Synovus Financial Corp Sells 2,869 Shares of Arthur J. Gallagher & Co. $AJG

Key Points

• Synovus Financial Corp has reduced its stake in Arthur J. Gallagher & Co. by 22.9%, selling 2,869 shares and holding a total of 9,658 shares worth approximately $3.33 million.
• Arthur J. Gallagher & Co. reported earnings per share of $2.33 for the last quarter, falling short of the consensus estimate, while its quarterly revenue was $3.18 billion, slightly below predictions.
• The company has announced a $0.65 quarterly dividend, set to be paid on September 19th, reflecting a yield of 0.9% and a payout ratio of 36.93%.

Synovus Financial Corp lessened its holdings in shares of Arthur J. Gallagher & Co. (NYSE:AJG - Free Report) by 22.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,658 shares of the financial services provider's stock after selling 2,869 shares during the quarter. Synovus Financial Corp's holdings in Arthur J. Gallagher & Co. were worth $3,334,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWA Asset Management Group LLC raised its holdings in shares of Arthur J. Gallagher & Co. by 22.5% during the first quarter. CWA Asset Management Group LLC now owns 1,125 shares of the financial services provider's stock valued at $388,000 after acquiring an additional 207 shares in the last quarter. Two Sigma Investments LP bought a new position in shares of Arthur J. Gallagher & Co. during the fourth quarter valued at approximately $382,000. Golden State Wealth Management LLC raised its holdings in shares of Arthur J. Gallagher & Co. by 2,750.0% during the first 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. Allspring Global Investments Holdings LLC raised its holdings in shares of Arthur J. Gallagher & Co. by 0.7% during the first 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 bought a new position in shares of Arthur J. Gallagher & Co. during the fourth quarter valued at approximately $7,096,000. Institutional investors own 85.53% of the company's stock.

Analyst Ratings Changes

AJG has been the subject of a number of recent analyst reports. Barclays decreased their target price on Arthur J. Gallagher & Co. from $346.00 to $327.00 and set an "equal weight" rating for the company in a report on Monday, July 7th. Citigroup began coverage on Arthur J. Gallagher & Co. in a research note on Wednesday, August 13th. They issued a "neutral" rating and a $317.00 price target on the stock. Keefe, Bruyette & Woods upped their price target on Arthur J. Gallagher & Co. from $326.00 to $330.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 9th. Wells Fargo & Company upped their price target on Arthur J. Gallagher & Co. from $371.00 to $373.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, Erste Group Bank reaffirmed a "hold" rating on shares of Arthur J. Gallagher & Co. in a research note on Wednesday, July 23rd. One research 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 assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $331.07.

Arthur J. Gallagher & Co. Stock Up 0.3%

Shares of NYSE AJG traded up $0.96 during trading on Thursday, reaching $299.68. The company had a trading volume of 769,095 shares, compared to its average volume of 1,634,541. Arthur J. Gallagher & Co. has a 12-month low of $274.25 and a 12-month high of $351.23. The stock has a market cap of $76.84 billion, a PE ratio of 42.57 and a beta of 0.68. The business's 50-day moving average is $305.11 and its 200 day moving average is $321.72. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.52.

Arthur J. Gallagher & Co. (NYSE:AJG - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The financial services provider reported $2.33 earnings per share (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 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 company's revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.29 earnings per share. As a group, equities analysts forecast that Arthur J. Gallagher & Co. will post 11.54 earnings per share for the current fiscal year.

Arthur J. Gallagher & Co. Dividend Announcement

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 is presently 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.