UMB Bank n.a. has significantly reduced its investment in Marsh & McLennan Companies, Inc. by 41.9% during the third quarter of 2023. According to a report from HoldingsChannel, UMB Bank’s shareholding in the financial services provider now stands at 26,546 shares, following the sale of 19,132 shares during this period. As of the latest filing with the Securities and Exchange Commission (SEC), these holdings are valued at approximately $5.35 million.
Several other institutional investors have also adjusted their positions in Marsh & McLennan. For instance, Thrivent Financial for Lutherans increased its stake by 7.5%, now owning 205,622 shares worth $41.44 million after acquiring an additional 14,434 shares. Similarly, Howard Capital Management Inc. raised its position by 2.8%, now holding 3,793 shares valued at $764,000. The National Pension Service boosted its stake by 2.2%, controlling 1,037,834 shares worth $209.16 million. Meanwhile, Bryn Mawr Trust Advisors LLC increased its holdings by 47.9%, while AlphaQuest LLC saw a notable increase of 106.7% in its stake.
Institutional investors collectively own 87.99% of Marsh & McLennan’s stock, indicating strong institutional confidence in the company.
Insider Transactions and Dividend Announcements
In related news, Marsh & McLennan’s Chief Executive Officer, John Q. Doyle, sold 21,079 shares on December 1, 2023. The shares were sold at an average price of $182.22, totaling approximately $3.84 million. Following this transaction, Doyle retains ownership of 87,681 shares valued at around $15.98 million, which represents a 19.38% decrease in his ownership.
On the dividend front, Marsh & McLennan recently declared a quarterly dividend of $0.90, set to be paid on February 13, 2024, to shareholders of record as of January 29, 2024. This dividend translates to an annual payout of $3.60 per share, yielding approximately 2.0% based on the current stock price. The company’s payout ratio currently stands at 43.17%.
Analyst Ratings and Market Outlook
Marsh & McLennan has been the subject of various analyst reports recently. TD Cowen lowered its price target from $213.00 to $200.00 while maintaining a “hold” rating. Evercore ISI adjusted its target from $237.00 to $236.00 with an “outperform” rating. Conversely, Bank of America reiterated an “underperform” rating, reducing its price target from $243.00 to $181.00.
Wells Fargo & Company decreased its price objective from $212.00 to $199.00, while Citigroup revised its target from $211.00 to $201.00, maintaining a “neutral” rating. Currently, eight analysts have issued a “buy” rating, ten maintain a “hold” rating, and one has issued a “sell” rating on the stock. According to MarketBeat, the average rating is “hold,” with a consensus price target of $218.82.
Marsh & McLennan Companies, listed on the New York Stock Exchange as MMC, is a global professional services firm headquartered in New York City. Founded in 1905, the company specializes in risk management, insurance brokerage, reinsurance, human capital consulting, and management consulting. Its extensive history and scale make it a prominent adviser to various institutions seeking to manage risk and optimize their resources.