Arthur J. Gallagher & Co. $AJG Shares Acquired by Synovus Financial Corp

Synovus Financial Corp increased its stake in shares of Arthur J. Gallagher & Co. (NYSE:AJG) by 32.9% during the third quarter, Holdings Channel reports. The institutional investor owned 12,700 shares of the financial services provider’s stock after acquiring an additional 3,144 shares during the period. Synovus Financial Corp’s holdings in Arthur J. Gallagher & Co. were worth $3,934,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Arthur J. Gallagher & Co. by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 31,096,542 shares of the financial services provider’s stock valued at $9,954,625,000 after acquiring an additional 685,278 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Arthur J. Gallagher & Co. by 19.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 20,338,533 shares of the financial services provider’s stock valued at $6,299,674,000 after purchasing an additional 3,330,205 shares in the last quarter. State Street Corp boosted its stake in shares of Arthur J. Gallagher & Co. by 1.1% during the 2nd quarter. State Street Corp now owns 10,743,493 shares of the financial services provider’s stock worth $3,439,207,000 after purchasing an additional 117,646 shares during the last quarter. Norges Bank acquired a new position in shares of Arthur J. Gallagher & Co. in the second quarter valued at approximately $1,536,230,000. Finally, Principal Financial Group Inc. lifted its stake in shares of Arthur J. Gallagher & Co. by 26.1% during the third quarter. Principal Financial Group Inc. now owns 2,866,786 shares of the financial services provider’s stock valued at $887,976,000 after buying an additional 593,483 shares during the period. 85.53% of the stock is owned by institutional investors and hedge funds.

Arthur J. Gallagher & Co. Price Performance

Shares of NYSE:AJG opened at $216.54 on Friday. The firm has a market cap of $55.67 billion, a PE ratio of 35.21, a price-to-earnings-growth ratio of 1.18 and a beta of 0.66. Arthur J. Gallagher & Co. has a 52 week low of $195.00 and a 52 week high of $351.23. The firm’s fifty day moving average is $246.39 and its 200-day moving average is $268.33. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.06 and a current ratio of 1.06.

Arthur J. Gallagher & Co. (NYSE:AJG) last announced its earnings results on Thursday, January 29th. The financial services provider reported $2.38 EPS for the quarter, topping the consensus estimate of $2.35 by $0.03. The firm had revenue of $3.57 billion for the quarter, compared to the consensus estimate of $3.61 billion. Arthur J. Gallagher & Co. had a return on equity of 12.13% and a net margin of 11.84%.The business’s quarterly revenue was up 33.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.12 EPS. Sell-side analysts predict that Arthur J. Gallagher & Co. will post 11.54 earnings per share for the current year.

Arthur J. Gallagher & Co. Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 1.3%. The ex-dividend date is Friday, March 6th. This is a positive change from Arthur J. Gallagher & Co.’s previous quarterly dividend of $0.65. Arthur J. Gallagher & Co.’s dividend payout ratio (DPR) is 42.28%.

Insider Transactions at Arthur J. Gallagher & Co.

In other Arthur J. Gallagher & Co. news, CFO Douglas K. Howell sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $258.05, for a total value of $1,290,250.00. Following the transaction, the chief financial officer directly owned 95,777 shares of the company’s stock, valued at approximately $24,715,254.85. The trade was a 4.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Walter D. Bay sold 15,850 shares of the business’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $255.00, for a total transaction of $4,041,750.00. Following the transaction, the general counsel owned 79,549 shares in the company, valued at $20,284,995. The trade was a 16.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 24,850 shares of company stock worth $6,364,440. Company insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on AJG. Jefferies Financial Group lowered their price target on Arthur J. Gallagher & Co. from $283.00 to $280.00 and set a “hold” rating for the company in a report on Monday, February 2nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Arthur J. Gallagher & Co. in a research report on Monday, December 29th. Cantor Fitzgerald reissued a “neutral” rating on shares of Arthur J. Gallagher & Co. in a research note on Friday, January 30th. Truist Financial set a $271.00 target price on Arthur J. Gallagher & Co. in a research report on Friday, January 30th. Finally, Needham & Company LLC set a $272.00 price target on Arthur J. Gallagher & Co. in a research report on Thursday, December 18th. Six equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $284.12.

Arthur J. Gallagher & Co. Profile

Arthur J. Gallagher & Co is a global insurance brokerage and risk management firm headquartered in Rolling Meadows, Illinois. Founded in 1927 by Arthur J. Gallagher, the company has grown from a regional broker into an international professional services organization that arranges insurance, provides consulting and designs risk-transfer solutions for commercial, industrial, public sector and individual clients.

The company’s core activities include property and casualty insurance brokerage, employee benefits consulting and administration, and a range of risk management services.