Arthur J. Gallagher & Co. (NYSE:AJG) Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS trimmed its holdings in shares of Arthur J. Gallagher & Co. (NYSE:AJG) by 4.0% in the third quarter, Holdings Channel reports. The firm owned 290,058 shares of the financial services provider’s stock after selling 12,168 shares during the period. Arthur J. Gallagher & Co. makes up 1.5% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 7th biggest position. Kornitzer Capital Management Inc. KS’s holdings in Arthur J. Gallagher & Co. were worth $81,614,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its stake in Arthur J. Gallagher & Co. by 180.6% during the 1st quarter. Janus Henderson Group PLC now owns 1,228,266 shares of the financial services provider’s stock worth $307,076,000 after buying an additional 790,467 shares during the period. Capital International Investors boosted its holdings in Arthur J. Gallagher & Co. by 7.0% in the first quarter. Capital International Investors now owns 11,050,941 shares of the financial services provider’s stock valued at $2,763,177,000 after purchasing an additional 727,325 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Arthur J. Gallagher & Co. by 219.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,043,769 shares of the financial services provider’s stock valued at $270,660,000 after purchasing an additional 717,221 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Arthur J. Gallagher & Co. by 231.2% during the 3rd quarter. Principal Financial Group Inc. now owns 885,796 shares of the financial services provider’s stock worth $249,237,000 after purchasing an additional 618,362 shares during the last quarter. Finally, Capital World Investors raised its position in shares of Arthur J. Gallagher & Co. by 9.0% in the 1st quarter. Capital World Investors now owns 4,832,060 shares of the financial services provider’s stock valued at $1,208,208,000 after purchasing an additional 398,350 shares in the last quarter. 85.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, President Michael Robert Pesch sold 7,100 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $296.20, for a total value of $2,103,020.00. Following the completion of the sale, the president now owns 33,267 shares in the company, valued at $9,853,685.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other Arthur J. Gallagher & Co. news, VP Christopher E. Mead sold 2,800 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $287.00, for a total value of $803,600.00. Following the transaction, the vice president now owns 14,674 shares of the company’s stock, valued at approximately $4,211,438. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Michael Robert Pesch sold 7,100 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $296.20, for a total value of $2,103,020.00. Following the sale, the president now directly owns 33,267 shares of the company’s stock, valued at approximately $9,853,685.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,900 shares of company stock worth $6,892,280. 1.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on AJG shares. BMO Capital Markets upped their price target on shares of Arthur J. Gallagher & Co. from $275.00 to $295.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Truist Financial increased their price target on shares of Arthur J. Gallagher & Co. from $265.00 to $275.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Keefe, Bruyette & Woods boosted their price objective on Arthur J. Gallagher & Co. from $241.00 to $252.00 and gave the company an “underperform” rating in a report on Friday, July 26th. Jefferies Financial Group lifted their target price on Arthur J. Gallagher & Co. from $269.00 to $274.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Finally, Wells Fargo & Company upped their price target on Arthur J. Gallagher & Co. from $309.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Arthur J. Gallagher & Co. presently has a consensus rating of “Hold” and an average target price of $287.00.

Arthur J. Gallagher & Co. Stock Performance

AJG stock traded down $0.37 on Thursday, reaching $290.31. The company’s stock had a trading volume of 55,075 shares, compared to its average volume of 843,411. The firm has a fifty day moving average of $288.45 and a two-hundred day moving average of $272.10. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.06 and a quick ratio of 1.06. The company has a market capitalization of $63.69 billion, a P/E ratio of 55.36, a price-to-earnings-growth ratio of 2.39 and a beta of 0.72. Arthur J. Gallagher & Co. has a 52 week low of $218.63 and a 52 week high of $301.04.

Arthur J. Gallagher & Co. (NYSE:AJG) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $2.26 EPS for the quarter, meeting analysts’ consensus estimates of $2.26. The company had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.78 billion. Arthur J. Gallagher & Co. had a return on equity of 19.12% and a net margin of 10.40%. The company’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same period last year, the company earned $2.00 earnings per share. As a group, analysts predict that Arthur J. Gallagher & Co. will post 10.11 EPS for the current fiscal year.

Arthur J. Gallagher & Co. Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date of this dividend is Friday, December 6th. Arthur J. Gallagher & Co.’s payout ratio is currently 45.71%.

About Arthur J. Gallagher & Co.

Arthur J. Gallagher & Co, together with its subsidiaries, provides insurance and reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals worldwide. It operates in Brokerage and Risk Management segments. The Brokerage segment offers retail and wholesale insurance and reinsurance brokerage services; assists retail brokers and other non-affiliated brokers in the placement of specialized and hard-to-place insurance; and acts as a brokerage wholesaler, managing general agent, and managing general underwriter for distributing specialized insurance coverages to underwriting enterprises.