Aon: S&P Intraday Laggard
The S&P 500 was down more than 15 points, or about 1.1%, to 1,376.20.
Shares of Aon fell 5.04% to $48.76. The insurance company reported first-quarter earnings Friday of $238 million, or 71 cents a share, compared to $246 million, or 71 cents a share, a year earlier.
Adjusted earnings fell to 98 cents a share from 99 cents; analysts were expecting earnings of $1.06 a share.Aon trades at an estimated price-to-earnings ratio for next year of 9.95 times; the average for insurance brokerages is 11.85. For comparison, Willis Group (WSH) has a forward P/E of 11.69. Twelve of the 20 analysts who cover Aon rated it buy. Seven analysts gave the stock a hold rating and one rated it sell. The stock has risen 4.17% year to date. -- Written by Alexandra Zendrian
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