New Vernon Investment Management LLC Has $8.38 Million Holdings in Arthur J. Gallagher & Co. $AJG

Key Points

• New Vernon Investment Management LLC reduced its stake in Arthur J. Gallagher & Co. by 67.1%, selling 49,609 shares, and now holds 24,282 shares, representing 11.2% of its total holdings.
• Vanguard Group Inc. and JPMorgan Chase & Co. increased their stakes in Arthur J. Gallagher & Co. by 2.5% and 38.3%, respectively, signaling continued institutional interest in the financial services provider.
• Arthur J. Gallagher & Co. announced a quarterly dividend of $0.65 per share, set to be paid on September 19th, with a current dividend yield of 0.9%.

New Vernon Investment Management LLC reduced its holdings in shares of Arthur J. Gallagher & Co. (NYSE:AJG - Free Report) by 67.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,282 shares of the financial services provider's stock after selling 49,609 shares during the quarter. Arthur J. Gallagher & Co. accounts for about 11.2% of New Vernon Investment Management LLC's investment portfolio, making the stock its largest holding. New Vernon Investment Management LLC's holdings in Arthur J. Gallagher & Co. were worth $8,383,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in AJG. HWG Holdings LP purchased a new position in shares of Arthur J. Gallagher & Co. during the 1st quarter valued at approximately $25,000. AlphaQuest LLC acquired a new stake in shares of Arthur J. Gallagher & Co. during the 1st quarter valued at approximately $33,000. Centennial Bank AR acquired a new stake in shares of Arthur J. Gallagher & Co. during the 1st quarter valued at approximately $38,000. Golden State Wealth Management LLC raised its position in shares of 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 valued at $39,000 after acquiring an additional 110 shares in the last quarter. Finally, Motco raised its position in shares of Arthur J. Gallagher & Co. by 700.0% during the 1st quarter. Motco now owns 112 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 98 shares in the last quarter. 85.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Citigroup assumed coverage on Arthur J. Gallagher & Co. in a research report on Wednesday, August 13th. They set a "neutral" rating and a $317.00 price target on the stock. Piper Sandler upped their price target on Arthur J. Gallagher & Co. from $352.00 to $372.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Keefe, Bruyette & Woods increased their target price on Arthur J. Gallagher & Co. from $326.00 to $330.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 9th. Wall Street Zen lowered Arthur J. Gallagher & Co. from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Finally, Barclays dropped their target price on Arthur J. Gallagher & Co. from $346.00 to $327.00 and set an "equal weight" rating on the stock in a research report on Monday, July 7th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Arthur J. Gallagher & Co. has a consensus rating of "Hold" and an average price target of $331.07.

Arthur J. Gallagher & Co. Stock Performance

Shares of AJG traded down $0.52 during trading hours on Tuesday, reaching $302.23. 1,673,435 shares of the company's stock traded hands, compared to its average volume of 1,539,144. The firm has a market capitalization of $77.49 billion, a price-to-earnings ratio of 42.93 and a beta of 0.72. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.36 and a quick ratio of 1.36. Arthur J. Gallagher & Co. has a twelve month low of $274.25 and a twelve month high of $351.23. The business's fifty day simple moving average is $303.83 and its two-hundred day simple moving average is $321.25.

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

Arthur J. Gallagher & Co. Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, September 5th. Arthur J. Gallagher & Co.'s dividend payout ratio (DPR) is 36.93%.

Arthur J. Gallagher & Co. Company 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.