Northern Trust Corp lifted its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 1.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,899,297 shares of the financial services provider’s stock after buying an additional 22,021 shares during the quarter. Northern Trust Corp’s holdings in Brown & Brown were worth $63,626,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of BRO. BlackRock Inc. grew its holdings in Brown & Brown by 1.4% in the first quarter. BlackRock Inc. now owns 21,652,146 shares of the financial services provider’s stock worth $638,955,000 after purchasing an additional 300,208 shares during the period. Amundi Pioneer Asset Management Inc. bought a new position in shares of Brown & Brown in the first quarter valued at $8,149,000. Scout Investments Inc. bought a new position in shares of Brown & Brown in the second quarter valued at $8,409,000. Los Angeles Capital Management & Equity Research Inc. lifted its stake in shares of Brown & Brown by 168.3% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 350,480 shares of the financial services provider’s stock valued at $11,741,000 after buying an additional 219,830 shares in the last quarter. Finally, Carillon Tower Advisers Inc. bought a new position in shares of Brown & Brown in the second quarter valued at $5,765,000. Institutional investors own 70.12% of the company’s stock.
Shares of Brown & Brown stock traded up $0.72 during trading hours on Tuesday, reaching $36.55. The company’s stock had a trading volume of 9,113 shares, compared to its average volume of 1,037,968. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.95 and a current ratio of 0.95. The stock’s fifty day simple moving average is $36.16 and its two-hundred day simple moving average is $32.88. Brown & Brown, Inc. has a one year low of $25.72 and a one year high of $37.20. The company has a market capitalization of $10.12 billion, a P/E ratio of 29.70, a P/E/G ratio of 2.58 and a beta of 0.69.
Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.04. Brown & Brown had a net margin of 17.28% and a return on equity of 12.64%. The company had revenue of $575.20 million for the quarter, compared to analyst estimates of $554.35 million. During the same period last year, the firm earned $0.26 earnings per share. The firm’s revenue was up 21.6% on a year-over-year basis. As a group, research analysts forecast that Brown & Brown, Inc. will post 1.39 earnings per share for the current year.
In other news, Director H Palmer Proctor, Jr. purchased 5,000 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were bought at an average cost of $35.96 per share, with a total value of $179,800.00. Following the completion of the transaction, the director now directly owns 29,353 shares of the company’s stock, valued at $1,055,533.88. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 16.69% of the stock is owned by company insiders.
A number of research firms have weighed in on BRO. Morgan Stanley raised their price objective on shares of Brown & Brown from $30.00 to $33.00 and gave the company an “underweight” rating in a research note on Thursday, July 25th. ValuEngine lowered shares of Brown & Brown from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Raymond James raised their price objective on shares of Brown & Brown from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Finally, SunTrust Banks raised their price objective on shares of Brown & Brown to $40.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Four analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $31.57.
About Brown & Brown
Brown & Brown, Inc markets and sells insurance products and services in the United States, England, Canada, Bermuda, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers commercial packages, group medical, workers' compensation, property risk, and general liability insurance products; and group and individual life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control survey and analysis, consultancy, and claims processing services.
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