SRS Capital Advisors Inc. bought a new position in Brown & Brown, Inc. (NYSE:BRO) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 7,485 shares of the financial services provider’s stock, valued at approximately $221,000.
Several other institutional investors and hedge funds have also bought and sold shares of BRO. Principal Financial Group Inc. raised its holdings in shares of Brown & Brown by 97.6% in the 1st quarter. Principal Financial Group Inc. now owns 7,495,899 shares of the financial services provider’s stock worth $190,696,000 after acquiring an additional 3,702,365 shares during the last quarter. Select Equity Group L.P. raised its holdings in shares of Brown & Brown by 23.8% in the 2nd quarter. Select Equity Group L.P. now owns 5,591,244 shares of the financial services provider’s stock worth $155,045,000 after acquiring an additional 1,075,295 shares during the last quarter. FMR LLC raised its holdings in shares of Brown & Brown by 66.4% in the 2nd quarter. FMR LLC now owns 2,688,501 shares of the financial services provider’s stock worth $74,552,000 after acquiring an additional 1,072,679 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Brown & Brown by 74.0% in the 2nd quarter. Northern Trust Corp now owns 1,765,528 shares of the financial services provider’s stock worth $48,959,000 after acquiring an additional 750,573 shares during the last quarter. Finally, Citadel Advisors LLC raised its holdings in shares of Brown & Brown by 483.9% in the 2nd quarter. Citadel Advisors LLC now owns 873,271 shares of the financial services provider’s stock worth $24,215,000 after acquiring an additional 723,703 shares during the last quarter. Institutional investors own 71.59% of the company’s stock.
NYSE:BRO opened at $29.29 on Friday. The company has a quick ratio of 0.98, a current ratio of 0.96 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $8.11 billion, a price-to-earnings ratio of 30.51, a PEG ratio of 2.34 and a beta of 0.73. Brown & Brown, Inc. has a 52 week low of $24.34 and a 52 week high of $31.55.
Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, October 22nd. The financial services provider reported $0.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.04. The firm had revenue of $530.90 million during the quarter, compared to analyst estimates of $508.82 million. Brown & Brown had a net margin of 23.15% and a return on equity of 12.36%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the business posted $0.27 EPS. Equities analysts forecast that Brown & Brown, Inc. will post 1.24 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 7th. Shareholders of record on Friday, October 26th were paid a $0.08 dividend. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Thursday, October 25th. This represents a $0.32 annualized dividend and a yield of 1.09%. Brown & Brown’s dividend payout ratio (DPR) is 33.33%.
A number of equities research analysts recently weighed in on BRO shares. Zacks Investment Research upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a report on Tuesday, September 25th. Royal Bank of Canada restated a “hold” rating and issued a $30.00 target price on shares of Brown & Brown in a report on Wednesday, July 25th. Wells Fargo & Co restated a “hold” rating and issued a $28.00 target price on shares of Brown & Brown in a report on Monday, October 22nd. Credit Suisse Group began coverage on shares of Brown & Brown in a research note on Tuesday, August 7th. They issued a “neutral” rating and a $31.00 price objective for the company. Finally, Citigroup set a $27.00 price objective on shares of Brown & Brown and gave the company a “sell” rating in a research note on Wednesday, September 19th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. Brown & Brown presently has an average rating of “Hold” and a consensus target price of $29.18.
In other Brown & Brown news, EVP Anthony T. Strianese sold 2,000 shares of the stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $28.66, for a total value of $57,320.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 17.12% of the company’s stock.
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Brown & Brown Company Profile
Brown & Brown, Inc markets and sells insurance products in the United States, England, Canada, Bermuda, and the Cayman Islands. Its Retail segment offers property insurance relating to physical damage to property and resultant interruption of business, or extra expense caused by fire, windstorm, or other perils; casualty insurance relating to legal liabilities, professional liability, cyber-liability, workers' compensation, and commercial and private passenger automobile coverages; fidelity and surety bonds; and life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control surveys and analysis, consultation, and claims processing services.
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