BB&T Corp Sells 2,251 Shares of Brown & Brown, Inc. (BRO)

BB&T Corp reduced its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 3.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 74,004 shares of the financial services provider’s stock after selling 2,251 shares during the period. BB&T Corp owned 0.05% of Brown & Brown worth $3,188,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently made changes to their positions in BRO. BlackRock Inc. increased its stake in Brown & Brown by 5,821.6% in the first quarter. BlackRock Inc. now owns 9,491,726 shares of the financial services provider’s stock worth $395,994,000 after buying an additional 9,331,437 shares during the period. Renaissance Technologies LLC increased its stake in Brown & Brown by 2,090.1% in the first quarter. Renaissance Technologies LLC now owns 1,086,300 shares of the financial services provider’s stock worth $45,320,000 after buying an additional 1,036,700 shares during the period. Vanguard Group Inc. increased its stake in Brown & Brown by 7.4% in the first quarter. Vanguard Group Inc. now owns 10,758,271 shares of the financial services provider’s stock worth $448,836,000 after buying an additional 745,912 shares during the period. Morgan Stanley boosted its position in Brown & Brown by 102.6% in the first quarter. Morgan Stanley now owns 428,750 shares of the financial services provider’s stock valued at $17,887,000 after buying an additional 217,132 shares in the last quarter. Finally, First Eagle Investment Management LLC boosted its position in Brown & Brown by 2.9% in the first quarter. First Eagle Investment Management LLC now owns 7,099,986 shares of the financial services provider’s stock valued at $296,211,000 after buying an additional 200,897 shares in the last quarter. Institutional investors and hedge funds own 72.58% of the company’s stock.

Brown & Brown, Inc. (NYSE:BRO) traded up 0.60% during trading on Friday, hitting $43.63. The company’s stock had a trading volume of 641,928 shares. The firm has a market cap of $6.10 billion, a P/E ratio of 23.33 and a beta of 0.78. The firm has a 50 day moving average of $43.71 and a 200 day moving average of $43.09. Brown & Brown, Inc. has a 12 month low of $36.05 and a 12 month high of $45.77.

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 the Thomson Reuters’ consensus estimate 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 during the quarter, compared to analyst estimates of $465.48 million. During the same quarter in the previous year, the business earned $0.47 EPS. Brown & Brown’s revenue for the quarter was up 4.4% compared to the same quarter last year. Equities research analysts predict that Brown & Brown, Inc. will post $1.84 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 16th. Stockholders of record on Wednesday, August 9th were issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 1.24%. The ex-dividend date was Monday, August 7th. Brown & Brown’s dividend payout ratio is currently 29.03%.

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A number of research firms have commented on BRO. Royal Bank Of Canada reissued a “hold” rating and issued a $44.00 target price on shares of Brown & Brown in a research report on Tuesday, June 13th. BidaskClub raised shares of Brown & Brown from a “sell” rating to a “hold” rating in a research report on Wednesday. Zacks Investment Research cut shares of Brown & Brown from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. SunTrust Banks, Inc. reaffirmed a “hold” rating and issued a $46.00 price target (up previously from $44.00) on shares of Brown & Brown in a research note on Friday, May 19th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $43.00 price target on shares of Brown & Brown in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $43.43.

In related news, EVP Anthony T. Strianese sold 18,870 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $44.49, for a total value of $839,526.30. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 16.98% of the company’s stock.

Brown & Brown Company Profile

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.

Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

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