Corsair Capital Management L.P. lessened its stake in shares of Aon PLC (NYSE:AON) by 6.4% during the third quarter, Holdings Channel reports. The institutional investor owned 153,341 shares of the financial services provider’s stock after selling 10,563 shares during the period. AON accounts for about 5.4% of Corsair Capital Management L.P.’s portfolio, making the stock its 4th largest position. Corsair Capital Management L.P.’s holdings in AON were worth $23,581,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in AON. Pinebridge Investments L.P. acquired a new stake in AON during the 2nd quarter valued at $132,000. Synovus Financial Corp grew its holdings in AON by 110.4% during the 3rd quarter. Synovus Financial Corp now owns 852 shares of the financial services provider’s stock valued at $132,000 after buying an additional 447 shares during the last quarter. TRUE Private Wealth Advisors acquired a new stake in AON during the 3rd quarter valued at $163,000. FUKOKU MUTUAL LIFE INSURANCE Co grew its holdings in AON by 50.0% during the 2nd quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 1,200 shares of the financial services provider’s stock valued at $165,000 after buying an additional 400 shares during the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new position in shares of AON during the 2nd quarter worth $176,000. Hedge funds and other institutional investors own 85.01% of the company’s stock.
Shares of AON stock opened at $160.56 on Friday. Aon PLC has a fifty-two week low of $130.87 and a fifty-two week high of $166.55. The firm has a market cap of $39.19 billion, a price-to-earnings ratio of 19.51, a price-to-earnings-growth ratio of 1.70 and a beta of 0.86. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.41 and a current ratio of 1.41.
AON (NYSE:AON) last issued its quarterly earnings results on Friday, October 26th. The financial services provider reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.09. AON had a return on equity of 43.96% and a net margin of 7.06%. The company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same quarter in the prior year, the company posted $1.29 EPS. The business’s revenue for the quarter was up .4% compared to the same quarter last year. Analysts expect that Aon PLC will post 8.13 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Thursday, November 1st were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend was Wednesday, October 31st. AON’s dividend payout ratio (DPR) is currently 24.54%.
AON has been the topic of a number of recent analyst reports. Raymond James raised AON from an “underperform” rating to an “outperform” rating in a research note on Tuesday, September 25th. Credit Suisse Group set a $158.00 price target on AON and gave the stock a “hold” rating in a research note on Tuesday, October 9th. Citigroup increased their price target on AON from $167.00 to $180.00 and gave the stock a “buy” rating in a research note on Friday, October 12th. Wells Fargo & Co set a $143.00 price target on AON and gave the stock a “hold” rating in a research note on Friday, October 26th. Finally, Sandler O’Neill raised AON from a “hold” rating to a “buy” rating in a research note on Monday, October 29th. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. AON currently has a consensus rating of “Hold” and a consensus price target of $160.38.
In related news, CEO Caroline Grace sold 4,000 shares of the stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $155.00, for a total value of $620,000.00. Following the transaction, the chief executive officer now directly owns 45,796 shares of the company’s stock, valued at approximately $7,098,380. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.42% of the company’s stock.
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Aon plc provides risk management services, insurance and reinsurance brokerage, and human resource consulting and outsourcing services worldwide. The company operates through two segments, Risk Solutions and HR Solutions. The Risk Solutions segment offers retail brokerage services, including affinity products, managing general underwriting, placement, captive management services, and data and analytics; risk management solutions for property liability, general liability, professional liability, directors' and officers' liability, transaction liability, cyber liability, workers' compensation, and various healthcare products; and health and benefits consulting services comprising structuring, funding, and administering employee benefit programs.
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