Wealthfront Advisers LLC bought a new stake in Brown & Brown, Inc. (NYSE:BRO – Free Report) in the second quarter, HoldingsChannel reports. The fund bought 21,347 shares of the financial services provider’s stock, valued at approximately $1,369,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Union Bancaire Privee UBP SA acquired a new position in shares of Brown & Brown during the 1st quarter worth about $25,000. Basepoint Wealth LLC acquired a new stake in shares of Brown & Brown in the fourth quarter valued at about $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Brown & Brown in the second quarter valued at about $30,000. DV Equities LLC bought a new stake in Brown & Brown during the fourth quarter worth about $33,000. Finally, Allied Private Wealth LLC bought a new stake in Brown & Brown during the second quarter worth about $35,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
BRO has been the subject of a number of analyst reports. Keefe, Bruyette & Woods raised their price target on Brown & Brown from $72.00 to $74.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. Jefferies Financial Group reiterated a “hold” rating on shares of Brown & Brown in a research note on Wednesday, July 29th. Citigroup downgraded Brown & Brown from an “outperform” rating to a “neutral” rating and increased their price objective for the company from $70.00 to $79.00 in a report on Wednesday, July 29th. Citizens Jmp boosted their target price on shares of Brown & Brown from $70.00 to $78.00 and gave the stock a “market outperform” rating in a report on Friday, July 10th. Finally, JPMorgan Chase & Co. upped their price target on shares of Brown & Brown from $78.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. Four analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Brown & Brown presently has a consensus rating of “Hold” and a consensus target price of $76.80.
Brown & Brown Price Performance
Shares of NYSE BRO opened at $72.89 on Friday. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The business’s 50 day moving average price is $67.66 and its two-hundred day moving average price is $65.79. The company has a market cap of $24.39 billion, a PE ratio of 22.99, a price-to-earnings-growth ratio of 3.59 and a beta of 0.59. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $97.73.
Brown & Brown (NYSE:BRO – Get Free Report) last released its quarterly earnings data 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). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same period in the previous year, the business earned $1.03 earnings per share. The business’s quarterly revenue was up 30.4% on a year-over-year basis. On average, analysts predict that Brown & Brown, Inc. will post 4.5 EPS for the current year.
Brown & Brown Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were issued a dividend of $0.165 per share. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $0.66 annualized dividend and a yield of 0.9%. Brown & Brown’s dividend payout ratio (DPR) is currently 20.82%.
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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