McKinley Carter Wealth Services Inc. Boosts Stock Position in Arthur J. Gallagher & Co. $AJG

Key Points

• McKinley Carter Wealth Services Inc. increased its holdings in Arthur J. Gallagher & Co. by 4.7%, owning 32,419 shares valued at $10.38 million after purchasing 1,455 additional shares.
• Insider sales at Arthur J. Gallagher included VP Scott R. Hudson and CFO Douglas K. Howell, who sold a combined total of nearly $6.22 million in shares, resulting in a significant decrease in their ownership positions.
• The company reported a missed earnings estimate with $2.33 EPS against a $2.36 estimate, though its revenue grew 16.0% year-over-year to $3.18 billion.

McKinley Carter Wealth Services Inc. lifted its holdings in Arthur J. Gallagher & Co. (NYSE:AJG - Free Report) by 4.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 32,419 shares of the financial services provider's stock after purchasing an additional 1,455 shares during the quarter. McKinley Carter Wealth Services Inc.'s holdings in Arthur J. Gallagher & Co. were worth $10,378,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. HWG Holdings LP bought a new stake in Arthur J. Gallagher & Co. in the first quarter worth $25,000. AlphaQuest LLC bought a new stake in Arthur J. Gallagher & Co. in the first quarter worth $33,000. Saudi Central Bank bought a new stake in Arthur J. Gallagher & Co. in the first quarter worth $34,000. Centennial Bank AR bought a new stake in Arthur J. Gallagher & Co. in the first quarter worth $38,000. Finally, Golden State Wealth Management LLC lifted its position in Arthur J. Gallagher & Co. by 2,750.0% in the first quarter. Golden State Wealth Management LLC now owns 114 shares of the financial services provider's stock worth $39,000 after buying an additional 110 shares during the last quarter. 85.53% of the stock is currently owned by institutional investors.

Insider Activity

In other Arthur J. Gallagher & Co. news, VP Scott R. Hudson sold 12,855 shares of Arthur J. Gallagher & Co. 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 transaction, the vice president owned 85,920 shares in the company, valued at $25,569,792. The trade was a 13.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Douglas K. Howell sold 8,000 shares of Arthur J. Gallagher & Co. stock in a transaction dated Monday, September 22nd. The shares were 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 $30,186,742.58. This trade represents a 7.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,855 shares of company stock worth $8,916,928 in the last quarter. 1.60% of the stock is owned by insiders.

Arthur J. Gallagher & Co. Stock Performance

AJG stock opened at $302.07 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.36 and a quick ratio of 1.36. The business has a 50-day moving average price of $298.75 and a 200 day moving average price of $316.03. The company has a market capitalization of $77.45 billion, a P/E ratio of 42.91 and a beta of 0.73. Arthur J. Gallagher & Co. has a 1-year low of $275.56 and a 1-year high of $351.23.

Arthur J. Gallagher & Co. (NYSE:AJG - Get Free Report) last released 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). 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 business's revenue was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.29 earnings per share. As a group, equities research analysts forecast 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 announced a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.9%. The ex-dividend date was Friday, September 5th. Arthur J. Gallagher & Co.'s payout ratio is 36.93%.

Wall Street Analysts Forecast Growth

AJG has been the subject of a number of analyst reports. The Goldman Sachs Group initiated coverage on Arthur J. Gallagher & Co. in a research report on Wednesday, September 3rd. They issued a "buy" rating and a $344.00 price target for the company. Citigroup began coverage on Arthur J. Gallagher & Co. in a research report on Wednesday, August 13th. They set a "neutral" rating and a $317.00 target price for the company. Wells Fargo & Company lifted their target price on Arthur J. Gallagher & Co. from $365.00 to $366.00 and gave the stock an "overweight" rating in a research report on Wednesday. Weiss Ratings reiterated a "buy (b-)" rating on shares of Arthur J. Gallagher & Co. in a research report on Wednesday. Finally, Piper Sandler decreased their target price on Arthur J. Gallagher & Co. from $352.00 to $340.00 and set an "overweight" rating for the company in a research report on Thursday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $331.43.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.