Fort Pitt Capital Group LLC Sells 5,111 Shares of Arthur J Gallagher & Co (AJG)

Fort Pitt Capital Group LLC lessened its holdings in Arthur J Gallagher & Co (NYSE:AJG) by 0.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 606,707 shares of the financial services provider’s stock after selling 5,111 shares during the period. Arthur J Gallagher & Co comprises about 3.3% of Fort Pitt Capital Group LLC’s portfolio, making the stock its 8th largest holding. Fort Pitt Capital Group LLC owned 0.33% of Arthur J Gallagher & Co worth $45,163,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Royal London Asset Management Ltd. purchased a new position in shares of Arthur J Gallagher & Co in the 2nd quarter valued at about $4,550,000. Zacks Investment Management boosted its holdings in Arthur J Gallagher & Co by 0.8% in the 2nd quarter. Zacks Investment Management now owns 550,895 shares of the financial services provider’s stock worth $35,962,000 after buying an additional 4,504 shares during the last quarter. Visionary Asset Management Inc. acquired a new stake in Arthur J Gallagher & Co in the 3rd quarter worth about $217,000. CIBC World Markets Inc. boosted its holdings in Arthur J Gallagher & Co by 39.8% in the 2nd quarter. CIBC World Markets Inc. now owns 4,267 shares of the financial services provider’s stock worth $279,000 after buying an additional 1,214 shares during the last quarter. Finally, First Quadrant L P CA boosted its holdings in Arthur J Gallagher & Co by 56.9% in the 2nd quarter. First Quadrant L P CA now owns 328,859 shares of the financial services provider’s stock worth $21,468,000 after buying an additional 119,279 shares during the last quarter. Hedge funds and other institutional investors own 81.72% of the company’s stock.

Several equities research analysts recently issued reports on the company. Royal Bank of Canada reiterated a “hold” rating and issued a $73.00 price objective on shares of Arthur J Gallagher & Co in a report on Friday, July 27th. Citigroup set a $78.00 price objective on Arthur J Gallagher & Co and gave the stock a “hold” rating in a report on Friday, October 12th. ValuEngine upgraded Arthur J Gallagher & Co from a “hold” rating to a “buy” rating in a report on Tuesday, October 2nd. SunTrust Banks reiterated a “buy” rating on shares of Arthur J Gallagher & Co in a report on Thursday, July 26th. Finally, Credit Suisse Group assumed coverage on Arthur J Gallagher & Co in a report on Tuesday, August 7th. They issued an “outperform” rating and a $84.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $78.20.

In other news, Director Frank E. Jr. English sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $72.07, for a total transaction of $144,140.00. Following the transaction, the director now directly owns 8,400 shares in the company, valued at approximately $605,388. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, General Counsel Walter D. Bay sold 9,100 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $71.95, for a total value of $654,745.00. Following the transaction, the general counsel now owns 26,369 shares in the company, valued at $1,897,249.55. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 40,252 shares of company stock worth $2,944,259. Insiders own 1.60% of the company’s stock.

Shares of Arthur J Gallagher & Co stock opened at $77.77 on Friday. The company has a market cap of $13.93 billion, a PE ratio of 25.42, a P/E/G ratio of 2.02 and a beta of 1.00. Arthur J Gallagher & Co has a 1-year low of $62.04 and a 1-year high of $77.77. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.09 and a current ratio of 1.09.

Arthur J Gallagher & Co (NYSE:AJG) last issued its earnings results on Thursday, October 25th. The financial services provider reported $0.78 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.01. The business had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.69 billion. Arthur J Gallagher & Co had a return on equity of 15.50% and a net margin of 9.04%. As a group, analysts expect that Arthur J Gallagher & Co will post 3.44 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 21st. Stockholders of record on Friday, December 7th will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend is Thursday, December 6th. Arthur J Gallagher & Co’s dividend payout ratio is currently 53.59%.

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Arthur J Gallagher & Co Company Profile

Arthur J. Gallagher & Co, together with its subsidiaries, provides insurance brokerage, consulting, and third party claims settlement and administration services to entities in the United States and internationally. Its Brokerage segment consists of retail and wholesale insurance brokerage operations.

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

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