Citadel Advisors LLC increased its stake in Brown & Brown, Inc. (NYSE:BRO) by 224.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,438,943 shares of the financial services provider’s stock after buying an additional 995,031 shares during the quarter. Citadel Advisors LLC’s holdings in Brown & Brown were worth $74,048,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Wedbush Securities Inc. acquired a new stake in shares of Brown & Brown in the third quarter valued at about $277,000. Wolverine Trading LLC acquired a new stake in shares of Brown & Brown in the third quarter valued at about $273,000. State of Alaska Department of Revenue acquired a new stake in shares of Brown & Brown in the fourth quarter valued at about $360,000. Rhumbline Advisers grew its stake in shares of Brown & Brown by 13.5% in the third quarter. Rhumbline Advisers now owns 300,262 shares of the financial services provider’s stock valued at $14,470,000 after buying an additional 35,694 shares in the last quarter. Finally, Schroder Investment Management Group grew its stake in shares of Brown & Brown by 7.6% in the third quarter. Schroder Investment Management Group now owns 1,509,826 shares of the financial services provider’s stock valued at $72,925,000 after buying an additional 106,077 shares in the last quarter. Institutional investors and hedge funds own 70.18% of the company’s stock.
Shares of Brown & Brown, Inc. (BRO) opened at $52.70 on Monday. Brown & Brown, Inc. has a 12 month low of $41.10 and a 12 month high of $53.77. The company has a current ratio of 0.94, a quick ratio of 0.97 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $7,278.13, a P/E ratio of 27.45, a price-to-earnings-growth ratio of 2.20 and a beta of 0.74.
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Shareholders of record on Friday, February 2nd were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date of this dividend was Thursday, February 1st. Brown & Brown’s dividend payout ratio is presently 21.43%.
A number of equities research analysts have weighed in on BRO shares. Zacks Investment Research lowered Brown & Brown from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. Wells Fargo & Co restated a “hold” rating and set a $52.00 price objective on shares of Brown & Brown in a research note on Monday, January 22nd. SunTrust Banks upgraded Brown & Brown from a “hold” rating to a “buy” rating in a research note on Wednesday, December 6th. Citigroup set a $49.00 price objective on Brown & Brown and gave the company a “sell” rating in a research note on Friday, February 9th. Finally, Langen Mcalenn restated a “buy” rating on shares of Brown & Brown in a research note on Tuesday, January 16th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $48.63.
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About Brown & Brown
Brown & Brown, Inc is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services, in the property, casualty and employee benefits areas. It provides its customers with non-investment insurance contracts, as well as other customized risk management products and services.
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