Cornerstone Advisors LLC Sells 4,000 Shares of Arthur J. Gallagher & Co. (NYSE:AJG)

Cornerstone Advisors LLC trimmed its position in shares of Arthur J. Gallagher & Co. (NYSE:AJG) by 26.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,000 shares of the financial services provider’s stock after selling 4,000 shares during the period. Cornerstone Advisors LLC’s holdings in Arthur J. Gallagher & Co. were worth $2,852,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in AJG. Creekmur Asset Management LLC acquired a new position in Arthur J. Gallagher & Co. during the first quarter worth about $27,000. DiNuzzo Private Wealth Inc. lifted its stake in shares of Arthur J. Gallagher & Co. by 89.7% in the 2nd quarter. DiNuzzo Private Wealth Inc. now owns 110 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 52 shares during the last quarter. Y.D. More Investments Ltd bought a new position in Arthur J. Gallagher & Co. in the second quarter valued at about $30,000. Richardson Financial Services Inc. acquired a new stake in shares of Arthur J. Gallagher & Co. during the fourth quarter valued at about $27,000. Finally, Transcendent Capital Group LLC acquired a new stake in Arthur J. Gallagher & Co. during the 4th quarter worth approximately $31,000. 85.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on AJG shares. Keefe, Bruyette & Woods lifted their price target on shares of Arthur J. Gallagher & Co. from $241.00 to $252.00 and gave the stock an “underperform” rating in a report on Friday, July 26th. Bank of America increased their price objective on Arthur J. Gallagher & Co. from $233.00 to $255.00 and gave the company an “underperform” rating in a report on Wednesday, May 22nd. Truist Financial increased their price objective on Arthur J. Gallagher & Co. from $255.00 to $265.00 and gave the company a “hold” rating in a report on Friday, July 26th. Bank Of America (Bofa) increased their price target on Arthur J. Gallagher & Co. from $255.00 to $265.00 and gave the stock an “underperform” rating in a report on Friday, July 26th. Finally, Jefferies Financial Group increased their price target on Arthur J. Gallagher & Co. from $264.00 to $267.00 in a report on Friday, July 26th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $276.82.

Insiders Place Their Bets

In related news, President Michael Robert Pesch sold 7,100 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $296.20, for a total transaction of $2,103,020.00. Following the completion of the transaction, the president now directly owns 33,267 shares in the company, valued at approximately $9,853,685.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Douglas K. Howell sold 8,710 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $285.07, for a total transaction of $2,482,959.70. Following the sale, the chief financial officer now owns 75,963 shares of the company’s stock, valued at $21,654,772.41. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Michael Robert Pesch sold 7,100 shares of the company’s stock in a transaction dated 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 sale, the president now owns 33,267 shares in the company, valued at $9,853,685.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,145 shares of company stock worth $10,629,900. Company insiders own 1.60% of the company’s stock.

Arthur J. Gallagher & Co. Trading Up 0.7 %

Shares of AJG opened at $299.55 on Tuesday. Arthur J. Gallagher & Co. has a 1-year low of $218.63 and a 1-year high of $301.04. The firm has a market capitalization of $65.45 billion, a price-to-earnings ratio of 60.64, a PEG ratio of 2.47 and a beta of 0.72. The firm’s 50-day moving average price is $284.04 and its 200-day moving average price is $261.78. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.67.

Arthur J. Gallagher & Co. (NYSE:AJG) last released its earnings results on Thursday, July 25th. The financial services provider reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.24 by $0.02. The firm had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.77 billion. Arthur J. Gallagher & Co. had a net margin of 10.41% and a return on equity of 19.25%. The business’s revenue was up 14.3% on a year-over-year basis. During the same period last year, the business earned $1.90 earnings per share. Sell-side analysts anticipate that Arthur J. Gallagher & Co. will post 10.16 EPS for the current year.

Arthur J. Gallagher & Co. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $2.40 dividend on an annualized basis and a yield of 0.80%. Arthur J. Gallagher & Co.’s dividend payout ratio (DPR) is 48.58%.

Arthur J. Gallagher & Co. 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 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.