Gallagher Announces Dividend
NU Online News Service, May 22, 3:47 p.m. EDT?Itasca, Ill.-based insurance broker Arthur J. Gallagher & Co. announced a regular quarterly dividend of 18 cents a share payable July 15 to shareholders of record as of June 30.
The firm also said it is considering continuing its plan to repurchase shares of its common stock for re-issuance in connection with its employee equity program.
AJG did not reveal how many shares it would re-purchase under the program or when it would make a final decision. The firm said it has more than 90 million shares outstanding.
In April, AJG reported first-quarter revenues ending March 31, of $254.3 million and a net profit of $11.9 million. This compares to revenues of $239 million for the same period in 2002 and net profit of $33.7 million.
The firm took a charge of $19.3 million to exit investments in venture capital, development stage enterprises and turn-arounds. AJG said it no longer planned to make investments in these enterprises.
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