Bank of America Corp DE Lowers Stock Holdings in Arthur J. Gallagher & Co. (NYSE:AJG)

Bank of America Corp DE lowered its stake in shares of Arthur J. Gallagher & Co. (NYSE:AJGGet Rating) by 28.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 801,075 shares of the financial services provider’s stock after selling 313,008 shares during the period. Bank of America Corp DE’s holdings in Arthur J. Gallagher & Co. were worth $139,867,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AJG. Nissay Asset Management Corp Japan ADV grew its holdings in shares of Arthur J. Gallagher & Co. by 1.5% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 21,918 shares of the financial services provider’s stock worth $3,719,000 after buying an additional 318 shares during the last quarter. Blair William & Co. IL boosted its holdings in Arthur J. Gallagher & Co. by 1.0% in the 4th quarter. Blair William & Co. IL now owns 83,014 shares of the financial services provider’s stock valued at $14,085,000 after purchasing an additional 846 shares in the last quarter. Clearstead Advisors LLC boosted its holdings in Arthur J. Gallagher & Co. by 4,066.7% in the 4th quarter. Clearstead Advisors LLC now owns 1,000 shares of the financial services provider’s stock valued at $170,000 after purchasing an additional 976 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new stake in Arthur J. Gallagher & Co. in the 4th quarter valued at approximately $51,000. Finally, ETF Managers Group LLC purchased a new stake in Arthur J. Gallagher & Co. in the 4th quarter valued at approximately $4,949,000. Hedge funds and other institutional investors own 81.22% of the company’s stock.

Arthur J. Gallagher & Co. Trading Down 1.0 %

Shares of AJG opened at $172.53 on Friday. The stock has a fifty day moving average of $180.51 and a two-hundred day moving average of $170.71. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $36.29 billion, a PE ratio of 34.85, a price-to-earnings-growth ratio of 2.30 and a beta of 0.67. Arthur J. Gallagher & Co. has a fifty-two week low of $147.32 and a fifty-two week high of $191.99.

Arthur J. Gallagher & Co. (NYSE:AJGGet Rating) last issued its quarterly earnings results on Thursday, July 28th. The financial services provider reported $1.70 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.02. The company had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $2.04 billion. Arthur J. Gallagher & Co. had a return on equity of 16.62% and a net margin of 12.31%. Arthur J. Gallagher & Co.’s revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.17 EPS. As a group, analysts forecast that Arthur J. Gallagher & Co. will post 7.78 EPS for the current year.

Arthur J. Gallagher & Co. Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Friday, September 2nd were issued a $0.51 dividend. The ex-dividend date of this dividend was Thursday, September 1st. This represents a $2.04 annualized dividend and a yield of 1.18%. Arthur J. Gallagher & Co.’s dividend payout ratio (DPR) is presently 41.21%.

Insider Activity

In other news, Director David S. Johnson sold 1,000 shares of the business’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $190.14, for a total transaction of $190,140.00. Following the completion of the sale, the director now directly owns 47,508 shares of the company’s stock, valued at approximately $9,033,171.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director David S. Johnson sold 1,000 shares of the business’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $190.14, for a total transaction of $190,140.00. Following the completion of the sale, the director now directly owns 47,508 shares of the company’s stock, valued at approximately $9,033,171.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Douglas K. Howell sold 6,000 shares of the business’s stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $190.32, for a total transaction of $1,141,920.00. Following the sale, the chief financial officer now directly owns 88,123 shares of the company’s stock, valued at $16,771,569.36. The disclosure for this sale can be found here. Insiders sold 31,683 shares of company stock valued at $5,901,941 in the last ninety days. Company insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on AJG. Jefferies Financial Group reduced their price target on shares of Arthur J. Gallagher & Co. from $211.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, July 12th. Raymond James lifted their price target on shares of Arthur J. Gallagher & Co. from $195.00 to $205.00 and gave the company a “strong-buy” rating in a research report on Monday, August 1st. Evercore ISI set a $195.00 price target on shares of Arthur J. Gallagher & Co. in a research report on Monday, June 20th. Wells Fargo & Company lifted their price target on shares of Arthur J. Gallagher & Co. from $211.00 to $212.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Royal Bank of Canada upgraded shares of Arthur J. Gallagher & Co. from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $182.00 to $185.00 in a research report on Thursday, June 16th. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $201.55.

About Arthur J. Gallagher & Co.

(Get Rating)

Arthur J. Gallagher & Co, together with its subsidiaries, provides insurance brokerage, consulting, third-party claims settlement, and administration services in the United States, Australia, Bermuda, Canada, the Caribbean, New Zealand, India, and the United Kingdom. It operates through Brokerage and Risk Management segments.

See Also

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Institutional Ownership by Quarter for Arthur J. Gallagher & Co. (NYSE:AJG)

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