Arthur J. Gallagher & Co. (NYSE:AJG) Reaches New 52-Week High at $160.61

Shares of Arthur J. Gallagher & Co. (NYSE:AJG) hit a new 52-week high during trading on Thursday . The company traded as high as $160.61 and last traded at $160.61, with a volume of 1530 shares trading hands. The stock had previously closed at $158.52.

A number of brokerages recently commented on AJG. Raymond James cut shares of Arthur J. Gallagher & Co. from a “strong-buy” rating to an “outperform” rating and dropped their price target for the company from $170.00 to $160.00 in a research note on Wednesday, July 28th. Wolfe Research began coverage on shares of Arthur J. Gallagher & Co. in a research note on Monday, August 16th. They issued a “peer perform” rating and a $145.00 target price on the stock. Truist Securities increased their target price on shares of Arthur J. Gallagher & Co. from $165.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, September 15th. Morgan Stanley lowered their target price on shares of Arthur J. Gallagher & Co. from $147.00 to $143.00 and set an “equal weight” rating on the stock in a research note on Monday, August 16th. Finally, Atlantic Securities assumed coverage on shares of Arthur J. Gallagher & Co. in a report on Tuesday, July 6th. They issued an “overweight” rating and a $175.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $150.83.

The company has a market capitalization of $33.27 billion, a PE ratio of 35.54, a PEG ratio of 2.57 and a beta of 0.69. The business’s 50-day moving average is $146.71 and its 200-day moving average is $142.53. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.33 and a current ratio of 1.33.

Arthur J. Gallagher & Co. (NYSE:AJG) last issued its quarterly earnings results on Thursday, July 29th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.10. The company had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Arthur J. Gallagher & Co. had a net margin of 11.70% and a return on equity of 15.11%. Analysts expect that Arthur J. Gallagher & Co. will post 5.31 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 17th. Shareholders of record on Friday, September 3rd were paid a dividend of $0.48 per share. The ex-dividend date of this dividend was Thursday, September 2nd. This represents a $1.92 dividend on an annualized basis and a yield of 1.19%. Arthur J. Gallagher & Co.’s dividend payout ratio is currently 40.68%.

Arthur J. Gallagher & Co. announced that its board has authorized a share repurchase plan on Thursday, July 29th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the financial services provider to purchase up to 5.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

In other news, CAO Richard C. Cary sold 4,583 shares of Arthur J. Gallagher & Co. stock in a transaction that occurred on Thursday, September 16th. The shares were sold at an average price of $150.32, for a total value of $688,916.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Arthur J. Gallagher & Co. by 5.9% during the second quarter. Vanguard Group Inc. now owns 23,763,727 shares of the financial services provider’s stock valued at $3,328,822,000 after buying an additional 1,332,944 shares during the period. State Street Corp lifted its holdings in Arthur J. Gallagher & Co. by 4.6% during the second quarter. State Street Corp now owns 9,381,222 shares of the financial services provider’s stock valued at $1,314,122,000 after purchasing an additional 411,003 shares in the last quarter. FMR LLC lifted its holdings in Arthur J. Gallagher & Co. by 15.2% during the second quarter. FMR LLC now owns 9,361,821 shares of the financial services provider’s stock valued at $1,311,404,000 after purchasing an additional 1,237,328 shares in the last quarter. Baillie Gifford & Co. lifted its holdings in Arthur J. Gallagher & Co. by 3.1% during the second quarter. Baillie Gifford & Co. now owns 8,165,173 shares of the financial services provider’s stock valued at $1,143,778,000 after purchasing an additional 246,033 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Arthur J. Gallagher & Co. by 17.4% during the second quarter. JPMorgan Chase & Co. now owns 5,127,614 shares of the financial services provider’s stock valued at $718,277,000 after purchasing an additional 759,643 shares in the last quarter. Institutional investors own 83.12% of the company’s stock.

About Arthur J. Gallagher & Co. (NYSE:AJG)

Arthur J. Gallagher & Co engages in the provision of insurance brokerage, consulting, and third party claims settlement and administration services to both domestic and international entities. It operates through the following business segments: Brokerage, Risk Management and Corporate. The Brokerage segment comprises of retail and wholesale insurance brokerage operations.

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