PNC Financial Services Group Inc. Buys 576 Shares of Arthur J. Gallagher & Co. (NYSE:AJG)

PNC Financial Services Group Inc. increased its position in Arthur J. Gallagher & Co. (NYSE:AJG) by 1.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,686 shares of the financial services provider’s stock after buying an additional 576 shares during the period. PNC Financial Services Group Inc.’s holdings in Arthur J. Gallagher & Co. were worth $12,972,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AJG. Norges Bank bought a new stake in Arthur J. Gallagher & Co. in the fourth quarter worth $1,308,316,000. Brown Advisory Inc. lifted its holdings in shares of Arthur J. Gallagher & Co. by 1,210.9% in the 4th quarter. Brown Advisory Inc. now owns 1,383,480 shares of the financial services provider’s stock valued at $311,117,000 after acquiring an additional 1,277,945 shares during the last quarter. FMR LLC grew its position in Arthur J. Gallagher & Co. by 8.1% in the third quarter. FMR LLC now owns 9,664,117 shares of the financial services provider’s stock worth $2,202,742,000 after acquiring an additional 726,485 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich raised its position in Arthur J. Gallagher & Co. by 36,168.9% during the third quarter. Bank Julius Baer & Co. Ltd Zurich now owns 357,974 shares of the financial services provider’s stock valued at $81,593,000 after purchasing an additional 356,987 shares during the period. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Arthur J. Gallagher & Co. by 26.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,289,340 shares of the financial services provider’s stock valued at $293,879,000 after purchasing an additional 271,225 shares during the last quarter. 85.53% of the stock is owned by institutional investors.

Arthur J. Gallagher & Co. Trading Down 0.1 %

NYSE AJG opened at $257.65 on Thursday. Arthur J. Gallagher & Co. has a 1 year low of $198.52 and a 1 year high of $259.35. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $56.30 billion, a PE ratio of 52.16, a P/E/G ratio of 2.39 and a beta of 0.69. The company has a fifty day moving average of $244.64 and a 200 day moving average of $240.69.

Arthur J. Gallagher & Co. (NYSE:AJG) last posted its earnings results on Thursday, April 25th. The financial services provider reported $3.49 EPS for the quarter, topping the consensus estimate of $3.41 by $0.08. Arthur J. Gallagher & Co. had a return on equity of 18.94% and a net margin of 10.27%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.18 billion. Arthur J. Gallagher & Co.’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period last year, the company earned $3.03 earnings per share. Research analysts forecast that Arthur J. Gallagher & Co. will post 10.08 earnings per share for the current year.

Arthur J. Gallagher & Co. Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Stockholders of record on Friday, June 7th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.93%. The ex-dividend date is Friday, June 7th. Arthur J. Gallagher & Co.’s payout ratio is currently 48.58%.

Wall Street Analyst Weigh In

Several research analysts have commented on AJG shares. Argus lifted their price objective on shares of Arthur J. Gallagher & Co. from $264.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, May 14th. Piper Sandler reduced their price objective on shares of Arthur J. Gallagher & Co. from $253.00 to $252.00 and set a “neutral” rating on the stock in a research report on Monday, April 29th. Keefe, Bruyette & Woods dropped their target price on Arthur J. Gallagher & Co. from $246.00 to $240.00 and set an “underperform” rating for the company in a research report on Wednesday, April 10th. Truist Financial reiterated a “hold” rating and issued a $255.00 price target (down from $280.00) on shares of Arthur J. Gallagher & Co. in a report on Wednesday, April 10th. Finally, Bank of America lifted their target price on Arthur J. Gallagher & Co. from $233.00 to $255.00 and gave the stock an “underperform” rating in a research report on Wednesday. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $255.71.

Insider Activity at Arthur J. Gallagher & Co.

In other news, VP Scott R. Hudson sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $255.06, for a total transaction of $3,825,900.00. Following the transaction, the vice president now owns 96,709 shares in the company, valued at approximately $24,666,597.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, General Counsel Walter D. Bay sold 800 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $257.24, for a total value of $205,792.00. Following the transaction, the general counsel now directly owns 44,691 shares in the company, valued at $11,496,312.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Scott R. Hudson sold 15,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $255.06, for a total value of $3,825,900.00. Following the completion of the transaction, the vice president now directly owns 96,709 shares in the company, valued at approximately $24,666,597.54. The disclosure for this sale can be found here. Insiders sold a total of 50,219 shares of company stock worth $12,727,781 in the last 90 days. Corporate 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.