Covenant Partners LLC Acquires 38 Shares of Arthur J. Gallagher & Co. (NYSE:AJG)

Covenant Partners LLC raised its stake in shares of Arthur J. Gallagher & Co. (NYSE:AJG) by 0.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,326 shares of the financial services provider’s stock after buying an additional 38 shares during the period. Covenant Partners LLC’s holdings in Arthur J. Gallagher & Co. were worth $1,499,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Norden Group LLC bought a new position in shares of Arthur J. Gallagher & Co. in the first quarter valued at approximately $3,841,000. Brookstone Capital Management increased its position in Arthur J. Gallagher & Co. by 70.4% in the 1st quarter. Brookstone Capital Management now owns 12,851 shares of the financial services provider’s stock worth $3,213,000 after buying an additional 5,308 shares during the period. Sei Investments Co. lifted its holdings in shares of Arthur J. Gallagher & Co. by 11.7% during the first quarter. Sei Investments Co. now owns 194,568 shares of the financial services provider’s stock worth $48,649,000 after buying an additional 20,302 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Arthur J. Gallagher & Co. by 29.9% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 161,028 shares of the financial services provider’s stock valued at $41,756,000 after acquiring an additional 37,070 shares during the period. Finally, Swedbank AB acquired a new stake in Arthur J. Gallagher & Co. in the 1st quarter worth $3,297,000. Institutional investors and hedge funds own 85.53% of the company’s stock.

Arthur J. Gallagher & Co. Trading Down 1.6 %

Shares of Arthur J. Gallagher & Co. stock traded down $4.58 during trading on Friday, reaching $282.97. 1,478,179 shares of the company were exchanged, compared to its average volume of 847,500. The business has a 50-day moving average price of $289.22 and a 200-day moving average price of $269.16. The firm has a market capitalization of $61.83 billion, a price-to-earnings ratio of 57.28, a P/E/G ratio of 2.53 and a beta of 0.72. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.67. Arthur J. Gallagher & Co. has a twelve month low of $218.63 and a twelve month high of $301.04.

Arthur J. Gallagher & Co. (NYSE:AJG) last posted its earnings results on Thursday, October 24th. The financial services provider reported $2.26 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.26. The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.78 billion. Arthur J. Gallagher & Co. had a return on equity of 19.25% and a net margin of 10.41%. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period in the previous year, the company earned $2.00 EPS. Sell-side analysts anticipate that Arthur J. Gallagher & Co. will post 10.11 EPS for the current fiscal year.

Arthur J. Gallagher & Co. Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.85%. The ex-dividend date is Friday, December 6th. Arthur J. Gallagher & Co.’s dividend payout ratio (DPR) is 48.58%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Jefferies Financial Group boosted their price target on Arthur J. Gallagher & Co. from $269.00 to $274.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Bank Of America (Bofa) increased their price target on shares of Arthur J. Gallagher & Co. from $255.00 to $265.00 and gave the stock an “underperform” rating in a research report on Friday, July 26th. Royal Bank of Canada lifted their price objective on Arthur J. Gallagher & Co. from $310.00 to $320.00 and gave the company an “outperform” rating in a report on Friday, September 20th. UBS Group increased their target price on Arthur J. Gallagher & Co. from $260.00 to $292.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Finally, Truist Financial lifted their price objective on Arthur J. Gallagher & Co. from $265.00 to $275.00 and gave the company a “hold” rating in a report on Friday, September 20th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $287.00.

Insider Activity at Arthur J. Gallagher & Co.

In other 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 transaction of $4,244,400.00. Following the sale, the president now owns 329,099 shares of the company’s stock, valued at $93,121,853.04. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, President Thomas Joseph Gallagher sold 15,000 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were 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 approximately $93,121,853.04. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Douglas K. Howell sold 7,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $284.68, for a total value of $1,992,760.00. Following the transaction, the chief financial officer now owns 75,963 shares of the company’s stock, valued at approximately $21,625,146.84. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 44,145 shares of company stock worth $12,622,660 in the last quarter. Corporate insiders own 1.60% of the company’s stock.

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.