NewEdge Wealth LLC Sells 2,196 Shares of Arthur J. Gallagher & Co. $AJG

NewEdge Wealth LLC cut its holdings in Arthur J. Gallagher & Co. (NYSE:AJG) by 55.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,784 shares of the financial services provider’s stock after selling 2,196 shares during the period. NewEdge Wealth LLC’s holdings in Arthur J. Gallagher & Co. were worth $386,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in AJG. Ritholtz Wealth Management increased its holdings in Arthur J. Gallagher & Co. by 0.4% in the fourth quarter. Ritholtz Wealth Management now owns 10,061 shares of the financial services provider’s stock worth $2,604,000 after purchasing an additional 45 shares in the last quarter. CYBER HORNET ETFs LLC boosted its stake in Arthur J. Gallagher & Co. by 7.8% during the fourth quarter. CYBER HORNET ETFs LLC now owns 634 shares of the financial services provider’s stock worth $164,000 after acquiring an additional 46 shares in the last quarter. SC&H Financial Advisors Inc. grew its holdings in Arthur J. Gallagher & Co. by 5.8% in the fourth quarter. SC&H Financial Advisors Inc. now owns 862 shares of the financial services provider’s stock worth $223,000 after purchasing an additional 47 shares during the period. Allen Capital Group LLC raised its holdings in shares of Arthur J. Gallagher & Co. by 2.5% during the fourth quarter. Allen Capital Group LLC now owns 1,895 shares of the financial services provider’s stock valued at $490,000 after purchasing an additional 47 shares during the period. Finally, Manhattan West Asset Management LLC boosted its position in shares of Arthur J. Gallagher & Co. by 0.7% during the 4th quarter. Manhattan West Asset Management LLC now owns 6,870 shares of the financial services provider’s stock worth $1,778,000 after purchasing an additional 49 shares in the last quarter. Institutional investors and hedge funds own 85.53% of the company’s stock.

Arthur J. Gallagher & Co. Stock Performance

Shares of Arthur J. Gallagher & Co. stock opened at $268.92 on Thursday. Arthur J. Gallagher & Co. has a 52 week low of $190.75 and a 52 week high of $313.55. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. The business has a 50 day moving average price of $229.80 and a 200-day moving average price of $224.96. The company has a market cap of $69.09 billion, a PE ratio of 43.51, a price-to-earnings-growth ratio of 1.37 and a beta of 0.50.

Arthur J. Gallagher & Co. (NYSE:AJG) last announced its earnings results on Thursday, April 30th. The financial services provider reported $4.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.43 by $0.04. The company had revenue of $4.71 billion for the quarter, compared to analysts’ expectations of $4.73 billion. Arthur J. Gallagher & Co. had a return on equity of 12.83% and a net margin of 10.76%.Arthur J. Gallagher & Co.’s quarterly revenue was up 29.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.67 earnings per share. Equities analysts anticipate that Arthur J. Gallagher & Co. will post 13.22 earnings per share for the current fiscal year.

Arthur J. Gallagher & Co. Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Tuesday, September 8th will be paid a $0.70 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $2.80 annualized dividend and a dividend yield of 1.0%. Arthur J. Gallagher & Co.’s dividend payout ratio is presently 45.31%.

Analyst Ratings Changes

A number of research analysts recently weighed in on AJG shares. Keefe, Bruyette & Woods upped their price target on Arthur J. Gallagher & Co. from $242.00 to $261.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 8th. Royal Bank Of Canada upped their target price on Arthur J. Gallagher & Co. from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Wells Fargo & Company increased their target price on Arthur J. Gallagher & Co. from $271.00 to $299.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Citigroup upgraded shares of Arthur J. Gallagher & Co. from a “neutral” rating to a “buy” rating and decreased their price target for the company from $280.00 to $250.00 in a research note on Wednesday, May 6th. Finally, Truist Financial dropped their price objective on shares of Arthur J. Gallagher & Co. from $235.00 to $225.00 and set a “hold” rating on the stock in a research note on Friday, May 1st. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $280.35.

Insider Activity

In other news, CAO Richard C. Cary sold 3,000 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $206.00, for a total value of $618,000.00. Following the completion of the sale, the chief accounting officer owned 47,819 shares in the company, valued at $9,850,714. This represents a 5.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.40% of the stock is currently owned by insiders.

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.