The Manufacturers Life Insurance Company Sells 60,168 Shares of Arthur J. Gallagher & Co. $AJG

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Arthur J. Gallagher & Co. by 6.4%, owning approximately 0.35% of the company after selling 60,168 shares.
• Analysts have set new price targets for the stock, with Piper Sandler increasing it to $372.00, while Barclays lowered it to $327.00.
• Arthur J. Gallagher & Co. announced a quarterly dividend of $0.65 per share, representing an annualized yield of 0.9%.

The Manufacturers Life Insurance Company lowered its stake in shares of Arthur J. Gallagher & Co. (NYSE:AJG - Free Report) by 6.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 884,316 shares of the financial services provider's stock after selling 60,168 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.35% of Arthur J. Gallagher & Co. worth $305,301,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC bought a new stake in shares of Arthur J. Gallagher & Co. in the fourth quarter valued at approximately $1,352,000. AQR Capital Management LLC boosted its position in shares of Arthur J. Gallagher & Co. by 6.3% in the fourth quarter. AQR Capital Management LLC now owns 125,377 shares of the financial services provider's stock valued at $35,588,000 after acquiring an additional 7,388 shares during the period. Parvin Asset Management LLC bought a new stake in shares of Arthur J. Gallagher & Co. in the fourth quarter valued at approximately $35,000. Freestone Grove Partners LP acquired a new position in shares of Arthur J. Gallagher & Co. in the fourth quarter valued at $62,275,000. Finally, Keel Point LLC raised its stake in shares of Arthur J. Gallagher & Co. by 14.6% in the fourth quarter. Keel Point LLC now owns 1,143 shares of the financial services provider's stock valued at $324,000 after purchasing an additional 146 shares in the last quarter. Institutional investors own 85.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Piper Sandler upped 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. Wall Street Zen lowered Arthur J. Gallagher & Co. from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Wells Fargo & Company upped their target price on Arthur J. Gallagher & Co. from $371.00 to $373.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. UBS Group dropped their price objective on Arthur J. Gallagher & Co. from $345.00 to $322.00 and set a "neutral" rating for the company in a research note on Monday, August 4th. Finally, Erste Group Bank reiterated a "hold" rating on shares of Arthur J. Gallagher & Co. in a research note on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Arthur J. Gallagher & Co. has a consensus rating of "Hold" and a consensus target price of $331.07.

Arthur J. Gallagher & Co. Price Performance

Shares of NYSE:AJG traded up $3.13 during midday trading on Monday, reaching $302.75. The company's stock had a trading volume of 1,472,419 shares, compared to its average volume of 1,479,494. Arthur J. Gallagher & Co. has a fifty-two week low of $274.25 and a fifty-two week high of $351.23. The company has a market capitalization of $77.62 billion, a P/E ratio of 43.00 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. The business's fifty day simple moving average is $304.31 and its 200-day simple moving average is $321.38.

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

Arthur J. Gallagher & Co. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be paid a $0.65 dividend. The ex-dividend date is Friday, September 5th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.9%. 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.