Payden & Rygel Sells 60,400 Shares of Arthur J. Gallagher & Co. (NYSE:AJG)

by · The Cerbat Gem

Payden & Rygel decreased its stake in shares of Arthur J. Gallagher & Co. (NYSE:AJG – Free Report) by 41.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,600 shares of the financial services provider’s stock after selling 60,400 shares during the period. Arthur J. Gallagher & Co. makes up about 1.8% of Payden & Rygel’s investment portfolio, making the stock its 12th largest holding. Payden & Rygel’s holdings in Arthur J. Gallagher & Co. were worth $23,804,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AJG. Lake Street Advisors Group LLC acquired a new position in shares of Arthur J. Gallagher & Co. during the 1st quarter worth about $252,000. Pitcairn Co. increased its stake in shares of Arthur J. Gallagher & Co. by 12.5% during the 1st quarter. Pitcairn Co. now owns 2,346 shares of the financial services provider’s stock worth $587,000 after purchasing an additional 261 shares during the last quarter. CreativeOne Wealth LLC grew its stake in Arthur J. Gallagher & Co. by 24.2% in the 1st quarter. CreativeOne Wealth LLC now owns 2,323 shares of the financial services provider’s stock valued at $581,000 after buying an additional 453 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in Arthur J. Gallagher & Co. in the 1st quarter valued at about $231,000. Finally, Axxcess Wealth Management LLC grew its stake in Arthur J. Gallagher & Co. by 4.3% in the 1st quarter. Axxcess Wealth Management LLC now owns 5,400 shares of the financial services provider’s stock valued at $1,350,000 after buying an additional 221 shares during the last quarter. 85.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Truist Financial upped their price target on shares of Arthur J. Gallagher & Co. from $265.00 to $275.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Jefferies Financial Group upped their price target on shares of Arthur J. Gallagher & Co. from $269.00 to $274.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Bank of America upped their price target on shares of Arthur J. Gallagher & Co. from $271.00 to $293.00 and gave the company an “underperform” rating in a research note on Thursday, October 10th. The Goldman Sachs Group upped their price target on shares of Arthur J. Gallagher & Co. from $272.00 to $286.00 in a research note on Friday, July 26th. Finally, Bank Of America (Bofa) boosted their price objective on shares of Arthur J. Gallagher & Co. from $255.00 to $265.00 and gave the company an “underperform” rating in a report on Friday, July 26th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $289.14.

Check Out Our Latest Stock Report on Arthur J. Gallagher & Co.

Insider Transactions at Arthur J. Gallagher & Co.

In other news, President Michael Robert Pesch sold 7,100 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $296.20, for a total transaction of $2,103,020.00. Following the completion of the sale, the president now directly owns 33,267 shares in the company, valued at $9,853,685.40. This represents a 17.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Christopher E. Mead sold 2,800 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $287.00, for a total transaction of $803,600.00. Following the sale, the vice president now owns 14,674 shares of the company’s stock, valued at approximately $4,211,438. This trade represents a 16.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,900 shares of company stock worth $6,892,280 over the last three months. 1.60% of the stock is owned by company insiders.

Arthur J. Gallagher & Co. Price Performance

AJG stock traded up $0.16 during trading on Wednesday, reaching $292.65. 79,488 shares of the company were exchanged, compared to its average volume of 841,354. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.06 and a quick ratio of 1.06. Arthur J. Gallagher & Co. has a twelve month low of $218.63 and a twelve month high of $301.04. The company has a 50-day moving average of $288.25 and a two-hundred day moving average of $275.98. The company has a market capitalization of $64.21 billion, a price-to-earnings ratio of 55.68, a P/E/G ratio of 2.51 and a beta of 0.72.

Arthur J. Gallagher & Co. (NYSE:AJG – Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $2.26 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.26. Arthur J. Gallagher & Co. had a net margin of 10.40% and a return on equity of 19.12%. The firm had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.78 billion. During the same period in the prior year, the company posted $2.00 EPS. The company’s revenue was up 12.8% on a year-over-year basis. As a group, equities analysts predict that Arthur J. Gallagher & Co. will post 10.11 earnings per share for the current fiscal year.

Arthur J. Gallagher & Co. Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.82%. The ex-dividend date is Friday, December 6th. Arthur J. Gallagher & Co.’s dividend payout ratio (DPR) is presently 45.71%.

Arthur J. Gallagher & Co. Company Profile

(Free Report)

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.

Further Reading

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