13 Most Promising Long-Term Stocks to Buy According to Hedge Funds

Page 9 of 12

4. Arthur J. Gallagher & Co. (NYSE:AJG)

On February 23, Piper Sandler lowered its price recommendation on Arthur J. Gallagher & Co. (NYSE:AJG) to $226 from $249. The firm maintained a Neutral rating on the shares. The analyst said the update reflects a broader revision in price targets across insurance brokers, following the recent market selloff. The firm noted it remains relatively cautious on the sector in the near term.

Earlier, on February 17, Gallagher announced it had acquired B&W Insurance Agency, Inc., based in Washington, Pennsylvania. The companies did not disclose the financial terms of the deal. B&W Insurance Agency provides personal and commercial insurance brokerage services to clients in southwest Pennsylvania. Paul Barzd III, Jim Cote, and their team will continue working from their current office. They will operate under the leadership of Jen Tadin, who oversees Gallagher Select, the company’s U.S. property and casualty business focused on small businesses and personal insurance.

Chairman and CEO J. Patrick Gallagher, Jr. commented on the acquisition. He said, “B&W Insurance Agency has a strong local reputation and deepens our brokerage capabilities for small businesses.” He added, “I am very pleased to welcome Paul, Jim and their associates to Gallagher.”

Arthur J. Gallagher & Co. (NYSE:AJG) operates as a global insurance brokerage, risk management, and consulting firm. The company is headquartered in Rolling Meadows, Illinois. It serves clients in about 130 countries through its owned operations and a global network of brokers and consultants.

Page 9 of 12