Penobscot Investment Management Company Inc. Has $773,000 Stock Position in Arthur J. Gallagher & Co. (NYSE:AJG)

Penobscot Investment Management Company Inc. grew its stake in shares of Arthur J. Gallagher & Co. (NYSE:AJG) by 12.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,520 shares of the financial services provider’s stock after acquiring an additional 390 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Arthur J. Gallagher & Co. were worth $773,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in AJG. WealthPlan Investment Management LLC bought a new stake in Arthur J. Gallagher & Co. in the 1st quarter valued at $28,000. Compagnie Lombard Odier SCmA acquired a new position in shares of Arthur J. Gallagher & Co. in the first quarter valued at about $29,000. ZRC Wealth Management LLC bought a new position in Arthur J. Gallagher & Co. during the first quarter worth about $29,000. Larson Financial Group LLC boosted its holdings in Arthur J. Gallagher & Co. by 89.9% in the 2nd quarter. Larson Financial Group LLC now owns 131 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 62 shares during the period. Finally, Milestone Investment Advisors LLC bought a new position in shares of Arthur J. Gallagher & Co. during the first quarter worth approximately $38,000. Institutional investors own 81.15% of the company’s stock.

Arthur J. Gallagher & Co. Trading Down 1.4 %

Shares of AJG opened at $240.71 on Thursday. The firm has a market cap of $51.97 billion, a P/E ratio of 46.11, a price-to-earnings-growth ratio of 2.13 and a beta of 0.69. Arthur J. Gallagher & Co. has a fifty-two week low of $174.45 and a fifty-two week high of $249.35. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.04 and a current ratio of 1.04. The business has a 50-day moving average of $234.12 and a 200 day moving average of $222.41.

Arthur J. Gallagher & Co. (NYSE:AJG) last posted its quarterly earnings results on Thursday, October 26th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.06. The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.43 billion. Arthur J. Gallagher & Co. had a net margin of 11.76% and a return on equity of 18.46%. The company’s quarterly revenue was up 21.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.72 earnings per share. As a group, research analysts forecast that Arthur J. Gallagher & Co. will post 8.79 EPS for the current year.

Arthur J. Gallagher & Co. Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend is Thursday, November 30th. Arthur J. Gallagher & Co.’s payout ratio is currently 42.15%.

Insider Activity at Arthur J. Gallagher & Co.

In other Arthur J. Gallagher & Co. news, CFO Douglas K. Howell sold 30,000 shares of the firm’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $225.99, for a total value of $6,779,700.00. Following the completion of the transaction, the chief financial officer now owns 164,371 shares in the company, valued at approximately $37,146,202.29. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Arthur J. Gallagher & Co. news, VP William F. Ziebell sold 20,067 shares of the firm’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $241.22, for a total value of $4,840,561.74. Following the sale, the vice president now owns 35,228 shares of the company’s stock, valued at approximately $8,497,698.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Douglas K. Howell sold 30,000 shares of the business’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $225.99, for a total value of $6,779,700.00. Following the transaction, the chief financial officer now directly owns 164,371 shares of the company’s stock, valued at approximately $37,146,202.29. The disclosure for this sale can be found here. In the last three months, insiders have sold 96,926 shares of company stock worth $22,505,073. 1.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AJG shares. Argus increased their price objective on shares of Arthur J. Gallagher & Co. from $232.00 to $264.00 and gave the stock a “buy” rating in a research note on Wednesday, August 30th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Arthur J. Gallagher & Co. in a research report on Wednesday, October 4th. They set a “buy” rating and a $277.00 price target on the stock. Royal Bank of Canada increased their price target on Arthur J. Gallagher & Co. from $240.00 to $255.00 and gave the stock an “outperform” rating in a report on Thursday, September 14th. Raymond James upped their target price on shares of Arthur J. Gallagher & Co. from $255.00 to $265.00 and gave the stock a “strong-buy” rating in a report on Monday, September 18th. Finally, Wells Fargo & Company raised their price objective on Arthur J. Gallagher & Co. from $237.00 to $261.00 and gave the company an “overweight” rating in a research note on Tuesday, October 17th. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $243.71.

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 businesses and organizations 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.