Danske Bank A S purchased a new position in Brown & Brown, Inc. (NYSE:BRO – Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 199,763 shares of the financial services provider’s stock, valued at approximately $12,815,000. Danske Bank A S owned about 0.06% of Brown & Brown as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the company. ICONIQ Capital LLC lifted its stake in shares of Brown & Brown by 5.4% during the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock worth $234,000 after acquiring an additional 109 shares during the last quarter. Zacks Investment Management boosted its holdings in shares of Brown & Brown by 0.7% in the third quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider’s stock valued at $1,675,000 after purchasing an additional 125 shares during the period. Private Trust Co. NA grew its stake in Brown & Brown by 13.1% in the fourth quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider’s stock worth $91,000 after purchasing an additional 133 shares in the last quarter. Moors & Cabot Inc. grew its stake in Brown & Brown by 2.1% in the third quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider’s stock worth $638,000 after purchasing an additional 142 shares in the last quarter. Finally, Independent Advisor Alliance increased its holdings in Brown & Brown by 0.5% during the 4th quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider’s stock worth $2,694,000 after purchasing an additional 162 shares during the period. Institutional investors own 71.01% of the company’s stock.
Analysts Set New Price Targets
BRO has been the topic of several research reports. Weiss Ratings upgraded Brown & Brown from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday. UBS Group reaffirmed a “neutral” rating and issued a $73.00 price objective (up from $65.00) on shares of Brown & Brown in a research note on Wednesday, July 8th. Wells Fargo & Company dropped their target price on shares of Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating on the stock in a report on Thursday, July 9th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Finally, Morgan Stanley restated an “underweight” rating and issued a $60.00 price target (up from $56.00) on shares of Brown & Brown in a report on Wednesday. Four analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Brown & Brown has an average rating of “Hold” and a consensus target price of $76.80.
Brown & Brown Stock Up 0.8%
Shares of Brown & Brown stock opened at $72.04 on Friday. The firm’s 50 day moving average price is $67.41 and its 200-day moving average price is $65.74. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $97.73. The company has a market cap of $24.11 billion, a P/E ratio of 22.73, a PEG ratio of 3.56 and a beta of 0.59.
Brown & Brown (NYSE:BRO – Get Free Report) last posted its earnings results on Monday, July 27th. The financial services provider reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The company’s revenue was up 30.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.03 EPS. On average, sell-side analysts predict that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.
Brown & Brown Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were issued a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Wednesday, August 12th. Brown & Brown’s dividend payout ratio is currently 20.82%.
Brown & Brown Profile
Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.
Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.
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