Texas Permanent School Fund Corp Sells 8,599 Shares of Arthur J. Gallagher & Co. (NYSE:AJG)

Texas Permanent School Fund Corp lowered its stake in shares of Arthur J. Gallagher & Co. (NYSE:AJG) by 19.2% during the second quarter, HoldingsChannel reports. The firm owned 36,219 shares of the financial services provider’s stock after selling 8,599 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Arthur J. Gallagher & Co. were worth $9,392,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in AJG. Richardson Financial Services Inc. bought a new stake in shares of Arthur J. Gallagher & Co. during the 4th quarter worth approximately $27,000. Creekmur Asset Management LLC bought a new stake in shares of Arthur J. Gallagher & Co. during the 1st quarter worth approximately $27,000. DiNuzzo Private Wealth Inc. raised its stake in shares of Arthur J. Gallagher & Co. by 89.7% during the 2nd quarter. DiNuzzo Private Wealth Inc. now owns 110 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 52 shares in the last quarter. Transcendent Capital Group LLC bought a new stake in shares of Arthur J. Gallagher & Co. during the 4th quarter worth approximately $31,000. Finally, Security National Bank bought a new stake in Arthur J. Gallagher & Co. in the 4th quarter valued at $33,000. Institutional investors own 85.53% of the company’s stock.

Arthur J. Gallagher & Co. Stock Performance

AJG opened at $298.81 on Tuesday. The firm has a market cap of $65.47 billion, a P/E ratio of 60.49, a price-to-earnings-growth ratio of 2.47 and a beta of 0.72. Arthur J. Gallagher & Co. has a 52-week low of $218.63 and a 52-week high of $299.90. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.04 and a current ratio of 1.04. The business’s fifty day moving average is $280.63 and its 200-day moving average is $259.92.

Arthur J. Gallagher & Co. (NYSE:AJG) last released its earnings results on Thursday, July 25th. The financial services provider reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.24 by $0.02. The company had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.77 billion. Arthur J. Gallagher & Co. had a return on equity of 19.25% and a net margin of 10.41%. Arthur J. Gallagher & Co.’s quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.90 EPS. Sell-side analysts expect that Arthur J. Gallagher & Co. will post 10.16 EPS for the current fiscal year.

Arthur J. Gallagher & Co. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.80%. The ex-dividend date of this dividend is Friday, September 6th. Arthur J. Gallagher & Co.’s dividend payout ratio (DPR) is currently 48.58%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group increased their price target on Arthur J. Gallagher & Co. from $264.00 to $267.00 in a research note on Friday, July 26th. Argus increased their price target on Arthur J. Gallagher & Co. from $264.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, May 14th. Truist Financial increased their price target on Arthur J. Gallagher & Co. from $255.00 to $265.00 and gave the company a “hold” rating in a research note on Friday, July 26th. TD Cowen increased their price target on Arthur J. Gallagher & Co. from $273.00 to $288.00 and gave the company a “hold” rating in a research note on Tuesday, August 13th. Finally, Piper Sandler increased their price target on Arthur J. Gallagher & Co. from $252.00 to $254.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $276.82.

Insider Transactions at Arthur J. Gallagher & Co.

In related news, President Thomas Joseph Gallagher sold 15,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $282.96, for a total value of $4,244,400.00. Following the sale, the president now directly owns 329,099 shares of the company’s stock, valued at $93,121,853.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, President Thomas Joseph Gallagher sold 15,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $282.96, for a total value of $4,244,400.00. Following the sale, the president now directly owns 329,099 shares of the company’s stock, valued at $93,121,853.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Douglas K. Howell sold 8,710 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $285.07, for a total value of $2,482,959.70. Following the completion of the sale, the chief financial officer now directly owns 75,963 shares in the company, valued at $21,654,772.41. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,348 shares of company stock valued at $13,342,910. 1.60% of the stock is owned by corporate insiders.

About Arthur J. Gallagher & Co.

Arthur J. Gallagher & Co, together with its subsidiaries, provides insurance and reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals worldwide. It operates in Brokerage and Risk Management segments. The Brokerage segment offers retail and wholesale insurance and reinsurance brokerage services; assists retail brokers and other non-affiliated brokers in the placement of specialized and hard-to-place insurance; and acts as a brokerage wholesaler, managing general agent, and managing general underwriter for distributing specialized insurance coverages to underwriting enterprises.