Citigroup Inc. Buys 107,714 Shares of Aon plc (NYSE:AON)

Key Points

• Citigroup Inc. significantly increased its stake in Aon plc by 83.6%, now holding 236,517 shares valued at approximately $94.39 million.
• In the first quarter, numerous institutional investors, including Fayez Sarofim & Co and Mitsubishi UFJ Asset Management, also raised their holdings in Aon, indicating growing interest from the institutional sector.
• Aon plc recently reported earnings of $3.49 per share, surpassing analysts' expectations, and announced a quarterly dividend of $0.745 per share, reflecting its financial stability.

Citigroup Inc. raised its stake in Aon plc (NYSE:AON - Free Report) by 83.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 236,517 shares of the financial services provider's stock after buying an additional 107,714 shares during the period. Citigroup Inc. owned about 0.11% of AON worth $94,391,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Financial Gravity Asset Management Inc. acquired a new stake in shares of AON during the first quarter valued at about $28,000. HHM Wealth Advisors LLC lifted its stake in shares of AON by 54.7% in the 1st quarter. HHM Wealth Advisors LLC now owns 82 shares of the financial services provider's stock worth $33,000 after acquiring an additional 29 shares during the period. Tsfg LLC purchased a new position in shares of AON in the 1st quarter valued at about $37,000. Accent Capital Management LLC purchased a new position in AON during the 1st quarter valued at about $40,000. Finally, Garde Capital Inc. purchased a new stake in shares of AON during the first quarter worth about $42,000. Hedge funds and other institutional investors own 86.14% of the company's stock.

AON Stock Down 1.1%

AON stock traded down $3.92 during trading on Tuesday, hitting $364.17. 2,991,570 shares of the company were exchanged, compared to its average volume of 1,439,607. The business's 50 day moving average is $357.60 and its 200 day moving average is $370.68. Aon plc has a 52 week low of $323.73 and a 52 week high of $412.97. The company has a market capitalization of $78.53 billion, a P/E ratio of 30.50, a PEG ratio of 2.18 and a beta of 0.83. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 1.93.

AON (NYSE:AON - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The financial services provider reported $3.49 EPS for the quarter, beating analysts' consensus estimates of $3.40 by $0.09. The firm had revenue of $4.16 billion for the quarter, compared to analysts' expectations of $4.16 billion. AON had a return on equity of 50.91% and a net margin of 15.54%. The business's revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.93 EPS. Analysts predict that Aon plc will post 17.21 earnings per share for the current year.

AON Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 1st will be given a dividend of $0.745 per share. The ex-dividend date is Friday, August 1st. This represents a $2.98 annualized dividend and a dividend yield of 0.8%. AON's dividend payout ratio is 24.96%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on AON shares. The Goldman Sachs Group upgraded shares of AON from a "neutral" rating to a "buy" rating and set a $408.00 price objective for the company in a research note on Tuesday, May 13th. Cantor Fitzgerald assumed coverage on shares of AON in a research report on Tuesday. They issued an "overweight" rating and a $440.00 target price for the company. Piper Sandler raised their price objective on shares of AON from $393.00 to $413.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Evercore ISI upped their price objective on shares of AON from $411.00 to $421.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of AON from $414.00 to $409.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $411.27.

AON Profile

Aon Plc engages in the provision of risk, health, and wealth solutions. It focuses on risk capital including claim management, reinsurance, risk analysis, management, retention, and transfer; and human capital involving analytics, health and benefits, investments, pensions and retirement, talent and rewards, and workplace wellbeing.