Arthur J. Gallagher & Co, a global insurance brokerage, risk management and consulting services firm, said on Monday that it had acquired Cedar Rapids, Iowa-based Acumen Advisors Inc.
However, the company did not disclose any financial details of the agreement.
Acumen is an employee benefits consultant, which serves small and medium-sized businesses throughout Iowa.
“Acumen is a highly regarded firm that will expand our employee benefits offerings in the region,” J. Patrick Gallagher, Jr., Chairman, President and Chief Executive Officer, said in a press release.
“I am delighted to welcome Andrew, Kirby and their associates to Gallagher,” the CEO added.
Stock Performance
The shares of Arthur J. Gallagher & Co (AJG) closed 0.49% ($1.22) higher at $250.72 in New York on Tuesday, as they reversed a loss from the previous market session.
The company’s total market cap now stands at $54.786 billion.
The shares of Arthur J. Gallagher & Co (AJG) went up 19.27% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 11.49% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 4 out of 9 surveyed investment analysts had rated Arthur J. Gallagher’s stock as “Buy”, while 3 – as “Hold”. The median price target on the stock stands at $263.71, which translates into a 5.18% upside compared to the closing price on Tuesday.
The high point of the analyst forecast range stands at $282.00.
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