Capital Investment Advisors LLC raised its holdings in Brown & Brown, Inc. (NYSE:BRO – Free Report) by 2,182.4% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 280,376 shares of the financial services provider’s stock after acquiring an additional 268,092 shares during the period. Capital Investment Advisors LLC’s holdings in Brown & Brown were worth $17,075,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Wedbush Securities Inc. grew its holdings in Brown & Brown by 174.6% during the 3rd quarter. Wedbush Securities Inc. now owns 41,681 shares of the financial services provider’s stock worth $2,722,000 after acquiring an additional 26,500 shares during the period. Sterling Capital Management LLC increased its holdings in Brown & Brown by 1,101.7% during the 3rd quarter. Sterling Capital Management LLC now owns 106,666 shares of the financial services provider’s stock worth $7,191,000 after purchasing an additional 97,790 shares in the last quarter. Inspire Investing LLC raised its holdings in shares of Brown & Brown by 7.9% in the third quarter. Inspire Investing LLC now owns 25,522 shares of the financial services provider’s stock valued at $1,554,000 after purchasing an additional 1,874 shares during the last quarter. Yousif Capital Management LLC lifted its stake in Brown & Brown by 124.8% in the third quarter. Yousif Capital Management LLC now owns 235,457 shares of the financial services provider’s stock valued at $15,252,000 after acquiring an additional 130,709 shares during the last quarter. Finally, Brookstone Capital Management increased its holdings in shares of Brown & Brown by 330.4% in the third quarter. Brookstone Capital Management now owns 32,977 shares of the financial services provider’s stock valued at $2,187,000 after purchasing an additional 25,315 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.
Analysts Set New Price Targets
Several analysts recently issued reports on BRO shares. Mizuho reduced their price target on shares of Brown & Brown from $83.00 to $78.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 7th. Barclays reduced their price target on shares of Brown & Brown from $76.00 to $71.00 and set an “equal weight” rating for the company in a report on Wednesday, October 7th. Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a report on Friday, June 26th. Citizens Jmp reduced their target price on shares of Brown & Brown from $78.00 to $75.00 and set a “market outperform” rating for the company in a research note on Monday, October 12th. Finally, Morgan Stanley lowered their target price on Brown & Brown from $60.00 to $55.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $76.00.
Get Our Latest Research Report on BRO
Brown & Brown Stock Down 2.0%
Shares of NYSE BRO opened at $72.97 on Friday. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58. The business has a 50-day moving average of $67.25 and a 200-day moving average of $65.14. The firm has a market capitalization of $24.42 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 2.32 and a beta of 0.60. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $89.26.
Brown & Brown (NYSE:BRO – Get Free Report) last released its quarterly 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 company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%. Brown & Brown’s quarterly revenue was up 30.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.03 EPS. Sell-side analysts expect that Brown & Brown, Inc. will post 4.49 earnings per share for the current fiscal year.
Brown & Brown Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 11th. Shareholders of record on Wednesday, November 4th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.0%. This is an increase from Brown & Brown’s previous quarterly dividend of $0.1650. The ex-dividend date of this dividend is Wednesday, November 4th. Brown & Brown’s dividend payout ratio is presently 20.82%.
Brown & Brown Profile
Brown & Brown, Inc is an insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities, individuals and other organizations identify, manage and transfer risk by arranging insurance coverage and providing related advisory services.
Its operations include retail insurance brokerage, national programs, wholesale brokerage and services. Brown & Brown offers property and casualty insurance, employee benefits, personal insurance, surety and other specialized coverage.
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