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Welch & Forbes LLC Purchases 1,777 Shares of Arthur J. Gallagher & Co. (NYSE:AJG)

Financial News Live · Oct 1, 2022 13:12

Welch & Forbes LLC grew its position in shares of Arthur J. Gallagher & Co. (NYSE:AJG – Get Rating) by 0.6% in the 2nd quarter, HoldingsChannel reports. The fund owned 296,240 shares of the financial services provider's stock after buying an additional 1,777 shares during the period. Welch & Forbes LLC's holdings in Arthur J. Gallagher & Co. were worth $48,300,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Wealthfront Advisers LLC increased its holdings in shares of Arthur J. Gallagher & Co. by 23.6% during the second quarter. Wealthfront Advisers LLC now owns 23,129 shares of the financial services provider's stock valued at $3,771,000 after acquiring an additional 4,423 shares in the last quarter. Trust Co. of Vermont bought a new stake in Arthur J. Gallagher & Co. during the second quarter worth $157,000. Segment Wealth Management LLC grew its holdings in Arthur J. Gallagher & Co. by 6.8% during the second quarter. Segment Wealth Management LLC now owns 29,034 shares of the financial services provider's stock worth $4,734,000 after buying an additional 1,839 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in Arthur J. Gallagher & Co. by 0.9% during the second quarter. Commonwealth Equity Services LLC now owns 17,718 shares of the financial services provider's stock worth $2,888,000 after buying an additional 162 shares in the last quarter. Finally, Toews Corp ADV grew its holdings in Arthur J. Gallagher & Co. by 191.7% during the second quarter. Toews Corp ADV now owns 7,000 shares of the financial services provider's stock worth $1,141,000 after buying an additional 4,600 shares in the last quarter. Institutional investors own 81.22% of the company's stock.

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Arthur J. Gallagher & Co. Stock Performance

Shares of NYSE AJG traded up $0.08 during trading on Friday, reaching $171.22. 1,835,318 shares of the stock traded hands, compared to its average volume of 1,011,125. Arthur J. Gallagher & Co. has a 52-week low of $147.32 and a 52-week high of $191.99. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.05 and a quick ratio of 1.05. The company has a 50-day moving average of $181.03 and a 200-day moving average of $171.37. The stock has a market capitalization of $36.01 billion, a P/E ratio of 34.59, a price-to-earnings-growth ratio of 2.16 and a beta of 0.67.

Arthur J. Gallagher & Co. (NYSE:AJG – Get Rating) last issued its quarterly earnings data on Thursday, July 28th. The financial services provider reported $1.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.68 by $0.02. The business had revenue of $2.04 billion for the quarter, compared to analysts' expectations of $2.04 billion. Arthur J. Gallagher & Co. had a return on equity of 16.62% and a net margin of 12.31%. The firm's quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.17 EPS. Analysts forecast that Arthur J. Gallagher & Co. will post 7.73 EPS for the current fiscal year.

Arthur J. Gallagher & Co. Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Friday, September 2nd were issued a dividend of $0.51 per share. The ex-dividend date of this dividend was Thursday, September 1st. This represents a $2.04 dividend on an annualized basis and a yield of 1.19%. Arthur J. Gallagher & Co.'s dividend payout ratio (DPR) is 41.21%.

Analysts Set New Price Targets

Several brokerages recently issued reports on AJG. Piper Sandler downgraded Arthur J. Gallagher & Co. from an "overweight" rating to a "neutral" rating and set a $195.00 price target for the company. in a report on Wednesday, September 21st. Morgan Stanley upped their price objective on Arthur J. Gallagher & Co. from $162.00 to $215.00 and gave the company an "equal weight" rating in a research note on Friday, August 19th. Argus initiated coverage on Arthur J. Gallagher & Co. in a research note on Friday, August 26th. They issued a "buy" rating and a $215.00 price objective for the company. Wells Fargo & Company upped their price objective on Arthur J. Gallagher & Co. from $211.00 to $212.00 and gave the company an "overweight" rating in a research note on Wednesday, September 21st. Finally, Evercore ISI set a $195.00 price objective on Arthur J. Gallagher & Co. in a research note on Monday, June 20th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $201.55.

Insider Buying and Selling

In related news, Director David S. Johnson sold 1,000 shares of the stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $190.14, for a total transaction of $190,140.00. Following the sale, the director now owns 47,508 shares of the company's stock, valued at approximately $9,033,171.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Arthur J. Gallagher & Co. news, Director David S. Johnson sold 1,000 shares of the company's stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $190.14, for a total value of $190,140.00. Following the transaction, the director now directly owns 47,508 shares in the company, valued at approximately $9,033,171.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Douglas K. Howell sold 6,000 shares of the company's stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $190.32, for a total value of $1,141,920.00. Following the completion of the transaction, the chief financial officer now owns 88,123 shares in the company, valued at $16,771,569.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 31,683 shares of company stock valued at $5,901,941. Corporate insiders own 1.40% of the company's stock.

Arthur J. Gallagher & Co. Company Profile

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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.