Walleye Capital LLC decreased its position in shares of Brown & Brown, Inc. (NYSE:BRO – Free Report) by 35.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 44,825 shares of the financial services provider’s stock after selling 24,586 shares during the quarter. Walleye Capital LLC’s holdings in Brown & Brown were worth $2,923,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the company. Union Bancaire Privee UBP SA bought a new stake in Brown & Brown in the first quarter valued at approximately $25,000. Basepoint Wealth LLC bought a new position in shares of Brown & Brown during the fourth quarter worth $27,000. Darwin Wealth Management LLC bought a new position in shares of Brown & Brown during the second quarter worth $30,000. DV Equities LLC acquired a new position in shares of Brown & Brown in the 4th quarter valued at $33,000. Finally, Maseco LLP acquired a new position in shares of Brown & Brown in the 4th quarter valued at $60,000. Institutional investors and hedge funds own 71.01% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages recently commented on BRO. Royal Bank Of Canada dropped their price objective on Brown & Brown from $76.00 to $72.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 29th. Raymond James Financial reissued an “outperform” rating on shares of Brown & Brown in a research note on Friday, June 26th. The Goldman Sachs Group increased their price target on Brown & Brown from $62.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, July 1st. Barclays raised 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. Finally, Wells Fargo & Company decreased their price objective on Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating for the company in a research report on Thursday, July 9th. Five research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $78.62.
Insiders Place Their Bets
In other news, Director H Palmer Proctor, Jr. purchased 2,000 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were purchased at an average cost of $57.10 per share, with a total value of $114,200.00. Following the completion of the transaction, the director owned 47,621 shares of the company’s stock, valued at $2,719,159.10. The trade was a 4.38% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 13.13% of the company’s stock.
Brown & Brown Trading Up 0.5%
Brown & Brown stock opened at $65.75 on Friday. The company has a market cap of $22.29 billion, a price-to-earnings ratio of 21.14, a P/E/G ratio of 3.02 and a beta of 0.60. The firm has a 50-day moving average of $62.05 and a 200-day moving average of $66.74. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.64 and a quick ratio of 1.64. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $104.25.
Brown & Brown (NYSE:BRO – Get Free Report) last released its earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.89 billion. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.Brown & Brown’s quarterly revenue was up 35.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.29 earnings per share. On average, equities analysts expect that Brown & Brown, Inc. will post 4.5 earnings per share for the current fiscal year.
Brown & Brown Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th will be paid a $0.165 dividend. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. Brown & Brown’s dividend payout ratio (DPR) is currently 21.22%.
About Brown & Brown
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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