Shares of Arthur J. Gallagher & Co. (NYSE:AJG) hit a new 52-week high 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 research analysts have weighed in on AJG shares. Truist Securities raised their price objective on Arthur J. Gallagher & Co. from $165.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, September 15th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $140.22 price objective (down previously from $160.00) on shares of Arthur J. Gallagher & Co. in a report on Tuesday, July 27th. Morgan Stanley reduced their price target on Arthur J. Gallagher & Co. from $147.00 to $143.00 and set an “equal weight” rating on the stock in a report on Monday, August 16th. Evercore ISI upgraded Arthur J. Gallagher & Co. to a “buy” rating and set a $160.00 price target on the stock in a report on Friday, July 30th. Finally, Keefe, Bruyette & Woods lifted their price target on Arthur J. Gallagher & Co. from $148.00 to $159.00 and gave the stock an “outperform” rating in a report on Friday, June 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $150.83.
The company has a debt-to-equity ratio of 0.68, a current ratio of 1.33 and a quick ratio of 1.33. The company has a 50 day moving average price of $146.71 and a 200 day moving average price of $142.53. The firm has a market cap of $33.27 billion, a PE ratio of 35.54, a PEG ratio of 2.57 and a beta of 0.69.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 17th. Investors of record on Friday, September 3rd were issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend was Thursday, September 2nd. Arthur J. Gallagher & Co.’s dividend payout ratio is presently 40.68%.
Arthur J. Gallagher & Co. declared that its Board of Directors has authorized a share buyback program on Thursday, July 29th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 5.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In other Arthur J. Gallagher & Co. news, CAO Richard C. Cary sold 4,583 shares of the company’s stock in a transaction on Thursday, September 16th. The stock was sold at an average price of $150.32, for a total value of $688,916.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.40% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of AJG. Findlay Park Partners LLP acquired a new stake in shares of Arthur J. Gallagher & Co. in the second quarter valued at about $306,401,000. Vanguard Group Inc. grew its stake in shares of Arthur J. Gallagher & Co. by 5.9% in 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 in the last quarter. FMR LLC grew its stake in shares of Arthur J. Gallagher & Co. by 15.2% in 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 buying an additional 1,237,328 shares in the last quarter. Capital International Investors grew its stake in shares of Arthur J. Gallagher & Co. by 18.4% in the second quarter. Capital International Investors now owns 5,096,687 shares of the financial services provider’s stock valued at $714,005,000 after buying an additional 791,098 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Arthur J. Gallagher & Co. by 17.4% during the 2nd 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 and hedge funds 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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