, December 6th. Arthur J. Gallagher & Co.’s payout ratio is 45.71%.

Insider Activity

In related news, President Michael Robert Pesch sold 7,100 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $296.20, for a total value of $2,103,020.00. Following the completion of the transaction, the president now owns 33,267 shares of the company’s stock, valued at approximately $9,853,685.40. This represents a 17.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Christopher E. Mead sold 2,800 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $287.00, for a total transaction of $803,600.00. Following the completion of the transaction, the vice president now directly owns 14,674 shares of the company’s stock, valued at $4,211,438. This represents a 16.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 23,900 shares of company stock valued at $6,892,280 in the last 90 days. Company insiders own 1.60% of the company’s stock.

About Arthur J. Gallagher & Co.

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.