Bank of Nova Scotia Sells 7,027 Shares of Arthur J. Gallagher & Co. (NYSE:AJG)

Key Points

• The Bank of Nova Scotia sold 7,027 shares of Arthur J. Gallagher & Co., reducing its holdings by 21.1% to a total of 26,301 shares worth approximately $9,080,000.
• Arthur J. Gallagher & Co. reported $2.33 EPS for the last quarter, slightly missing the consensus estimate, with revenues of $3.18 billion, reflecting a 16.0% year-over-year increase.
• The company announced a quarterly dividend of $0.65 per share, with an upcoming payout date of September 19th, resulting in a dividend yield of 0.9%.

Bank of Nova Scotia cut its holdings in Arthur J. Gallagher & Co. (NYSE:AJG - Free Report) by 21.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,301 shares of the financial services provider's stock after selling 7,027 shares during the period. Bank of Nova Scotia's holdings in Arthur J. Gallagher & Co. were worth $9,080,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. HWG Holdings LP bought a new stake in shares of Arthur J. Gallagher & Co. in the 1st quarter worth approximately $25,000. Johnson Financial Group Inc. raised its holdings in shares of Arthur J. Gallagher & Co. by 205.4% in the 4th quarter. Johnson Financial Group Inc. now owns 113 shares of the financial services provider's stock worth $34,000 after purchasing an additional 76 shares during the period. Parvin Asset Management LLC bought a new stake in shares of Arthur J. Gallagher & Co. in the 4th quarter worth approximately $35,000. Centennial Bank AR bought a new stake in shares of Arthur J. Gallagher & Co. in the 1st quarter worth approximately $38,000. Finally, Golden State Wealth Management LLC raised its holdings in shares of Arthur J. Gallagher & Co. by 2,750.0% in the 1st quarter. Golden State Wealth Management LLC now owns 114 shares of the financial services provider's stock worth $39,000 after purchasing an additional 110 shares during the period. 85.53% of the stock is owned by institutional investors.

Arthur J. Gallagher & Co. Stock Up 0.1%

Shares of NYSE:AJG opened at $284.54 on Tuesday. The firm has a fifty day moving average price of $316.92 and a two-hundred day moving average price of $322.97. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.36 and a quick ratio of 1.44. Arthur J. Gallagher & Co. has a one year low of $274.25 and a one year high of $351.23. The company has a market cap of $72.87 billion, a price-to-earnings ratio of 40.42 and a beta of 0.68.

Arthur J. Gallagher & Co. (NYSE:AJG - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The financial services provider reported $2.33 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.03). The firm had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.20 billion. Arthur J. Gallagher & Co. had a net margin of 14.54% and a return on equity of 13.17%. The firm's revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the previous year, the business earned $2.29 earnings per share. Analysts anticipate that Arthur J. Gallagher & Co. will post 11.54 EPS for the current fiscal year.

Arthur J. Gallagher & Co. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be given a dividend of $0.65 per share. The ex-dividend date is Friday, September 5th. This represents a $2.60 annualized dividend and a dividend yield of 0.9%. Arthur J. Gallagher & Co.'s dividend payout ratio (DPR) is 36.93%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on AJG. Keefe, Bruyette & Woods lifted their price target on shares of Arthur J. Gallagher & Co. from $326.00 to $330.00 and gave the stock a "market perform" rating in a report on Wednesday, July 9th. Wells Fargo & Company lifted their price target on shares of Arthur J. Gallagher & Co. from $371.00 to $373.00 and gave the stock an "overweight" rating in a report on Friday. Jefferies Financial Group reduced their price objective on shares of Arthur J. Gallagher & Co. from $266.00 to $265.00 and set a "hold" rating for the company in a research note on Friday, April 11th. UBS Group reduced their price objective on shares of Arthur J. Gallagher & Co. from $345.00 to $322.00 and set a "neutral" rating for the company in a research note on Monday. Finally, Piper Sandler lifted their price objective on shares of Arthur J. Gallagher & Co. from $352.00 to $372.00 and gave the company an "overweight" rating in a research note on Friday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Arthur J. Gallagher & Co. has a consensus rating of "Hold" and a consensus target price of $329.15.

Insider Activity

In other news, Director David S. Johnson sold 1,000 shares of the firm's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $342.04, for a total transaction of $342,040.00. Following the sale, the director owned 45,323 shares in the company, valued at approximately $15,502,278.92. This trade represents a 2.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Susan E. Pietrucha sold 13,500 shares of the firm's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $344.13, for a total transaction of $4,645,755.00. Following the sale, the insider owned 11,941 shares in the company, valued at approximately $4,109,256.33. This trade represents a 53.06% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,000 shares of company stock worth $8,528,080. 1.30% of the stock is currently owned by corporate insiders.

Arthur J. Gallagher & Co. Company Profile

Arthur J. Gallagher & Co engages in the provision of insurance brokerage, reinsurance brokerage, consulting, and third-party claims settlement and administration services. It operates through the following segments: Brokerage, Risk Management, and Corporate. The Brokerage segment consists of retail and wholesale insurance brokerage operations.

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