Heron Bay Capital Management acquired a new stake in Brown & Brown, Inc. (NYSE:BRO – Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 184,321 shares of the financial services provider’s stock, valued at approximately $11,824,000. Brown & Brown comprises approximately 1.1% of Heron Bay Capital Management’s investment portfolio, making the stock its 29th largest holding.
Other institutional investors have also made changes to their positions in the company. Union Bancaire Privee UBP SA bought a new position in Brown & Brown in the first quarter valued at $25,000. Basepoint Wealth LLC bought a new stake in Brown & Brown during the 4th quarter worth about $27,000. Darwin Wealth Management LLC bought a new stake in Brown & Brown during the 2nd quarter worth about $30,000. DV Equities LLC acquired a new position in shares of Brown & Brown during the 4th quarter worth about $33,000. Finally, Allied Private Wealth LLC acquired a new position in shares of Brown & Brown during the 2nd quarter worth about $35,000. Institutional investors own 71.01% of the company’s stock.
Brown & Brown Stock Performance
Shares of BRO opened at $72.89 on Friday. The firm has a 50-day moving average of $67.66 and a 200-day moving average of $65.79. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $97.73. The company has a market cap of $24.39 billion, a PE ratio of 22.99, a price-to-earnings-growth ratio of 3.59 and a beta of 0.59. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11.
Brown & Brown Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were paid a $0.165 dividend. The ex-dividend date was Wednesday, August 12th. This represents a $0.66 annualized dividend and a yield of 0.9%. Brown & Brown’s dividend payout ratio is currently 20.82%.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on BRO. Citizens Jmp raised their price objective on Brown & Brown from $70.00 to $78.00 and gave the company a “market outperform” rating in a report on Friday, July 10th. Citigroup lowered Brown & Brown from an “outperform” rating to a “neutral” rating and upped their target price for the stock from $70.00 to $79.00 in a report on Wednesday, July 29th. BMO Capital Markets raised their price target on Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a research note on Wednesday, July 29th. Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a research note on Friday, June 26th. Finally, Barclays boosted their price target on Brown & Brown from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Four analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $76.80.
Get Our Latest Research Report on BRO
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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