Brown & Brown, Inc. $BRO Shares Purchased by Logan Capital Management Inc.

Logan Capital Management Inc. lifted its stake in Brown & Brown, Inc. (NYSE:BRO) by 105,700.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 16,928 shares of the financial services provider’s stock after acquiring an additional 16,912 shares during the quarter. Logan Capital Management Inc.’s holdings in Brown & Brown were worth $1,877,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. GW&K Investment Management LLC lifted its holdings in shares of Brown & Brown by 104.4% in the 1st quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 214 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Brown & Brown by 30.6% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 760,893 shares of the financial services provider’s stock worth $84,360,000 after buying an additional 178,082 shares during the period. Tandem Investment Advisors Inc. increased its stake in Brown & Brown by 2.5% during the 1st quarter. Tandem Investment Advisors Inc. now owns 764,709 shares of the financial services provider’s stock worth $95,130,000 after buying an additional 18,677 shares during the period. Jefferies Financial Group Inc. purchased a new stake in Brown & Brown during the 1st quarter worth approximately $3,043,000. Finally, Cambridge Investment Research Advisors Inc. increased its stake in Brown & Brown by 22.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 18,603 shares of the financial services provider’s stock worth $2,314,000 after buying an additional 3,351 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Brown & Brown Trading Down 6.0%

Shares of NYSE:BRO opened at $82.46 on Wednesday. Brown & Brown, Inc. has a 52 week low of $81.39 and a 52 week high of $125.68. The company’s 50 day moving average is $93.15 and its two-hundred day moving average is $102.30. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. The company has a market cap of $27.20 billion, a PE ratio of 24.69, a P/E/G ratio of 1.97 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. Brown & Brown had a net margin of 18.23% and a return on equity of 15.33%. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the firm posted $0.91 EPS. The company’s quarterly revenue was up 35.4% compared to the same quarter last year. Equities analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th will be given a $0.165 dividend. The ex-dividend date of this dividend is Wednesday, November 5th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.8%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.15. Brown & Brown’s payout ratio is currently 17.29%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on BRO shares. Argus reaffirmed a “hold” rating on shares of Brown & Brown in a research note on Thursday, July 31st. Raymond James Financial reaffirmed an “outperform” rating and set a $120.00 target price (down from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. Barclays cut their target price on shares of Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Wells Fargo & Company cut their target price on shares of Brown & Brown from $101.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Finally, Citigroup began coverage on shares of Brown & Brown in a research note on Wednesday, August 13th. They set a “buy” rating and a $112.00 target price on the stock. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $109.92.

Insiders Place Their Bets

In related news, Director Paul J. Krump bought 2,678 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average cost of $93.31 per share, with a total value of $249,884.18. Following the transaction, the director directly owned 5,353 shares of the company’s stock, valued at approximately $499,488.43. This represents a 100.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 6th. The stock was bought at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the completion of the transaction, the director directly owned 5,000 shares in the company, valued at approximately $457,200. The trade was a 25.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 15.59% of the company’s stock.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.