Lazard Asset Management LLC Has $71.26 Million Stock Holdings in Arthur J. Gallagher & Co. $AJG

Key Points

• Lazard Asset Management increased its Arthur J. Gallagher stake by 59.5% in the first quarter, holding 329,019 shares valued at approximately $71.26 million. Institutional investors collectively own 85.53% of AJG.
• Arthur J. Gallagher reported quarterly EPS of $4.47, exceeding estimates by $0.04, while revenue rose 29% year over year to $4.71 billion. The company also pays a quarterly dividend of $0.70, equal to a 1.1% annualized yield.
• Analyst sentiment remains positive, with 13 Buy ratings and five Holds producing a “Moderate Buy” consensus and an average price target of $280.35. Recent target increases included UBS at $291 and Cantor Fitzgerald at $300.

Lazard Asset Management LLC lifted its holdings in Arthur J. Gallagher & Co. (NYSE:AJG - Free Report) by 59.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 329,019 shares of the financial services provider's stock after buying an additional 122,781 shares during the quarter. Lazard Asset Management LLC owned about 0.13% of Arthur J. Gallagher & Co. worth $71,259,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in AJG. Norges Bank bought a new position in shares of Arthur J. Gallagher & Co. in the fourth quarter worth about $1,925,062,000. T. Rowe Price Investment Management Inc. grew its stake in shares of Arthur J. Gallagher & Co. by 123.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,887,538 shares of the financial services provider's stock valued at $1,523,636,000 after purchasing an additional 3,253,498 shares during the last quarter. Gtcr LLC acquired a new stake in shares of Arthur J. Gallagher & Co. in the first quarter valued at approximately $514,112,000. Northwestern Mutual Wealth Management Co. raised its position in Arthur J. Gallagher & Co. by 9,244.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,053,636 shares of the financial services provider's stock worth $272,670,000 after purchasing an additional 1,042,361 shares during the last quarter. Finally, Viking Global Investors LP bought a new position in Arthur J. Gallagher & Co. in the 4th quarter worth approximately $269,394,000. Institutional investors own 85.53% of the company's stock.

Arthur J. Gallagher & Co. Stock Performance

Shares of Arthur J. Gallagher & Co. stock opened at $253.46 on Tuesday. The firm has a fifty day moving average of $227.26 and a two-hundred day moving average of $224.89. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a market capitalization of $65.11 billion, a price-to-earnings ratio of 41.01, a PEG ratio of 1.28 and a beta of 0.50. Arthur J. Gallagher & Co. has a 52 week low of $190.75 and a 52 week high of $315.00.

Arthur J. Gallagher & Co. (NYSE:AJG - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The financial services provider reported $4.47 EPS for the quarter, topping analysts' consensus estimates of $4.43 by $0.04. Arthur J. Gallagher & Co. had a return on equity of 12.83% and a net margin of 10.76%.The business had revenue of $4.71 billion during the quarter, compared to analysts' expectations of $4.73 billion. During the same period in the previous year, the firm earned $3.67 earnings per share. The firm's quarterly revenue was up 29.0% compared to the same quarter last year. As a group, equities research analysts predict that Arthur J. Gallagher & Co. will post 13.22 EPS for the current year.

Arthur J. Gallagher & Co. Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were issued a $0.70 dividend. The ex-dividend date was Friday, June 5th. This represents a $2.80 annualized dividend and a yield of 1.1%. Arthur J. Gallagher & Co.'s dividend payout ratio (DPR) is 45.31%.

Insider Activity

In related news, CAO Richard C. Cary sold 3,000 shares of the firm's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $206.00, for a total transaction of $618,000.00. Following the sale, the chief accounting officer owned 47,819 shares of the company's stock, valued at approximately $9,850,714. This trade represents a 5.90% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have commented on AJG shares. Jefferies Financial Group upgraded Arthur J. Gallagher & Co. from a "hold" rating to a "buy" rating and increased their price objective for the company from $235.00 to $265.00 in a research report on Thursday, June 11th. Citigroup upgraded Arthur J. Gallagher & Co. from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $280.00 to $250.00 in a research report on Wednesday, May 6th. Cantor Fitzgerald raised their price target on Arthur J. Gallagher & Co. from $285.00 to $300.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. UBS Group lifted their price objective on Arthur J. Gallagher & Co. from $250.00 to $291.00 and gave the stock a "buy" rating in a research report on Wednesday, July 8th. Finally, Mizuho boosted their price objective on Arthur J. Gallagher & Co. from $261.00 to $287.00 and gave the stock an "outperform" rating in a report on Thursday, July 9th. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Arthur J. Gallagher & Co. currently has an average rating of "Moderate Buy" and a consensus target price of $280.35.

Arthur J. Gallagher & Co. Profile

Arthur J. Gallagher & Co is a global insurance brokerage and risk management firm headquartered in Rolling Meadows, Illinois. Founded in 1927 by Arthur J. Gallagher, the company has grown from a regional broker into an international professional services organization that arranges insurance, provides consulting and designs risk-transfer solutions for commercial, industrial, public sector and individual clients.

The company's core activities include property and casualty insurance brokerage, employee benefits consulting and administration, and a range of risk management services.

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