PNC Financial Services Group Inc. Purchases 32,423 Shares of Arthur J. Gallagher & Co. $AJG

PNC Financial Services Group Inc. increased its position in shares of Arthur J. Gallagher & Co. (NYSE:AJG) by 37.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 119,356 shares of the financial services provider’s stock after buying an additional 32,423 shares during the period. PNC Financial Services Group Inc.’s holdings in Arthur J. Gallagher & Co. were worth $25,850,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in AJG. Kemnay Advisory Services Inc. purchased a new position in Arthur J. Gallagher & Co. during the 4th quarter valued at about $26,000. Rakuten Securities Inc. lifted its position in shares of Arthur J. Gallagher & Co. by 650.0% in the 2nd quarter. Rakuten Securities Inc. now owns 105 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 91 shares during the period. MV Capital Management Inc. bought a new position in shares of Arthur J. Gallagher & Co. during the fourth quarter valued at approximately $34,000. Cassaday & Co Wealth Management LLC purchased a new position in Arthur J. Gallagher & Co. during the first quarter valued at approximately $29,000. Finally, Prosperity Bancshares Inc purchased a new position in Arthur J. Gallagher & Co. during the fourth quarter valued at approximately $42,000. 85.53% of the stock is owned by hedge funds and other institutional investors.

Arthur J. Gallagher & Co. Stock Performance

Shares of AJG opened at $247.57 on Friday. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.51. The firm has a market cap of $63.60 billion, a PE ratio of 40.06, a P/E/G ratio of 1.25 and a beta of 0.50. Arthur J. Gallagher & Co. has a 12 month low of $190.75 and a 12 month high of $315.48. The stock has a fifty day moving average price of $226.33 and a 200-day moving average price of $225.22.

Arthur J. Gallagher & Co. (NYSE:AJG) last announced its earnings results on Thursday, April 30th. The financial services provider reported $4.47 earnings per share for the quarter, topping the consensus estimate of $4.43 by $0.04. Arthur J. Gallagher & Co. had a return on equity of 12.83% and a net margin of 10.76%.The firm had revenue of $4.71 billion for the quarter, compared to the consensus estimate of $4.73 billion. During the same period in the previous year, the business earned $3.67 EPS. The firm’s revenue for the quarter was up 29.0% on a year-over-year basis. Equities research analysts predict that Arthur J. Gallagher & Co. will post 13.22 earnings per share for the current fiscal year.

Arthur J. Gallagher & Co. Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, June 5th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.1%. Arthur J. Gallagher & Co.’s payout ratio is presently 45.31%.

Insider Activity

In related news, CAO Richard C. Cary sold 3,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $206.00, for a total value of $618,000.00. Following the completion of the transaction, the chief accounting officer directly owned 47,819 shares of the company’s stock, valued at $9,850,714. This trade represents a 5.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AJG. Mizuho upped their target price on Arthur J. Gallagher & Co. from $261.00 to $287.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. Royal Bank Of Canada boosted their price target on Arthur J. Gallagher & Co. from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Wolfe Research cut Arthur J. Gallagher & Co. from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 9th. Morgan Stanley raised their price objective on Arthur J. Gallagher & Co. from $240.00 to $255.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Finally, Piper Sandler upgraded shares of Arthur J. Gallagher & Co. from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $225.00 to $276.00 in a report on Wednesday, July 15th. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $280.35.

About Arthur J. Gallagher & Co.

Arthur J. Gallagher & Co is a global insurance brokerage and risk management firm headquartered in Rolling Meadows, Illinois. Founded in 1927 by Arthur J. Gallagher, the company has grown from a regional broker into an international professional services organization that arranges insurance, provides consulting and designs risk-transfer solutions for commercial, industrial, public sector and individual clients.

The company’s core activities include property and casualty insurance brokerage, employee benefits consulting and administration, and a range of risk management services.