Dearborn Partners LLC acquired a new position in Arthur J. Gallagher & Co. (NYSE:AJG – Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 125,858 shares of the financial services provider’s stock, valued at approximately $27,258,000. Arthur J. Gallagher & Co. makes up approximately 1.5% of Dearborn Partners LLC’s investment portfolio, making the stock its 25th biggest holding.
A number of other hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new position in Arthur J. Gallagher & Co. during the 4th quarter valued at about $1,925,062,000. T. Rowe Price Investment Management Inc. grew its holdings in Arthur J. Gallagher & Co. by 123.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,887,538 shares of the financial services provider’s stock worth $1,523,636,000 after purchasing an additional 3,253,498 shares during the period. Gtcr LLC bought a new position in shares of Arthur J. Gallagher & Co. during the first quarter valued at approximately $514,112,000. Bank of New York Mellon Corp purchased a new position in shares of Arthur J. Gallagher & Co. during the second quarter valued at approximately $289,484,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Arthur J. Gallagher & Co. by 9,244.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,053,636 shares of the financial services provider’s stock worth $272,670,000 after purchasing an additional 1,042,361 shares in the last quarter. Institutional investors own 85.53% of the company’s stock.
Arthur J. Gallagher & Co. Stock Performance
Shares of AJG stock opened at $271.99 on Tuesday. The firm has a market capitalization of $69.71 billion, a PE ratio of 45.11, a P/E/G ratio of 1.62 and a beta of 0.50. The company has a 50 day moving average price of $245.63 and a 200-day moving average price of $225.06. Arthur J. Gallagher & Co. has a 52 week low of $190.75 and a 52 week high of $313.55. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.50.
Arthur J. Gallagher & Co. Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Tuesday, September 8th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $2.80 annualized dividend and a dividend yield of 1.0%. Arthur J. Gallagher & Co.’s payout ratio is presently 46.43%.
Insiders Place Their Bets
In other Arthur J. Gallagher & Co. news, CAO Richard C. Cary sold 3,000 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $206.00, for a total value of $618,000.00. Following the transaction, the chief accounting officer owned 47,819 shares of the company’s stock, valued at approximately $9,850,714. This represents a 5.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Christopher E. Mead sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $257.02, for a total value of $899,570.00. Following the completion of the transaction, the vice president directly owned 22,223 shares in the company, valued at $5,711,755.46. The trade was a 13.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.40% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
AJG has been the subject of a number of recent research reports. Wells Fargo & Company lowered their price objective on Arthur J. Gallagher & Co. from $299.00 to $296.00 and set an “overweight” rating for the company in a research note on Monday, August 3rd. Morgan Stanley upped their price target on shares of Arthur J. Gallagher & Co. from $270.00 to $290.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Cantor Fitzgerald raised their price objective on shares of Arthur J. Gallagher & Co. from $285.00 to $300.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Mizuho increased their price target on shares of Arthur J. Gallagher & Co. from $287.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Finally, UBS Group upped their price objective on Arthur J. Gallagher & Co. from $291.00 to $299.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Fourteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Arthur J. Gallagher & Co. presently has an average rating of “Moderate Buy” and an average price target of $290.28.
Read Our Latest Analysis on AJG
About Arthur J. Gallagher & Co.
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.
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