Signaturefd LLC grew its position in Brown & Brown, Inc. (NYSE:BRO – Free Report) by 342.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,152 shares of the financial services provider’s stock after buying an additional 31,856 shares during the quarter. Signaturefd LLC’s holdings in Brown & Brown were worth $2,725,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Union Bancaire Privee UBP SA bought a new stake in shares of Brown & Brown during the 1st quarter worth approximately $25,000. Continuum Advisory LLC acquired a new stake in shares of Brown & Brown during the 2nd quarter worth approximately $34,000. Allied Private Wealth LLC bought a new position in Brown & Brown in the second quarter valued at approximately $35,000. Johnson Financial Group Inc. bought a new position in Brown & Brown in the second quarter valued at approximately $37,000. Finally, Manchester Capital Management LLC increased its stake in Brown & Brown by 853.3% in the third quarter. Manchester Capital Management LLC now owns 572 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 512 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.
Brown & Brown Stock Up 0.0%
BRO stock opened at $72.97 on Monday. The firm has a 50-day moving average price of $67.25 and a 200-day moving average price of $65.13. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $89.26. 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 stock has a market capitalization of $24.42 billion, a P/E ratio of 23.02, a price-to-earnings-growth ratio of 2.27 and a beta of 0.60.
Brown & Brown (NYSE:BRO – Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 30.4% compared to the same quarter last year. During the same period last year, the firm posted $1.03 earnings per share. As a group, equities research analysts anticipate that Brown & Brown, Inc. will post 4.49 EPS for the current fiscal year.
Brown & Brown Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 11th. Investors of record on Wednesday, November 4th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 4th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.1650. Brown & Brown’s payout ratio is currently 20.82%.
Analyst Ratings Changes
Several brokerages have commented on BRO. Barclays lowered their price objective on shares of Brown & Brown from $76.00 to $71.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 7th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Brown & Brown in a report on Wednesday, July 29th. Citigroup reaffirmed a “market outperform” rating on shares of Brown & Brown in a report on Monday, October 12th. Weiss Ratings upgraded Brown & Brown from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday. Finally, Mizuho lowered their price target on Brown & Brown from $83.00 to $78.00 and set an “outperform” rating for the company in a report on Wednesday, October 7th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $76.00.
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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