Formidable Asset Management LLC Takes Position in Arthur J. Gallagher & Co. (NYSE:AJG)

Formidable Asset Management LLC acquired a new position in Arthur J. Gallagher & Co. (NYSE:AJG) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,369 shares of the financial services provider’s stock, valued at approximately $204,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AJG. Vanguard Group Inc. grew its position in Arthur J. Gallagher & Co. by 5.9% in the 2nd quarter. Vanguard Group Inc. now owns 23,763,727 shares of the financial services provider’s stock worth $3,328,822,000 after purchasing an additional 1,332,944 shares during the period. State Street Corp grew its position in shares of Arthur J. Gallagher & Co. by 4.6% during the 2nd quarter. State Street Corp now owns 9,381,222 shares of the financial services provider’s stock valued at $1,314,122,000 after acquiring an additional 411,003 shares during the period. FMR LLC grew its position in shares of Arthur J. Gallagher & Co. by 15.2% during the 2nd quarter. FMR LLC now owns 9,361,821 shares of the financial services provider’s stock valued at $1,311,404,000 after acquiring an additional 1,237,328 shares during the period. JPMorgan Chase & Co. grew its position in shares of 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 acquiring an additional 759,643 shares during the period. Finally, Capital International Investors boosted its holdings in Arthur J. Gallagher & Co. by 18.4% in the 2nd quarter. Capital International Investors now owns 5,096,687 shares of the financial services provider’s stock worth $714,005,000 after buying an additional 791,098 shares during the period. Institutional investors own 82.61% of the company’s stock.

Several research analysts recently weighed in on AJG shares. Truist Securities upped their target price on shares of Arthur J. Gallagher & Co. from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, October 29th. Wells Fargo & Company upped their target price on shares of Arthur J. Gallagher & Co. from $192.00 to $193.00 and gave the company an “overweight” rating in a research report on Tuesday, January 4th. Truist upped their target price on shares of Arthur J. Gallagher & Co. from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, October 29th. Zacks Investment Research upgraded shares of Arthur J. Gallagher & Co. from a “hold” rating to a “buy” rating and set a $175.00 target price on the stock in a research report on Monday, October 25th. Finally, Royal Bank of Canada upped their price target on shares of Arthur J. Gallagher & Co. from $150.00 to $166.00 and gave the company a “sector perform” rating in a report on Friday, October 29th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $172.09.

In related news, VP Joel D. Cavaness sold 11,600 shares of the stock in a transaction that occurred on Tuesday, November 16th. The shares were sold at an average price of $167.00, for a total transaction of $1,937,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Scott R. Hudson sold 10,000 shares of the stock in a transaction that occurred on Friday, December 17th. The shares were sold at an average price of $165.28, for a total transaction of $1,652,800.00. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.

Shares of AJG stock opened at $157.70 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.30 and a quick ratio of 1.30. The company has a market capitalization of $32.69 billion, a P/E ratio of 34.13, a P/E/G ratio of 2.21 and a beta of 0.68. The company’s 50-day simple moving average is $165.53 and its two-hundred day simple moving average is $153.87. Arthur J. Gallagher & Co. has a one year low of $112.92 and a one year high of $171.21.

Arthur J. Gallagher & Co. (NYSE:AJG) last issued its earnings results on Thursday, October 28th. The financial services provider reported $1.33 EPS for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.12. Arthur J. Gallagher & Co. had a net margin of 11.89% and a return on equity of 14.69%. The business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $1.99 billion. During the same period in the prior year, the firm earned $1.08 EPS. The company’s revenue for the quarter was up 16.5% compared to the same quarter last year. On average, research analysts expect that Arthur J. Gallagher & Co. will post 5.44 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 17th. Stockholders of record on Friday, December 3rd were paid a dividend of $0.48 per share. The ex-dividend date was Thursday, December 2nd. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.22%. Arthur J. Gallagher & Co.’s dividend payout ratio is presently 41.56%.

Arthur J. Gallagher & Co. Company Profile

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.

Further Reading: Benefits of owning preferred stock

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Institutional Ownership by Quarter for Arthur J. Gallagher & Co. (NYSE:AJG)

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