Manhattan West Asset Management LLC Takes Position in Arthur J. Gallagher & Co. $AJG

Manhattan West Asset Management LLC purchased a new position in shares of Arthur J. Gallagher & Co. (NYSE:AJG) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 6,821 shares of the financial services provider’s stock, valued at approximately $2,113,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Physician Wealth Advisors Inc. lifted its position in Arthur J. Gallagher & Co. by 870.0% in the third quarter. Physician Wealth Advisors Inc. now owns 97 shares of the financial services provider’s stock valued at $30,000 after buying an additional 87 shares during the last quarter. Rakuten Securities Inc. increased its position in shares of Arthur J. Gallagher & Co. by 650.0% during the second quarter. Rakuten Securities Inc. now owns 105 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 91 shares during the last quarter. Financial Life Planners purchased a new stake in shares of Arthur J. Gallagher & Co. in the 3rd quarter valued at approximately $39,000. Central Pacific Bank Trust Division lifted its holdings in shares of Arthur J. Gallagher & Co. by 40.6% in the 3rd quarter. Central Pacific Bank Trust Division now owns 135 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 39 shares during the last quarter. Finally, Westside Investment Management Inc. lifted its holdings in shares of Arthur J. Gallagher & Co. by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 136 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 68 shares during the last quarter. 85.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, General Counsel Walter D. Bay sold 15,850 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $255.00, for a total value of $4,041,750.00. Following the sale, the general counsel owned 79,549 shares of the company’s stock, valued at $20,284,995. This trade represents a 16.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Douglas K. Howell sold 5,000 shares of Arthur J. Gallagher & Co. stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $258.05, for a total transaction of $1,290,250.00. Following the completion of the transaction, the chief financial officer owned 95,777 shares of the company’s stock, valued at $24,715,254.85. This represents a 4.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 32,650 shares of company stock valued at $8,137,686. Corporate insiders own 1.30% of the company’s stock.

Arthur J. Gallagher & Co. Stock Performance

NYSE:AJG opened at $209.30 on Wednesday. Arthur J. Gallagher & Co. has a 52 week low of $195.00 and a 52 week high of $351.23. The company has a fifty day simple moving average of $232.84 and a two-hundred day simple moving average of $258.68. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.52. The company has a market cap of $53.81 billion, a price-to-earnings ratio of 34.03, a price-to-earnings-growth ratio of 1.03 and a beta of 0.67.

Arthur J. Gallagher & Co. (NYSE:AJG) last announced its quarterly earnings data on Thursday, January 29th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.35 by $0.03. Arthur J. Gallagher & Co. had a return on equity of 12.13% and a net margin of 11.84%.The business had revenue of $3.57 billion for the quarter, compared to analysts’ expectations of $3.61 billion. During the same period last year, the firm earned $1.12 earnings per share. The company’s revenue for the quarter was up 33.9% compared to the same quarter last year. As a group, equities analysts anticipate that Arthur J. Gallagher & Co. will post 11.54 earnings per share for the current fiscal year.

Arthur J. Gallagher & Co. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Friday, March 6th. This is a boost from Arthur J. Gallagher & Co.’s previous quarterly dividend of $0.65. Arthur J. Gallagher & Co.’s dividend payout ratio (DPR) is 45.53%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on AJG shares. Wall Street Zen upgraded shares of Arthur J. Gallagher & Co. from a “sell” rating to a “hold” rating in a report on Saturday, February 21st. BMO Capital Markets lowered Arthur J. Gallagher & Co. from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $289.00 to $275.00 in a research report on Tuesday, January 13th. Wells Fargo & Company dropped their price objective on Arthur J. Gallagher & Co. from $311.00 to $298.00 and set an “overweight” rating for the company in a research note on Friday, January 30th. Jefferies Financial Group decreased their target price on Arthur J. Gallagher & Co. from $283.00 to $280.00 and set a “hold” rating on the stock in a research note on Monday, February 2nd. Finally, Evercore lowered their target price on Arthur J. Gallagher & Co. from $353.00 to $334.00 and set an “outperform” rating for the company in a report on Wednesday, December 17th. Nine equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $281.39.

Arthur J. Gallagher & Co. Profile

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.