PNC Financial Services Group Inc. Cuts Stake in Aon plc $AON

PNC Financial Services Group Inc. lessened its holdings in Aon plc (NYSE:AON) by 20.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 90,965 shares of the financial services provider’s stock after selling 23,832 shares during the period. PNC Financial Services Group Inc.’s holdings in AON were worth $29,362,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Wealth Watch Advisors INC purchased a new position in AON in the third quarter valued at $25,000. University of Texas Texas AM Investment Management Co. purchased a new position in AON in the fourth quarter worth approximately $27,000. Kemnay Advisory Services Inc. acquired a new position in AON during the 4th quarter worth approximately $29,000. Eagle Bay Advisors LLC purchased a new stake in shares of AON in the 4th quarter valued at approximately $30,000. Finally, Strive Asset Management LLC acquired a new stake in shares of AON in the 3rd quarter valued at $35,000. Hedge funds and other institutional investors own 86.14% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on AON. Piper Sandler cut AON from an “overweight” rating to a “neutral” rating and raised their price target for the company from $355.00 to $377.00 in a research note on Wednesday, July 15th. Mizuho upped their target price on shares of AON from $389.00 to $426.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. Barclays increased their target price on shares of AON from $372.00 to $382.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 7th. Wells Fargo & Company reduced their price target on shares of AON from $409.00 to $406.00 and set an “overweight” rating for the company in a research report on Thursday, July 9th. Finally, Cantor Fitzgerald upped their price objective on shares of AON from $416.00 to $445.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Twelve research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, AON currently has a consensus rating of “Moderate Buy” and an average target price of $404.56.

Insiders Place Their Bets

In other AON news, General Counsel Darren Zeidel sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $360.00, for a total transaction of $216,000.00. Following the transaction, the general counsel owned 15,354 shares in the company, valued at approximately $5,527,440. The trade was a 3.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.

AON Stock Performance

NYSE AON opened at $361.26 on Friday. The firm has a market cap of $77.16 billion, a P/E ratio of 19.83, a P/E/G ratio of 1.86 and a beta of 0.71. Aon plc has a 52-week low of $304.59 and a 52-week high of $381.00. The business’s 50-day moving average price is $336.57 and its 200 day moving average price is $331.38. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 1.36.

AON (NYSE:AON) last posted its quarterly earnings data on Saturday, May 2nd. The financial services provider reported $6.48 earnings per share for the quarter, topping analysts’ consensus estimates of $6.37 by $0.11. AON had a return on equity of 43.50% and a net margin of 22.54%.The company had revenue of $5.03 billion during the quarter, compared to analysts’ expectations of $4.97 billion. During the same period last year, the firm earned $5.67 EPS. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, equities research analysts expect that Aon plc will post 19.09 earnings per share for the current year.

AON Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Monday, August 3rd will be given a $0.82 dividend. The ex-dividend date is Monday, August 3rd. This represents a $3.28 dividend on an annualized basis and a yield of 0.9%. AON’s dividend payout ratio (DPR) is presently 18.00%.

AON Company Profile

Aon plc is a global professional services firm that provides a broad suite of risk, retirement and health solutions to corporations, institutions and individuals. The company operates primarily as an insurance broker and risk adviser, helping clients identify, quantify and transfer risk across property, casualty, cyber and other areas. Aon also offers reinsurance brokerage and capital market solutions that connect insurers, reinsurers and corporate buyers.

In addition to traditional brokerage activities, Aon delivers consulting and outsourcing services in areas such as human capital, benefits, and retirement plan design and administration.