Gallagher Declares Dividend; Buys Back Stock
NU Online News Service, July 23, 3:14 p.m. EDT?Arthur J. Gallagher & Co. insurance brokerage declared a regular quarterly cash dividend of 25 cents a share and said it would continue its stock repurchase plan.[@@]
Gallagher's board declared a regular quarterly cash dividend payment of 25 cents per share on its common stock payable Oct. 15 to shareholders of record as of Sept. 30.
The Itasca, Ill.-based firm also said it would continue its stock repurchase plan, originally adopted in May of 1988, which authorizes the repurchase of five million shares at such times and prices as the company may deem advantageous and in compliance with Securities Exchange Commission regulations.
Douglas K. Howell, chief financial officer, said in a statement that there was no commitment or obligation on the part of the Gallagher firm to purchase any particular amount of common stock and that the plan could be suspended at any time at the company's discretion.
The firm said that as of June 30 it had 91.9 million shares of its common stock outstanding.
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