Congress Asset Management Co. Has $128.60 Million Stock Position in Arthur J. Gallagher & Co. $AJG

Key Points

• Congress Asset Management Co. reduced its stake in Arthur J. Gallagher & Co. by 12.2%, holding 401,712 shares worth approximately $128.60 million as of the latest SEC filing.
• The company reported quarterly earnings of $2.33 per share, missing expectations by $0.03, with revenue of $3.18 billion, a 16% year-over-year increase.
• Arthur J. Gallagher & Co. declared a quarterly dividend of $0.65 per share, yielding 0.9%, with a payout ratio of 36.93%.

Congress Asset Management Co. lessened its holdings in Arthur J. Gallagher & Co. (NYSE:AJG - Free Report) by 12.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 401,712 shares of the financial services provider's stock after selling 55,865 shares during the quarter. Congress Asset Management Co. owned 0.16% of Arthur J. Gallagher & Co. worth $128,596,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Old North State Wealth Management LLC lifted its position in shares of Arthur J. Gallagher & Co. by 14.5% during the 2nd quarter. Old North State Wealth Management LLC now owns 1,479 shares of the financial services provider's stock worth $475,000 after buying an additional 187 shares during the last quarter. Steph & Co. bought a new position in shares of Arthur J. Gallagher & Co. in the second quarter worth about $40,000. Perigon Wealth Management LLC boosted its stake in shares of Arthur J. Gallagher & Co. by 14.8% in the 2nd quarter. Perigon Wealth Management LLC now owns 1,625 shares of the financial services provider's stock valued at $520,000 after purchasing an additional 209 shares in the last quarter. McAdam LLC bought a new stake in shares of Arthur J. Gallagher & Co. during the second quarter worth $249,000. Finally, Public Employees Retirement System of Ohio boosted its holdings in shares of Arthur J. Gallagher & Co. by 36.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 103,434 shares of the financial services provider's stock valued at $33,111,000 after acquiring an additional 27,717 shares in the last quarter. Institutional investors and hedge funds own 85.53% of the company's stock.

Arthur J. Gallagher & Co. Price Performance

Shares of NYSE AJG opened at $303.44 on Friday. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $77.80 billion, a PE ratio of 43.10 and a beta of 0.72. The firm has a fifty day simple moving average of $298.10 and a 200 day simple moving average of $317.54. Arthur J. Gallagher & Co. has a twelve month low of $275.56 and a twelve month high of $351.23.

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

Arthur J. Gallagher & Co. Dividend Announcement

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

Insiders Place Their Bets

In related news, VP Scott R. Hudson sold 12,855 shares of the business's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $297.60, for a total value of $3,825,648.00. Following the completion of the sale, the vice president directly owned 85,920 shares of the company's stock, valued at $25,569,792. The trade was a 13.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Douglas K. Howell sold 8,000 shares of the stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $299.54, for a total value of $2,396,320.00. Following the completion of the transaction, the chief financial officer owned 100,777 shares in the company, valued at approximately $30,186,742.58. The trade was a 7.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,855 shares of company stock worth $8,916,928 in the last quarter. 1.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AJG. Piper Sandler upped their target price on Arthur J. Gallagher & Co. from $352.00 to $372.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Keefe, Bruyette & Woods upped their price objective on Arthur J. Gallagher & Co. from $288.00 to $298.00 and gave the company a "market perform" rating in a research note on Friday, September 19th. Erste Group Bank reiterated a "hold" rating on shares of Arthur J. Gallagher & Co. in a research report on Wednesday, July 23rd. Cantor Fitzgerald upgraded shares of Arthur J. Gallagher & Co. to a "strong-buy" rating in a research report on Wednesday, August 13th. Finally, Citigroup began coverage on shares of Arthur J. Gallagher & Co. in a research note on Wednesday, August 13th. They set a "neutral" rating and a $317.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $330.93.

Arthur J. Gallagher & Co. 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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