Eastern Bank Increases Stake in Marsh & McLennan to $519,000
Eastern Bank has enhanced its investment in Marsh & McLennan Companies, Inc. (NYSE: MMC) by 14.2% during the first quarter of 2024, according to a recent report from Holdings Channel. The institutional investor now possesses 2,125 shares of the financial services provider, following the acquisition of an additional 264 shares during the quarter. As of its latest filing with the U.S. Securities and Exchange Commission (SEC), Eastern Bank’s holdings are valued at approximately $519,000.
Other institutional investors have also adjusted their positions in Marsh & McLennan. Notably, Parisi Gray Wealth Management acquired a new stake worth about $947,000. Additionally, Wealth Enhancement Advisory Services LLC increased its holdings by 101.7%, now owning 103,551 shares valued at $25.27 million after purchasing 52,218 shares in the last quarter. Penserra Capital Management LLC similarly boosted its stake by 101.4%, bringing its total to 7,136 shares worth $1.74 million.
Analysts Provide Mixed Ratings
Wall Street analysts have recently expressed varied opinions on Marsh & McLennan. Keefe, Bruyette & Woods reduced their target price from $214.00 to $210.00, assigning an “underperform” rating. Meanwhile, Wells Fargo & Company adjusted their target from $229.00 to $226.00 and maintained an “equal weight” rating. Conversely, Jefferies Financial Group raised their target from $237.00 to $244.00 and issued a “hold” rating.
Currently, two analysts have a “sell” rating, seven rated it as a “hold,” and five analysts have given a “buy” rating. According to data from MarketBeat, Marsh & McLennan has an average rating of “Hold” and an average target price of $239.79.
Performance and Upcoming Dividend
Shares of Marsh & McLennan opened at $199.16 on Friday, with a fifty-day simple moving average of $217.26 and a 200-day average of $224.37. The company boasts a market capitalization of $97.91 billion and a price-to-earnings ratio of 23.88. The financial services firm recently reported earnings results on July 17, 2024, revealing earnings per share (EPS) of $2.72, exceeding analysts’ expectations of $2.66.
In a positive development for shareholders, Marsh & McLennan has declared a quarterly dividend of $0.90, payable on August 15, 2024, to shareholders of record by July 24, 2024. This marks an increase from the previous quarterly dividend of $0.82, representing an annualized dividend of $3.60 and a yield of 1.8%. The company’s dividend payout ratio stands at 43.17%.
Founded in 1905, Marsh & McLennan Companies, Inc. is a professional services firm that provides clients with solutions in risk, strategy, and human capital. It operates through two primary segments: Risk and Insurance Services, and Consulting, focusing on risk management and insurance broking.
For more details on institutional holdings and insider trades for Marsh & McLennan, visit HoldingsChannel.com.
