Bank of Montreal has reduced its holdings in Arthur J. Gallagher & Co. (NYSE: AJG) by 8.9% during the second quarter of 2023, according to a report from HoldingsChannel. The bank now owns 225,323 shares of the financial services provider, following the sale of 22,095 shares during the period. As of the most recent filing with the Securities and Exchange Commission (SEC), Bank of Montreal’s stake in Arthur J. Gallagher is valued at approximately $72.13 million.
Other institutional investors have also made significant adjustments to their positions in Arthur J. Gallagher. For example, J.Safra Asset Management Corp increased its stake by an impressive 209.1% in the same quarter, acquiring a total of 102 shares valued at around $32,000. Similarly, AlphaQuest LLC and Centennial Bank AR each established new positions valued at $33,000 and $38,000, respectively. Notably, Motco raised its stake by 700.0% earlier this year, now holding 112 shares valued at around $39,000. Currently, institutional investors and hedge funds hold about 85.53% of Arthur J. Gallagher’s stock.
Stock Performance and Financial Metrics
As of Wednesday, shares of Arthur J. Gallagher opened at $251.51. The company maintains a current ratio of 1.36, a quick ratio of 1.36, and a debt-to-equity ratio of 0.52. With a market capitalization of $64.49 billion, it has a price-to-earnings (P/E) ratio of 35.73 and a beta of 0.73. The stock has experienced a 12-month low of $239.47 and a 12-month high of $351.23.
In addition to these developments, Arthur J. Gallagher has announced a quarterly dividend of $0.65 per share, which is set to be paid on December 19, 2023. Shareholders of record on December 5 will be eligible for this dividend, representing an annualized yield of 1.0% and a payout ratio of 38.86%.
Analyst Ratings and Insider Transactions
Recent analyst evaluations reflect a range of perspectives on the stock. Evercore ISI has lowered its price target from $370.00 to $353.00, maintaining an “outperform” rating. Conversely, Goldman Sachs Group adjusted their target from $361.00 to $315.00, also retaining a “buy” rating. Wall Street Zen downgraded the stock from a “hold” to a “sell” rating. Overall, one analyst rates the stock as a Strong Buy, nine as Buy, and eight as Hold, yielding a consensus rating of “Moderate Buy” with a price target of $323.73 according to MarketBeat.
In insider trading news, Vice President Michael Robert Pesch acquired 4,000 shares on November 3, 2023, at an average price of $247.12, totaling approximately $988,480. His total holdings now amount to 41,849 shares, valued at about $10.34 million. Meanwhile, Chief Financial Officer Douglas K. Howell sold 8,000 shares on September 22, 2023, at an average price of $299.54, resulting in a transaction valued at $2.4 million. Following this sale, Howell holds 100,777 shares worth approximately $30.19 million.
Arthur J. Gallagher & Co. continues to be a key player in the insurance brokerage sector, providing a range of services including insurance brokerage, reinsurance brokerage, consulting, and claims settlement and administration. The firm operates through segments such as Brokerage, Risk Management, and Corporate, with a strong focus on retail and wholesale insurance operations.
