Aon plc (NYSE:AON) Stock Position Cut by Allstate Corp

Allstate Corp reduced its stake in Aon plc (NYSE:AON) by 4.3% in the first quarter, HoldingsChannel reports. The fund owned 845 shares of the financial services provider’s stock after selling 38 shares during the quarter. Allstate Corp’s holdings in AON were worth $282,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in AON. Cubic Asset Management LLC bought a new stake in shares of AON in the 4th quarter worth $1,050,000. Charles Schwab Investment Management Inc. boosted its position in shares of AON by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,058,309 shares of the financial services provider’s stock valued at $307,989,000 after purchasing an additional 5,727 shares in the last quarter. Gryphon Financial Partners LLC grew its stake in shares of AON by 262.7% in the 4th quarter. Gryphon Financial Partners LLC now owns 4,127 shares of the financial services provider’s stock worth $1,181,000 after purchasing an additional 2,989 shares during the last quarter. Cerity Partners LLC lifted its stake in AON by 177.4% during the fourth quarter. Cerity Partners LLC now owns 18,461 shares of the financial services provider’s stock valued at $5,372,000 after purchasing an additional 11,806 shares during the last quarter. Finally, California State Teachers Retirement System boosted its holdings in AON by 1.5% during the fourth quarter. California State Teachers Retirement System now owns 331,760 shares of the financial services provider’s stock worth $96,549,000 after buying an additional 4,843 shares in the last quarter. Institutional investors and hedge funds own 86.14% of the company’s stock.

Analysts Set New Price Targets

AON has been the subject of several research reports. Bank of America lowered AON from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $345.00 to $306.00 in a research note on Wednesday, May 22nd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $315.00 target price on shares of AON in a report on Tuesday, June 18th. Morgan Stanley reduced their price target on shares of AON from $300.00 to $296.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. Piper Sandler lowered their price objective on shares of AON from $326.00 to $312.00 and set a “neutral” rating on the stock in a research report on Monday, April 29th. Finally, Keefe, Bruyette & Woods increased their target price on AON from $294.00 to $312.00 and gave the company an “underperform” rating in a report on Wednesday, April 10th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, AON presently has an average rating of “Hold” and a consensus price target of $321.36.

AON Trading Up 1.0 %

NYSE AON traded up $2.95 on Monday, reaching $299.12. The stock had a trading volume of 908,503 shares, compared to its average volume of 1,280,107. The business has a 50 day moving average price of $291.22 and a 200 day moving average price of $302.34. Aon plc has a 1 year low of $268.06 and a 1 year high of $344.68. The company has a market capitalization of $65.04 billion, a price-to-earnings ratio of 23.28, a P/E/G ratio of 1.97 and a beta of 0.91.

AON (NYSE:AON) last announced its quarterly earnings results on Friday, April 26th. The financial services provider reported $5.66 EPS for the quarter, missing the consensus estimate of $5.86 by ($0.20). AON had a negative return on equity of 1,083.00% and a net margin of 19.04%. The business had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4.14 billion. During the same quarter last year, the company earned $5.17 EPS. The business’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, analysts anticipate that Aon plc will post 15.41 earnings per share for the current fiscal year.

AON Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st will be paid a dividend of $0.675 per share. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $2.70 annualized dividend and a dividend yield of 0.90%. AON’s dividend payout ratio (DPR) is presently 21.16%.

Insider Activity

In related news, Director Lester B. Knight purchased 10,000 shares of the stock in a transaction on Friday, May 3rd. The shares were bought at an average price of $276.61 per share, for a total transaction of $2,766,100.00. Following the completion of the acquisition, the director now directly owns 139,000 shares in the company, valued at approximately $38,448,790. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.15% of the stock is currently owned by insiders.

AON Company Profile

Aon plc, a professional services firm, provides a range of risk and human capital solutions worldwide. It offers commercial risk solutions, including retail brokerage, specialty solutions, global risk consulting and captives management, and affinity programs; and health solutions, such as health and benefits brokerages, and health care exchanges.