Benjamin F. Edwards & Company Inc. increased its stake in Brown & Brown, Inc. (NYSE:BRO) by 0.0% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 15,817 shares of the financial services provider’s stock after buying an additional 1 shares during the period. Benjamin F. Edwards & Company Inc.’s holdings in Brown & Brown were worth $681,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Glen Harbor Capital Management LLC boosted its stake in Brown & Brown by 2.3% in the first quarter. Glen Harbor Capital Management LLC now owns 3,632 shares of the financial services provider’s stock valued at $152,000 after buying an additional 80 shares in the last quarter. Mosaic Family Wealth LLC raised its position in Brown & Brown by 3.0% in the first quarter. Mosaic Family Wealth LLC now owns 3,973 shares of the financial services provider’s stock valued at $166,000 after buying an additional 115 shares during the last quarter. Pzena Investment Management LLC acquired a new position in Brown & Brown during the first quarter valued at approximately $206,000. Tyers Asset Management LLC raised its position in Brown & Brown by 2.3% in the first quarter. Tyers Asset Management LLC now owns 4,994 shares of the financial services provider’s stock valued at $208,000 after buying an additional 110 shares during the last quarter. Finally, Hartford Investment Management Co. acquired a new position in Brown & Brown during the second quarter valued at approximately $211,000. 72.58% of the stock is currently owned by institutional investors and hedge funds.
Shares of Brown & Brown, Inc. (NYSE BRO) opened at 43.63 on Friday. Brown & Brown, Inc. has a 52-week low of $36.04 and a 52-week high of $45.77. The stock’s 50 day moving average is $43.71 and its 200-day moving average is $43.09. The firm has a market cap of $6.10 billion, a P/E ratio of 23.33 and a beta of 0.78.
Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, July 17th. The financial services provider reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.02. Brown & Brown had a return on equity of 11.10% and a net margin of 14.52%. The firm had revenue of $466.30 million for the quarter, compared to analysts’ expectations of $465.48 million. During the same period in the prior year, the business posted $0.47 earnings per share. The business’s revenue was up 4.4% compared to the same quarter last year. Equities analysts anticipate that Brown & Brown, Inc. will post $1.84 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 16th. Shareholders of record on Wednesday, August 9th were given a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date was Monday, August 7th. Brown & Brown’s dividend payout ratio (DPR) is 29.03%.
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Several research analysts recently commented on the stock. Keefe, Bruyette & Woods restated a “hold” rating and issued a $43.00 price target on shares of Brown & Brown in a report on Friday. BidaskClub upgraded shares of Brown & Brown from a “sell” rating to a “hold” rating in a research note on Wednesday. Wells Fargo & Company reiterated a “hold” rating on shares of Brown & Brown in a research note on Tuesday. Zacks Investment Research lowered shares of Brown & Brown from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Citigroup Inc. lifted their price objective on shares of Brown & Brown from $45.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $43.43.
In other news, EVP Anthony T. Strianese sold 18,870 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $44.49, for a total transaction of $839,526.30. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 16.98% of the stock is currently owned by corporate insiders.
About Brown & Brown
Brown & Brown, Inc is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services, in the property, casualty and employee benefits areas. It provides its customers with non-investment insurance contracts, as well as other customized risk management products and services.
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