Wells Fargo & Company MN reduced its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 0.6% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 11,867,219 shares of the financial services provider’s stock after selling 69,269 shares during the period. Wells Fargo & Company MN owned about 4.22% of Brown & Brown worth $397,552,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently modified their holdings of BRO. Signaturefd LLC increased its holdings in Brown & Brown by 214.0% during the 1st quarter. Signaturefd LLC now owns 873 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 595 shares in the last quarter. Penserra Capital Management LLC bought a new position in shares of Brown & Brown in the first quarter valued at approximately $40,000. Quadrant Capital Group LLC grew its holdings in shares of Brown & Brown by 1,408.7% in the first quarter. Quadrant Capital Group LLC now owns 1,901 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 1,775 shares in the last quarter. Quantamental Technologies LLC grew its holdings in shares of Brown & Brown by 25.4% in the first quarter. Quantamental Technologies LLC now owns 1,898 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 384 shares in the last quarter. Finally, Altshuler Shaham Ltd lifted its stake in Brown & Brown by 89.0% in the second quarter. Altshuler Shaham Ltd now owns 2,792 shares of the financial services provider’s stock valued at $94,000 after purchasing an additional 1,315 shares during the last quarter. 70.24% of the stock is owned by hedge funds and other institutional investors.
BRO has been the topic of several research analyst reports. SunTrust Banks upped their price objective on Brown & Brown to $40.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Raymond James upped their price objective on Brown & Brown from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Morgan Stanley upped their price objective on Brown & Brown from $30.00 to $33.00 and gave the company an “underweight” rating in a research note on Thursday, July 25th. Finally, ValuEngine downgraded Brown & Brown from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $31.57.
Brown & Brown stock traded down $0.80 during trading on Friday, hitting $35.42. The stock had a trading volume of 943,785 shares, compared to its average volume of 1,118,005. Brown & Brown, Inc. has a 1 year low of $25.72 and a 1 year high of $36.91. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.45. The stock’s 50 day moving average is $35.67 and its two-hundred day moving average is $32.02. The stock has a market cap of $10.19 billion, a price-to-earnings ratio of 28.80, a price-to-earnings-growth ratio of 2.60 and a beta of 0.72.
Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, July 22nd. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.04. The firm had revenue of $575.20 million for the quarter, compared to the consensus estimate of $554.35 million. Brown & Brown had a return on equity of 12.64% and a net margin of 17.28%. The business’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.26 earnings per share. As a group, equities research analysts anticipate that Brown & Brown, Inc. will post 1.39 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $0.32 annualized dividend and a dividend yield of 0.90%. Brown & Brown’s dividend payout ratio is currently 26.02%.
About Brown & Brown
Brown & Brown, Inc markets and sells insurance products and services in the United States, England, Canada, Bermuda, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers commercial packages, group medical, workers' compensation, property risk, and general liability insurance products; and group and individual life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control survey and analysis, consultancy, and claims processing services.
Further Reading: Return on Equity (ROE)
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