ProShare Advisors LLC lifted its stake in Brown & Brown, Inc. (NYSE:BRO – Free Report) by 7.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,587,071 shares of the financial services provider’s stock after purchasing an additional 180,593 shares during the period. ProShare Advisors LLC’s holdings in Brown & Brown were worth $157,553,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the stock. Allied Private Wealth LLC bought a new stake in shares of Brown & Brown in the second quarter worth approximately $35,000. Continuum Advisory LLC purchased a new position in shares of Brown & Brown in the second quarter valued at $34,000. Johnson Financial Group Inc. purchased a new position in shares of Brown & Brown in the 2nd quarter worth approximately $37,000. Manchester Capital Management LLC boosted its stake in shares of Brown & Brown by 853.3% during the 3rd quarter. Manchester Capital Management LLC now owns 572 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 512 shares during the period. Finally, Elevation Wealth Partners LLC raised its holdings in shares of Brown & Brown by 175.1% in the third quarter. Elevation Wealth Partners LLC now owns 619 shares of the financial services provider’s stock worth $40,000 after buying an additional 394 shares during the period. Hedge funds and other institutional investors own 71.01% of the company’s stock.
Brown & Brown Trading Up 2.8%
NYSE:BRO opened at $69.73 on Friday. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $82.57. The stock’s 50 day simple moving average is $67.03 and its 200-day simple moving average is $66.84. The firm has a market cap of $23.13 billion, a P/E ratio of 22.07, a PEG ratio of 2.28 and a beta of 0.60. The company has a current ratio of 1.96, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58.
Brown & Brown (NYSE:BRO – Get Free Report) last announced its earnings results on Monday, October 26th. 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 $1.70 billion for the quarter, compared to analyst estimates of $1.76 billion. Brown & Brown had a net margin of 17.63% and a return on equity of 13.29%. Brown & Brown’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.05 EPS. Equities analysts anticipate that Brown & Brown, Inc. will post 4.47 EPS for the current year.
Brown & Brown Increases Dividend
The firm also recently announced 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. The ex-dividend date is Wednesday, November 4th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.1650. This represents a $0.72 annualized dividend and a yield of 1.0%. Brown & Brown’s payout ratio is presently 20.89%.
Analyst Ratings Changes
Several equities analysts have recently commented on BRO shares. Citigroup cut their price target on Brown & Brown from $79.00 to $76.00 and set a “neutral” rating on the stock in a research note on Wednesday. Jefferies Financial Group reissued a “hold” rating on shares of Brown & Brown in a report on Wednesday, July 29th. Barclays decreased 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 note on Wednesday, October 7th. UBS Group reiterated a “neutral” rating and issued a $73.00 target price (up from $65.00) on shares of Brown & Brown in a research note on Wednesday, July 8th. Finally, BMO Capital Markets boosted their price target on shares of Brown & Brown from $73.00 to $74.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $75.53.
Get Our Latest Stock Report on BRO
Brown & Brown Company 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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