Griffin Asset Management Inc. acquired a new position in Arthur J. Gallagher & Co. (NYSE:AJG) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 80,000 shares of the financial services provider’s stock, valued at approximately $4,580,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Somerset Trust Co grew its stake in shares of Arthur J. Gallagher & Co. by 0.3% in the 2nd quarter. Somerset Trust Co now owns 8,698 shares of the financial services provider’s stock worth $498,000 after purchasing an additional 22 shares during the last quarter. Contravisory Investment Management Inc. grew its stake in shares of Arthur J. Gallagher & Co. by 0.7% in the 2nd quarter. Contravisory Investment Management Inc. now owns 4,775 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 32 shares during the last quarter. Private Advisory Group LLC grew its stake in shares of Arthur J. Gallagher & Co. by 0.7% in the 2nd quarter. Private Advisory Group LLC now owns 4,779 shares of the financial services provider’s stock worth $274,000 after purchasing an additional 32 shares during the last quarter. Veritable L.P. grew its stake in shares of Arthur J. Gallagher & Co. by 0.8% in the 2nd quarter. Veritable L.P. now owns 4,333 shares of the financial services provider’s stock worth $248,000 after purchasing an additional 33 shares during the last quarter. Finally, National Asset Management Inc. grew its stake in shares of Arthur J. Gallagher & Co. by 0.7% in the 2nd quarter. National Asset Management Inc. now owns 4,881 shares of the financial services provider’s stock worth $280,000 after purchasing an additional 33 shares during the last quarter. 81.25% of the stock is currently owned by institutional investors.

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Arthur J. Gallagher & Co. (NYSE:AJG) traded up 0.43% on Friday, hitting $62.91. 68,314 shares of the stock traded hands. The company’s 50 day moving average price is $60.77 and its 200-day moving average price is $58.10. The stock has a market capitalization of $11.33 billion, a P/E ratio of 25.37 and a beta of 1.21. Arthur J. Gallagher & Co. has a 12-month low of $47.16 and a 12-month high of $63.14.

Arthur J. Gallagher & Co. (NYSE:AJG) last announced its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.01. The business had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.54 billion. Arthur J. Gallagher & Co. had a net margin of 7.62% and a return on equity of 13.68%. Arthur J. Gallagher & Co.’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same period last year, the company posted $0.96 EPS. Analysts predict that Arthur J. Gallagher & Co. will post $2.99 EPS for the current year.

In related news, VP Joel D. Cavaness sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $58.73, for a total value of $587,300.00. Following the sale, the vice president now directly owns 96,186 shares in the company, valued at approximately $5,649,003.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Douglas K. Howell sold 9,967 shares of the stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $59.98, for a total transaction of $597,820.66. Following the completion of the sale, the chief financial officer now owns 47,767 shares in the company, valued at $2,865,064.66. The disclosure for this sale can be found here. Insiders sold a total of 30,500 shares of company stock worth $1,804,115 over the last quarter. 1.60% of the stock is currently owned by corporate insiders.

Several brokerages have recently issued reports on AJG. Barclays PLC lifted their price objective on shares of Arthur J. Gallagher & Co. from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $59.00 price objective on shares of Arthur J. Gallagher & Co. in a research note on Tuesday, October 10th. Deutsche Bank AG cut shares of Arthur J. Gallagher & Co. from a “buy” rating to a “hold” rating and set a $64.00 price objective on the stock. in a research note on Wednesday, October 4th. Zacks Investment Research cut shares of Arthur J. Gallagher & Co. from a “hold” rating to a “sell” rating in a research note on Monday, October 2nd. Finally, Wells Fargo & Co reaffirmed a “buy” rating and issued a $66.00 price objective on shares of Arthur J. Gallagher & Co. in a research note on Sunday, September 17th. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $63.71.

Arthur J. Gallagher & Co. Profile

Arthur J. Gallagher & Co and its subsidiaries are engaged in providing insurance brokerage and consulting services, and third-party claims settlement and administration services to both domestic and international entities. The Company operates through three segments: brokerage, risk management and corporate.

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

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