Allstate Investment Management Co. Purchases Shares of 5,880 Arthur J. Gallagher & Co. (NYSE:AJG)

Posted by Defense World Staff on Jun 13th, 2023

Allstate Investment Management Co. bought a new position in Arthur J. Gallagher & Co. (NYSE:AJG – Get Rating) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 5,880 shares of the financial services provider’s stock, valued at approximately $1,109,000.

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Arthur J. Gallagher & Co. by 1.0% in the third quarter. Vanguard Group Inc. now owns 25,783,678 shares of the financial services provider’s stock worth $4,414,680,000 after purchasing an additional 266,711 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Arthur J. Gallagher & Co. by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 4,534,836 shares of the financial services provider’s stock worth $853,932,000 after purchasing an additional 66,186 shares during the last quarter. WCM Investment Management LLC grew its position in Arthur J. Gallagher & Co. by 5.6% in the fourth quarter. WCM Investment Management LLC now owns 2,688,886 shares of the financial services provider’s stock worth $506,963,000 after acquiring an additional 141,783 shares in the last quarter. Bank of New York Mellon Corp grew its position in Arthur J. Gallagher & Co. by 3.7% in the third quarter. Bank of New York Mellon Corp now owns 1,876,042 shares of the financial services provider’s stock worth $321,216,000 after acquiring an additional 66,267 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Arthur J. Gallagher & Co. by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,873,530 shares of the financial services provider’s stock worth $346,227,000 after acquiring an additional 16,245 shares in the last quarter. 82.07% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on AJG. Piper Sandler lifted their price target on Arthur J. Gallagher & Co. from $215.00 to $220.00 in a research report on Friday, April 28th. VNET Group reiterated a “maintains” rating on shares of Arthur J. Gallagher & Co. in a research report on Tuesday, May 23rd. Royal Bank of Canada upped their target price on Arthur J. Gallagher & Co. from $225.00 to $230.00 in a research note on Friday, April 28th. Citigroup upped their target price on Arthur J. Gallagher & Co. from $228.00 to $232.00 in a research note on Tuesday, April 18th. Finally, Argus upped their target price on Arthur J. Gallagher & Co. from $228.00 to $232.00 in a research note on Monday, May 1st. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $217.71.

Arthur J. Gallagher & Co. Stock Up 0.7 %

Arthur J. Gallagher & Co. stock opened at $208.33 on Tuesday. The business has a fifty day moving average of $206.93 and a two-hundred day moving average of $196.33. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.61. The firm has a market cap of $44.63 billion, a P/E ratio of 38.65, a P/E/G ratio of 2.25 and a beta of 0.70. Arthur J. Gallagher & Co. has a twelve month low of $148.24 and a twelve month high of $219.23.

Arthur J. Gallagher & Co. (NYSE:AJG – Get Rating) last posted its earnings results on Thursday, April 27th. The financial services provider reported $3.03 earnings per share for the quarter, topping analysts’ consensus estimates of $3.00 by $0.03. The company had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.67 billion. Arthur J. Gallagher & Co. had a return on equity of 18.86% and a net margin of 13.22%. On average, analysts forecast that Arthur J. Gallagher & Co. will post 8.71 earnings per share for the current fiscal year.

Arthur J. Gallagher & Co. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 16th. Shareholders of record on Friday, June 2nd will be issued a dividend of $0.55 per share. The ex-dividend date of this dividend is Thursday, June 1st. This represents a $2.20 dividend on an annualized basis and a yield of 1.06%. Arthur J. Gallagher & Co.’s dividend payout ratio is currently 40.82%.

Insider Activity

In other news, Director Kay W. Mccurdy sold 1,500 shares of the stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $211.78, for a total transaction of $317,670.00. Following the completion of the sale, the director now owns 29,591 shares in the company, valued at approximately $6,266,781.98. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Douglas K. Howell sold 2,850 shares of the stock in a transaction on Friday, March 17th. The stock was sold at an average price of $180.98, for a total transaction of $515,793.00. Following the completion of the sale, the chief financial officer now owns 90,715 shares in the company, valued at approximately $16,417,600.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kay W. Mccurdy sold 1,500 shares of the stock in a transaction on Wednesday, May 3rd. The shares were sold at an average price of $211.78, for a total value of $317,670.00. Following the sale, the director now owns 29,591 shares of the company’s stock, valued at approximately $6,266,781.98. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,353 shares of company stock worth $21,732,748. Insiders own 1.40% of the company’s stock.

Arthur J. Gallagher & Co. Profile

(Get Rating)

Arthur J. Gallagher & Co engages in the provision of insurance brokerage, consulting, and third-party claims settlement and administration services. It operates through the following business segments: Brokerage, Risk Management, and Corporate. The Brokerage segment consists of retail and wholesale insurance brokerage operations.

Institutional Ownership by Quarter for Arthur J. Gallagher & Co. (NYSE:AJG)

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