Wedbush Securities Inc. increased its position in Brown & Brown, Inc. (NYSE:BRO – Free Report) by 174.6% during the third quarter, HoldingsChannel.com reports. The fund owned 41,681 shares of the financial services provider’s stock after acquiring an additional 26,500 shares during the quarter. Wedbush Securities Inc.’s holdings in Brown & Brown were worth $2,722,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of BRO. Union Bancaire Privee UBP SA acquired a new position in Brown & Brown during the first quarter worth $25,000. Continuum Advisory LLC purchased a new stake in Brown & Brown during the second quarter worth $34,000. Allied Private Wealth LLC purchased a new stake in Brown & Brown during the second quarter worth $35,000. Johnson Financial Group Inc. purchased a new stake in Brown & Brown during the second quarter worth $37,000. Finally, Elevation Wealth Partners LLC grew its holdings in Brown & Brown by 175.1% in the third quarter. Elevation Wealth Partners LLC now owns 619 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 394 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.
Brown & Brown Trading Down 2.0%
Shares of Brown & Brown stock opened at $72.97 on Friday. 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, Inc. has a 1 year low of $53.81 and a 1 year high of $89.26. The company has a market capitalization of $24.42 billion, a P/E ratio of 23.02, a P/E/G ratio of 2.27 and a beta of 0.60. The business has a 50 day moving average price of $67.25 and a 200 day moving average price of $65.14.
Brown & Brown (NYSE:BRO – Get Free Report) last posted its earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (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 net margin of 17.75% and a return on equity of 13.17%. Brown & Brown’s quarterly revenue was up 30.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.03 EPS. Sell-side analysts anticipate that Brown & Brown, Inc. will post 4.49 EPS for the current fiscal year.
Brown & Brown Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 11th. Stockholders of record on Wednesday, November 4th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.1650. The ex-dividend date of this dividend is Wednesday, November 4th. Brown & Brown’s payout ratio is presently 22.71%.
Analyst Ratings Changes
BRO has been the subject of a number of research analyst reports. Royal Bank Of Canada restated a “sector perform” rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Mizuho decreased their price objective 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. Weiss Ratings upgraded shares of Brown & Brown from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday. Wells Fargo & Company lowered their price objective on shares of Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Monday, October 12th. Finally, BMO Capital Markets raised their target price on shares of Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and an average price target of $76.00.
Get Our Latest Stock Report on BRO
About Brown & Brown
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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