Principal Financial Group Inc. trimmed its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 0.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 9,718,842 shares of the financial services provider’s stock after selling 10,235 shares during the period. Principal Financial Group Inc.’s holdings in Brown & Brown were worth $383,700,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Brown & Brown by 0.7% during the second quarter. BlackRock Inc. now owns 21,812,309 shares of the financial services provider’s stock worth $730,712,000 after buying an additional 160,163 shares during the last quarter. Select Equity Group L.P. increased its holdings in Brown & Brown by 4.3% in the third quarter. Select Equity Group L.P. now owns 9,877,001 shares of the financial services provider’s stock valued at $356,165,000 after purchasing an additional 410,087 shares during the last quarter. California Public Employees Retirement System increased its holdings in Brown & Brown by 207.7% in the fourth quarter. California Public Employees Retirement System now owns 1,984,459 shares of the financial services provider’s stock valued at $78,346,000 after purchasing an additional 1,339,531 shares during the last quarter. Carillon Tower Advisers Inc. lifted its stake in Brown & Brown by 670.7% in the third quarter. Carillon Tower Advisers Inc. now owns 1,326,225 shares of the financial services provider’s stock valued at $47,824,000 after buying an additional 1,154,150 shares during the period. Finally, First Trust Advisors LP lifted its stake in Brown & Brown by 66.3% in the fourth quarter. First Trust Advisors LP now owns 1,026,506 shares of the financial services provider’s stock valued at $40,526,000 after buying an additional 409,189 shares during the period. Institutional investors own 70.25% of the company’s stock.
In other news, EVP Jerome Scott Penny sold 30,000 shares of the business’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $39.47, for a total value of $1,184,100.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 16.69% of the company’s stock.
Shares of Brown & Brown stock traded up $0.53 on Monday, hitting $47.24. The stock had a trading volume of 47,840 shares, compared to its average volume of 1,589,216. The stock has a market cap of $13.15 billion, a price-to-earnings ratio of 33.51, a price-to-earnings-growth ratio of 3.04 and a beta of 0.64. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.45. Brown & Brown, Inc. has a twelve month low of $27.66 and a twelve month high of $46.95. The business’s 50 day moving average is $41.46 and its two-hundred day moving average is $37.93.
Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.01. Brown & Brown had a return on equity of 12.23% and a net margin of 16.66%. The business had revenue of $579.00 million during the quarter, compared to the consensus estimate of $563.56 million. During the same period in the previous year, the company posted $0.27 EPS. The firm’s quarterly revenue was up 13.8% on a year-over-year basis. As a group, equities analysts predict that Brown & Brown, Inc. will post 1.54 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 19th. Stockholders of record on Wednesday, February 5th will be issued a dividend of $0.085 per share. This represents a $0.34 dividend on an annualized basis and a dividend yield of 0.72%. The ex-dividend date of this dividend is Tuesday, February 4th. Brown & Brown’s dividend payout ratio is currently 24.29%.
BRO has been the topic of a number of analyst reports. ValuEngine upgraded shares of Brown & Brown from a “strong sell” rating to a “sell” rating in a research report on Friday, January 31st. William Blair restated a “market perform” rating on shares of Brown & Brown in a report on Tuesday, January 28th. Morgan Stanley raised shares of Brown & Brown from an “underweight” rating to an “equal” rating and set a $38.00 target price for the company in a research note on Thursday, December 5th. Raymond James increased their target price on shares of Brown & Brown from $40.00 to $48.00 and gave the stock an “outperform” rating in a report on Wednesday, January 29th. Finally, Royal Bank of Canada lifted their price target on shares of Brown & Brown from $38.00 to $42.00 and gave the stock a “sector perform” rating in a research report on Wednesday, January 29th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. Brown & Brown currently has an average rating of “Hold” and a consensus target price of $39.67.
Brown & Brown Company Profile
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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