Tyers Asset Management LLC raised its stake in Brown & Brown, Inc. (NYSE:BRO) by 14.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 39,666 shares of the financial services provider’s stock after purchasing an additional 4,972 shares during the quarter. Tyers Asset Management LLC’s holdings in Brown & Brown were worth $1,329,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the business. Krane Funds Advisors LLC purchased a new position in Brown & Brown in the 2nd quarter valued at $26,000. Signaturefd LLC lifted its stake in shares of Brown & Brown by 214.0% in the 1st quarter. Signaturefd LLC now owns 873 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 595 shares during the period. Penserra Capital Management LLC purchased a new stake in shares of Brown & Brown in the first quarter valued at about $40,000. Quantamental Technologies LLC boosted 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, Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new position in shares of Brown & Brown during the second quarter worth about $93,000. Institutional investors own 70.15% of the company’s stock.
In related news, Director H Palmer Proctor, Jr. bought 5,000 shares of the stock in a transaction on Thursday, July 25th. The shares were bought at an average cost of $35.96 per share, for a total transaction of $179,800.00. Following the completion of the transaction, the director now owns 29,353 shares of the company’s stock, valued at approximately $1,055,533.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 16.69% of the company’s stock.
Several research analysts recently issued reports on the stock. ValuEngine cut shares of Brown & Brown from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. SunTrust Banks lifted their price objective on Brown & Brown to $40.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Raymond James boosted their target price on Brown & Brown from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Finally, Morgan Stanley increased their target price on Brown & Brown from $30.00 to $33.00 and gave the stock an “underweight” rating in a research note on Thursday, July 25th. Four equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. Brown & Brown currently has an average rating of “Hold” and an average target price of $31.57.
Shares of NYSE BRO traded up $0.50 during trading on Wednesday, hitting $35.37. 55,288 shares of the company were exchanged, compared to its average volume of 921,582. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.95 and a quick ratio of 0.95. Brown & Brown, Inc. has a 1 year low of $25.72 and a 1 year high of $37.20. The company has a market cap of $10.27 billion, a price-to-earnings ratio of 28.89, a PEG ratio of 2.62 and a beta of 0.69. The firm’s fifty day moving average price is $36.19 and its 200 day moving average price is $32.72.
Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.04. Brown & Brown had a net margin of 17.28% and a return on equity of 12.64%. The business had revenue of $575.20 million during the quarter, compared to the consensus estimate of $554.35 million. During the same quarter last year, the firm posted $0.26 EPS. The business’s revenue was up 21.6% compared to the same quarter last year. On average, research analysts forecast that Brown & Brown, Inc. will post 1.39 earnings per share for the current 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 was Tuesday, August 6th. This represents a $0.32 annualized dividend and a yield of 0.90%. Brown & Brown’s payout ratio is currently 26.02%.
Brown & Brown Profile
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.
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