Aon plc $AON Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group reduced its Aon stake by 20.8% in the first quarter, selling 23,832 shares and ending with 90,965 shares valued at about $29.4 million.
• Analyst sentiment remains positive, with several firms raising price targets; Aon currently carries a consensus rating of “Moderate Buy” and an average target price of $404.56.
• Aon’s recent results were solid, as the company beat quarterly EPS and revenue estimates, and it also announced a $0.82 quarterly dividend payable on August 14.

PNC Financial Services Group Inc. cut its holdings in Aon plc (NYSE:AON - Free Report) by 20.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 90,965 shares of the financial services provider's stock after selling 23,832 shares during the quarter. PNC Financial Services Group Inc.'s holdings in AON were worth $29,362,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AON. Cassaday & Co Wealth Management LLC purchased a new stake in AON in the 1st quarter worth $61,000. Earned Wealth Advisors LLC purchased a new position in AON during the first quarter valued at $262,000. Meeder Advisory Services Inc. grew its position in shares of AON by 19.8% in the first quarter. Meeder Advisory Services Inc. now owns 5,601 shares of the financial services provider's stock valued at $1,808,000 after purchasing an additional 927 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of AON by 20.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,253,769 shares of the financial services provider's stock worth $404,709,000 after purchasing an additional 213,051 shares in the last quarter. Finally, Balefire LLC increased its stake in shares of AON by 11.2% during the first quarter. Balefire LLC now owns 765 shares of the financial services provider's stock worth $247,000 after purchasing an additional 77 shares in the last quarter. Hedge funds and other institutional investors own 86.14% of the company's stock.

Insider Buying and Selling at AON

In related news, General Counsel Darren Zeidel sold 600 shares of AON stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $360.00, for a total value of $216,000.00. Following the completion of the sale, the general counsel owned 15,354 shares in the company, valued at approximately $5,527,440. This trade represents a 3.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AON. Citigroup raised their price target on shares of AON from $412.00 to $420.00 and gave the company a "buy" rating in a research note on Wednesday, May 27th. Morgan Stanley increased their target price on AON from $370.00 to $380.00 and gave the company an "overweight" rating in a report on Monday, July 6th. Keefe, Bruyette & Woods decreased their price objective on AON from $404.00 to $400.00 and set an "outperform" rating on the stock in a report on Wednesday, July 8th. UBS Group increased their target price on shares of AON from $360.00 to $383.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Finally, Barclays boosted their price target on shares of AON from $372.00 to $382.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 7th. Twelve investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, AON presently has an average rating of "Moderate Buy" and a consensus target price of $404.56.

AON Trading Up 1.5%

AON opened at $361.26 on Friday. Aon plc has a one year low of $304.59 and a one year high of $381.00. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.95 and a current ratio of 1.95. The stock has a market capitalization of $77.16 billion, a PE ratio of 19.83, a P/E/G ratio of 1.86 and a beta of 0.71. The business's 50 day moving average price is $336.57 and its 200 day moving average price is $331.38.

AON (NYSE:AON - Get Free Report) last announced its quarterly earnings results on Saturday, May 2nd. The financial services provider reported $6.48 EPS for the quarter, beating the consensus estimate of $6.37 by $0.11. The business had revenue of $5.03 billion for the quarter, compared to analyst estimates of $4.97 billion. AON had a return on equity of 43.50% and a net margin of 22.54%.The company's quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $5.67 EPS. As a group, equities research analysts expect that Aon plc will post 19.09 EPS for the current year.

AON Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Monday, August 3rd will be issued a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Monday, August 3rd. AON's dividend payout ratio is currently 18.00%.

AON Company Profile

Aon plc is a global professional services firm that provides a broad suite of risk, retirement and health solutions to corporations, institutions and individuals. The company operates primarily as an insurance broker and risk adviser, helping clients identify, quantify and transfer risk across property, casualty, cyber and other areas. Aon also offers reinsurance brokerage and capital market solutions that connect insurers, reinsurers and corporate buyers.

In addition to traditional brokerage activities, Aon delivers consulting and outsourcing services in areas such as human capital, benefits, and retirement plan design and administration.

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