Corebridge Financial Inc. Sells 1,602 Shares of Arthur J. Gallagher & Co. $AJG

Key Points

• Corebridge Financial Inc. reduced its holdings in Arthur J. Gallagher & Co. by 2.3%, selling 1,602 shares during the first quarter, leaving it with 67,965 shares valued at approximately $23.46 million.
• Analysts have mixed views on the stock, with ratings ranging from "Strong Buy" to "Sell" and a consensus rating of "Hold" with an average target price of $331.07.
• Arthur J. Gallagher & Co. reported a quarterly earnings miss, with an EPS of $2.33, which was below the consensus estimate of $2.36, while the company also announced a dividend of $0.65 per share.

Corebridge Financial Inc. lessened its position in shares of Arthur J. Gallagher & Co. (NYSE:AJG - Free Report) by 2.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 67,965 shares of the financial services provider's stock after selling 1,602 shares during the period. Corebridge Financial Inc.'s holdings in Arthur J. Gallagher & Co. were worth $23,464,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. CWA Asset Management Group LLC lifted its position in shares of Arthur J. Gallagher & Co. by 22.5% during the 1st quarter. CWA Asset Management Group LLC now owns 1,125 shares of the financial services provider's stock valued at $388,000 after buying an additional 207 shares during the last quarter. Two Sigma Investments LP purchased a new stake in Arthur J. Gallagher & Co. during the 4th quarter worth about $382,000. Golden State Wealth Management LLC lifted its holdings in Arthur J. Gallagher & Co. by 2,750.0% during 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 in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Arthur J. Gallagher & Co. by 0.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 11,280 shares of the financial services provider's stock valued at $3,879,000 after acquiring an additional 82 shares in the last quarter. Finally, Seven Grand Managers LLC purchased a new stake in shares of Arthur J. Gallagher & Co. in the 4th quarter valued at about $7,096,000. Hedge funds and other institutional investors own 85.53% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on AJG shares. Wells Fargo & Company raised their price target on Arthur J. Gallagher & Co. from $371.00 to $373.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Erste Group Bank reiterated a "hold" rating on shares of Arthur J. Gallagher & Co. in a research report on Wednesday, July 23rd. Piper Sandler raised their target price on Arthur J. Gallagher & Co. from $352.00 to $372.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Citigroup initiated coverage on Arthur J. Gallagher & Co. in a research note on Wednesday, August 13th. They issued a "neutral" rating and a $317.00 target price for the company. Finally, Wall Street Zen cut Arthur J. Gallagher & Co. from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $331.07.

Arthur J. Gallagher & Co. Stock Down 1.5%

Arthur J. Gallagher & Co. stock opened at $298.72 on Tuesday. The firm has a market cap of $76.59 billion, a price-to-earnings ratio of 42.43 and a beta of 0.68. The stock has a fifty day simple moving average of $306.15 and a two-hundred day simple moving average of $322.20. Arthur J. Gallagher & Co. has a 12 month low of $274.25 and a 12 month high of $351.23. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.52.

Arthur J. Gallagher & Co. (NYSE:AJG - Get Free Report) last issued its quarterly earnings data 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). Arthur J. Gallagher & Co. had a return on equity of 13.17% and a net margin of 14.54%.The firm had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.20 billion. During the same period in the previous year, the firm earned $2.29 EPS. The business's revenue was up 16.0% on a year-over-year basis. Equities analysts predict that Arthur J. Gallagher & Co. will post 11.54 EPS for the current fiscal year.

Arthur J. Gallagher & Co. Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Friday, September 5th. Arthur J. Gallagher & Co.'s payout ratio is currently 36.93%.

About Arthur J. Gallagher & Co.

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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