116,400 Shares in Brown & Brown, Inc. $BRO Bought by Redwood Grove Capital LLC

Redwood Grove Capital LLC purchased a new stake in Brown & Brown, Inc. (NYSE:BRO) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 116,400 shares of the financial services provider’s stock, valued at approximately $7,467,000. Brown & Brown accounts for about 1.9% of Redwood Grove Capital LLC’s investment portfolio, making the stock its 21st biggest holding.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Darwin Wealth Management LLC bought a new stake in shares of Brown & Brown during the second quarter worth about $30,000. Basepoint Wealth LLC acquired a new position in Brown & Brown during the 4th quarter valued at about $27,000. Union Bancaire Privee UBP SA acquired a new position in Brown & Brown during the 1st quarter valued at about $25,000. DV Equities LLC bought a new stake in Brown & Brown during the 4th quarter worth approximately $33,000. Finally, Allied Private Wealth LLC purchased a new stake in shares of Brown & Brown in the second quarter worth approximately $35,000. Institutional investors own 71.01% of the company’s stock.

Analysts Set New Price Targets

BRO has been the topic of a number of recent research reports. Weiss Ratings upgraded Brown & Brown from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, August 19th. Citigroup downgraded Brown & Brown from an “outperform” rating to a “neutral” rating and upped their price target for the stock from $70.00 to $79.00 in a report on Wednesday, July 29th. JPMorgan Chase & Co. increased their price target on Brown & Brown from $78.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, August 3rd. Citizens Jmp lifted their price objective 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, Keefe, Bruyette & Woods upped their target price on shares of Brown & Brown from $72.00 to $74.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 8th. Four equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Brown & Brown currently has a consensus rating of “Hold” and an average price target of $76.80.

Brown & Brown Stock Performance

NYSE BRO opened at $73.35 on Wednesday. The company has a market capitalization of $24.54 billion, a PE ratio of 23.14, a price-to-earnings-growth ratio of 3.72 and a beta of 0.59. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $97.49. The company has a 50-day simple moving average of $68.25 and a 200 day simple moving average of $65.76.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share 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 company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the previous year, the firm earned $1.03 earnings per share. The firm’s revenue was up 30.4% compared to the same quarter last year. On average, research analysts predict that Brown & Brown, Inc. will post 4.5 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently disclosed 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. This represents a $0.66 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, August 12th. Brown & Brown’s dividend payout ratio is 20.82%.

Brown & Brown Company Profile

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.