73,352 Arthur J. Gallagher & Co. $AJG Shares Bought by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its AJG stake by 645.6% in the third quarter, adding 73,352 shares and ending the period with 84,714 shares valued at about $19.6 million.
• Quarterly earnings were $3.00 per share, slightly above estimates, while revenue of $3.92 billion missed consensus; revenue nevertheless rose 19.6% year over year.
• Insiders sold 105,616 shares worth about $29.2 million over 90 days. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $292.32.

Allspring Global Investments Holdings LLC increased its holdings in Arthur J. Gallagher & Co. (NYSE:AJG - Free Report) by 645.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,714 shares of the financial services provider's stock after acquiring an additional 73,352 shares during the period. Allspring Global Investments Holdings LLC's holdings in Arthur J. Gallagher & Co. were worth $19,638,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in AJG. Parkside Financial Bank & Trust raised its stake in shares of Arthur J. Gallagher & Co. by 4.9% in the second quarter. Parkside Financial Bank & Trust now owns 811 shares of the financial services provider's stock worth $186,000 after purchasing an additional 38 shares during the last quarter. Sowell Financial Services LLC grew its holdings in Arthur J. Gallagher & Co. by 3.4% during the third quarter. Sowell Financial Services LLC now owns 1,157 shares of the financial services provider's stock worth $264,000 after buying an additional 38 shares in the last quarter. MGO One Seven LLC grew its holdings in Arthur J. Gallagher & Co. by 0.6% during the third quarter. MGO One Seven LLC now owns 6,989 shares of the financial services provider's stock worth $1,594,000 after buying an additional 39 shares in the last quarter. Conning Inc. raised its position in Arthur J. Gallagher & Co. by 4.4% in the 3rd quarter. Conning Inc. now owns 981 shares of the financial services provider's stock valued at $224,000 after buying an additional 41 shares during the last quarter. Finally, Archford Capital Strategies LLC raised its position in Arthur J. Gallagher & Co. by 2.4% in the 2nd quarter. Archford Capital Strategies LLC now owns 1,871 shares of the financial services provider's stock valued at $430,000 after buying an additional 43 shares during the last quarter. Institutional investors own 85.53% of the company's stock.

Arthur J. Gallagher & Co. Stock Performance

NYSE:AJG opened at $282.60 on Friday. The company has a market capitalization of $72.46 billion, a P/E ratio of 21.85, a P/E/G ratio of 1.59 and a beta of 0.47. The business has a fifty day simple moving average of $251.69 and a two-hundred day simple moving average of $233.96. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.05 and a quick ratio of 1.05. Arthur J. Gallagher & Co. has a 1 year low of $190.75 and a 1 year high of $294.53.

Arthur J. Gallagher & Co. (NYSE:AJG - Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The financial services provider reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.99 by $0.01. The company had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.98 billion. Arthur J. Gallagher & Co. had a return on equity of 13.90% and a net margin of 10.39%. The firm's quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.32 EPS. On average, analysts expect that Arthur J. Gallagher & Co. will post 13.13 earnings per share for the current year.

Arthur J. Gallagher & Co. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Monday, December 7th will be given a $0.70 dividend. The ex-dividend date of this dividend is Monday, December 7th. This represents a $2.80 annualized dividend and a dividend yield of 1.0%. Arthur J. Gallagher & Co.'s payout ratio is 42.81%.

Insider Activity at Arthur J. Gallagher & Co.

In other Arthur J. Gallagher & Co. news, VP William F. Ziebell sold 23,510 shares of the business's stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $286.62, for a total transaction of $6,738,436.20. Following the sale, the vice president owned 48,942 shares of the company's stock, valued at $14,027,756.04. The trade was a 32.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Christopher E. Mead sold 7,590 shares of the stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $279.72, for a total value of $2,123,074.80. Following the sale, the vice president directly owned 22,287 shares in the company, valued at $6,234,119.64. This trade represents a 25.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 105,616 shares of company stock worth $29,193,156 in the last ninety days. Insiders own 1.40% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. The Goldman Sachs Group restated a "buy" rating and set a $296.00 price objective on shares of Arthur J. Gallagher & Co. in a research note on Friday, October 30th. Cantor Fitzgerald reduced their target price on shares of Arthur J. Gallagher & Co. from $300.00 to $280.00 and set a "neutral" rating for the company in a research note on Wednesday, October 7th. Mizuho increased their target price on shares of Arthur J. Gallagher & Co. from $302.00 to $307.00 and gave the company an "outperform" rating in a report on Friday. Keefe, Bruyette & Woods reissued an "outperform" rating on shares of Arthur J. Gallagher & Co. in a research report on Friday, October 30th. Finally, UBS Group increased their price objective on shares of Arthur J. Gallagher & Co. from $299.00 to $320.00 and gave the company a "buy" rating in a research note on Monday, November 2nd. Thirteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Arthur J. Gallagher & Co. has an average rating of "Moderate Buy" and an average price target of $292.32.

Arthur J. Gallagher & Co. Profile

Arthur J. Gallagher & Co. is a global insurance brokerage and risk management services firm. It helps businesses and other organizations assess and manage risk, arrange insurance coverage, and address employee benefits needs. The company's services include insurance brokerage, risk management consulting, employee benefits consulting, and claims and settlement services through its Gallagher Bassett business. It serves clients in the United States and internationally, including through a network of correspondent brokers.

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