Arthur J. Gallagher & Co, a global insurance brokerage, risk management and consulting services firm, said this week it had acquired Shepard Insurance Group based in Old Greenwich, Connecticut.
However, the company did not disclose any financial details of the agreement.
Shepard Insurance Group is a retail insurance broker, which serves high-net-worth clientele in the Northeast US and Florida.
“Shepard Insurance Group is well regarded for their client service and will expand our high-net-worth offerings in the Northeast,” J. Patrick Gallagher, Jr., Chairman, President and Chief Executive Officer, said in a press release.
“I am delighted to welcome Steve, Kyle and their associates to Gallagher,” the CEO added.
Stock Performance
The shares of Arthur J. Gallagher & Co (AJG) closed 2.14% ($6.57) higher at $312.96 in New York on Tuesday, as they extended the gains from the previous four market sessions.
The company’s total market cap now stands at $68.678 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 39.17% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 7 out of 12 surveyed investment analysts had rated Arthur J. Gallagher & Co’s stock as “Hold”, while 4 – as “Buy”. The median price target on the stock stands at $301.45, which translates into a 3.68% downside compared to the closing price on Tuesday.
The high point of the analyst forecast range stands at $325.00.
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