Arthur J. Gallagher & Co. (NYSE:AJG – Get Free Report) posted its quarterly earnings results on Thursday. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.86 by $0.04, Briefing.com reports. Arthur J. Gallagher & Co. had a return on equity of 18.86% and a net margin of 13.22%. The firm had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter last year, the firm earned $1.70 earnings per share. The business’s revenue for the quarter was up 19.5% on a year-over-year basis.
Arthur J. Gallagher & Co. Price Performance
NYSE:AJG traded down $0.93 during trading hours on Friday, reaching $216.22. 1,040,145 shares of the company’s stock were exchanged, compared to its average volume of 885,578. The company has a market capitalization of $46.33 billion, a P/E ratio of 40.71, a price-to-earnings-growth ratio of 2.32 and a beta of 0.71. Arthur J. Gallagher & Co. has a 12 month low of $167.93 and a 12 month high of $221.92. 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 business’s 50-day simple moving average is $211.82 and its two-hundred day simple moving average is $201.54.
Arthur J. Gallagher & Co. Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date of this dividend is Thursday, August 31st. Arthur J. Gallagher & Co.’s payout ratio is 40.82%.
Analyst Ratings Changes
Several equities research analysts have issued reports on the company. Wells Fargo & Company raised their target price on Arthur J. Gallagher & Co. from $233.00 to $237.00 in a research note on Friday. Piper Sandler boosted their price target on Arthur J. Gallagher & Co. from $215.00 to $220.00 in a research note on Friday, April 28th. StockNews.com initiated coverage on Arthur J. Gallagher & Co. in a report on Thursday, May 18th. They set a “hold” rating for the company. VNET Group reaffirmed a “maintains” rating on shares of Arthur J. Gallagher & Co. in a research report on Tuesday, May 23rd. Finally, Jefferies Financial Group increased their price objective on shares of Arthur J. Gallagher & Co. from $238.00 to $245.00 in a research note on Friday, June 16th. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $228.31.
Insider Buying and Selling
In related news, Director Kay W. Mccurdy sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were 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 directly owns 29,591 shares in the company, valued at $6,266,781.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, VP Joel D. Cavaness sold 33,300 shares of the business’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $210.57, for a total transaction of $7,011,981.00. Following the transaction, the vice president now owns 135,178 shares in the company, valued at approximately $28,464,431.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Kay W. Mccurdy sold 1,500 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 29,591 shares of the company’s stock, valued at $6,266,781.98. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,503 shares of company stock worth $21,433,355. Corporate insiders own 1.60% of the company’s stock.
Hedge Funds Weigh In On Arthur J. Gallagher & Co.
Institutional investors have recently modified their holdings of the stock. Milestone Investment Advisors LLC bought a new stake in Arthur J. Gallagher & Co. in the first quarter valued at approximately $38,000. Clear Street Markets LLC boosted its holdings in Arthur J. Gallagher & Co. by 21,100.0% during the fourth quarter. Clear Street Markets LLC now owns 212 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 211 shares during the last quarter. Fred Alger Management LLC acquired a new position in Arthur J. Gallagher & Co. during the fourth quarter worth $41,000. Dark Forest Capital Management LP boosted its holdings in Arthur J. Gallagher & Co. by 1,413.0% during the first quarter. Dark Forest Capital Management LP now owns 348 shares of the financial services provider’s stock worth $67,000 after purchasing an additional 325 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in Arthur J. Gallagher & Co. by 62.0% during the first quarter. Covestor Ltd now owns 499 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 191 shares during the last quarter. 85.55% of the stock is owned by institutional investors.
Arthur J. Gallagher & Co. Company Profile
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 businesses and organizations 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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