UMB Bank n.a. has significantly reduced its investment in Marsh & McLennan Companies, Inc. (NYSE: MMC) by 41.9% during the third quarter of 2023. The bank now holds 26,546 shares of the financial services provider after selling 19,132 shares in this period. According to the most recent filing with the Securities and Exchange Commission (SEC), UMB Bank’s holdings in Marsh & McLennan are valued at approximately $5.35 million.
Several other institutional investors have also adjusted their stakes in Marsh & McLennan. For instance, Thrivent Financial for Lutherans increased its holdings by 7.5%, now owning 205,622 shares worth $41.44 million following the purchase of an additional 14,434 shares. Similarly, Howard Capital Management Inc. raised its stake by 2.8%, bringing its total to 3,793 shares valued at $764,000. The National Pension Service boosted its position by 2.2%, acquiring 22,347 shares to reach a total of 1,037,834 shares worth $209.16 million.
Another notable change came from Bryn Mawr Trust Advisors LLC, which increased its holdings by an impressive 47.9% during the same quarter, now owning 9,477 shares valued at $1.91 million. AlphaQuest LLC also made a significant move, increasing its stake by 106.7% to 8,086 shares valued at $1.63 million. Collectively, institutional investors hold approximately 87.99% of Marsh & McLennan’s stock.
Insider Trading Activity
In a related development, CEO John Q. Doyle sold 21,079 shares of the company on December 1, 2023. The shares were sold at an average price of $182.22, resulting in a total transaction value of approximately $3.84 million. Following this sale, Doyle retains 87,681 shares, valued at around $15.98 million, reflecting a 19.38% decrease in his ownership. This transaction was disclosed in a filing with the SEC.
Dividend and Analyst Ratings
Marsh & McLennan has also announced a quarterly dividend of $0.90 per share, scheduled for payment on February 13, 2024. Shareholders on record as of January 29, 2024, will receive this dividend, which equates to an annualized amount of $3.60 and a yield of 2.0%. The company’s current payout ratio stands at 43.17%.
In terms of market performance, Marsh & McLennan’s stock recently experienced a decline of 1.7%. Various analysts have adjusted their ratings and price targets for the company in light of recent developments. TD Cowen lowered its price target from $213.00 to $200.00, maintaining a “hold” rating. Meanwhile, Evercore ISI set a target of $236.00 with an “outperform” rating, whereas Bank of America issued an “underperform” rating with a revised target of $181.00.
Overall, eight analysts currently rate Marsh & McLennan’s stock as a “Buy,” ten as a “Hold,” and one as a “Sell.” According to MarketBeat, the consensus price target stands at $218.82, reflecting varied perspectives on the company’s market future.
About Marsh & McLennan Companies
Founded in 1905, Marsh & McLennan Companies (NYSE: MMC) is a global professional services firm based in New York City. It specializes in providing advisory services related to risk management, strategy, and human capital. The firm has developed a diversified portfolio that includes insurance brokerage, reinsurance, investment consulting, and management consulting. Its extensive history and industry presence position it as a key advisor to corporations and governments looking to manage risk and optimize resources effectively.
For those interested in the latest updates on Marsh & McLennan and its stakeholders, HoldingsChannel.com provides access to 13F filings and insider trading information.
