Penobscot Investment Management Company Inc. Acquires 632 Shares of Arthur J. Gallagher & Co. (NYSE:AJG)

Penobscot Investment Management Company Inc. raised its holdings in Arthur J. Gallagher & Co. (NYSE:AJG) by 12.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,610 shares of the financial services provider’s stock after purchasing an additional 632 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Arthur J. Gallagher & Co. were worth $1,403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. Cynosure Group LLC bought a new position in Arthur J. Gallagher & Co. in the 1st quarter valued at $309,000. Catalytic Wealth RIA LLC grew its stake in Arthur J. Gallagher & Co. by 28.5% in the 1st quarter. Catalytic Wealth RIA LLC now owns 1,666 shares of the financial services provider’s stock valued at $417,000 after purchasing an additional 370 shares during the period. Jacobi Capital Management LLC grew its stake in Arthur J. Gallagher & Co. by 18.1% in the 1st quarter. Jacobi Capital Management LLC now owns 1,118 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 171 shares during the period. Edgestream Partners L.P. purchased a new position in shares of Arthur J. Gallagher & Co. during the 1st quarter valued at $2,604,000. Finally, South Street Advisors LLC lifted its position in shares of Arthur J. Gallagher & Co. by 1.8% during the 1st quarter. South Street Advisors LLC now owns 46,062 shares of the financial services provider’s stock valued at $11,517,000 after buying an additional 825 shares during the last quarter. Institutional investors own 85.53% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on AJG. TD Cowen upped their price target on Arthur J. Gallagher & Co. from $249.00 to $273.00 and gave the company a “hold” rating in a research report on Tuesday, April 2nd. Piper Sandler dropped their price target on Arthur J. Gallagher & Co. from $253.00 to $252.00 and set a “neutral” rating on the stock in a research report on Monday, April 29th. Royal Bank of Canada upped their price target on Arthur J. Gallagher & Co. from $282.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday, June 26th. Argus upped their price target on Arthur J. Gallagher & Co. from $264.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, May 14th. Finally, Wells Fargo & Company raised their target price on Arthur J. Gallagher & Co. from $274.00 to $282.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 26th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Arthur J. Gallagher & Co. has a consensus rating of “Hold” and an average target price of $263.00.

Arthur J. Gallagher & Co. Price Performance

Shares of NYSE:AJG traded up $1.33 during trading on Tuesday, reaching $273.09. The company had a trading volume of 301,504 shares, compared to its average volume of 842,634. The company has a fifty day moving average of $259.55 and a two-hundred day moving average of $247.36. The stock has a market capitalization of $59.67 billion, a P/E ratio of 55.62, a price-to-earnings-growth ratio of 2.41 and a beta of 0.72. Arthur J. Gallagher & Co. has a 12 month low of $214.13 and a 12 month high of $276.38. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.70.

Arthur J. Gallagher & Co. (NYSE:AJG) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $3.49 EPS for the quarter, topping analysts’ consensus estimates of $3.41 by $0.08. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.18 billion. Arthur J. Gallagher & Co. had a net margin of 10.27% and a return on equity of 18.94%. The business’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.03 EPS. Equities research analysts forecast that Arthur J. Gallagher & Co. will post 10.1 earnings per share for the current year.

Arthur J. Gallagher & Co. Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, June 7th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend was Friday, June 7th. Arthur J. Gallagher & Co.’s dividend payout ratio is currently 48.58%.

Insider Activity at Arthur J. Gallagher & Co.

In related news, VP Scott R. Hudson sold 10,000 shares of the stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $263.45, for a total transaction of $2,634,500.00. Following the transaction, the vice president now owns 93,730 shares of the company’s stock, valued at approximately $24,693,168.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, VP Scott R. Hudson sold 10,000 shares of the stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $263.45, for a total transaction of $2,634,500.00. Following the transaction, the vice president now owns 93,730 shares of the company’s stock, valued at approximately $24,693,168.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Douglas K. Howell sold 16,000 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $248.41, for a total transaction of $3,974,560.00. Following the transaction, the chief financial officer now directly owns 80,952 shares in the company, valued at approximately $20,109,286.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 53,165 shares of company stock valued at $13,629,049. Insiders own 1.60% of the company’s stock.

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.