Brown & Brown, Inc. $BRO Stock: Wedmont Private Capital Grows Position

Wedmont Private Capital raised its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 50.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 43,140 shares of the financial services provider’s stock after purchasing an additional 14,410 shares during the period. Wedmont Private Capital’s holdings in Brown & Brown were worth $2,627,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Union Bancaire Privee UBP SA bought a new position in shares of Brown & Brown during the 1st quarter valued at approximately $25,000. Continuum Advisory LLC purchased a new position in Brown & Brown during the second quarter valued at approximately $34,000. Allied Private Wealth LLC bought a new position in shares of Brown & Brown in the second quarter worth approximately $35,000. Johnson Financial Group Inc. purchased a new stake in shares of Brown & Brown in the second quarter worth $37,000. Finally, Elevation Wealth Partners LLC raised its position in shares of Brown & Brown by 175.1% during the 3rd quarter. Elevation Wealth Partners LLC now owns 619 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 394 shares during the period. Institutional investors own 71.01% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. BMO Capital Markets upped their target price on shares of Brown & Brown from $73.00 to $74.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. Oppenheimer assumed coverage on Brown & Brown in a research note on Wednesday. They issued an “outperform” rating and a $73.00 price objective for the company. Wells Fargo & Company decreased their target price on Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 9th. Barclays dropped their price target on Brown & Brown from $76.00 to $71.00 and set an “equal weight” rating for the company in a research note on Wednesday. Finally, UBS Group reiterated a “neutral” rating and set a $73.00 price objective (up from $65.00) on shares of Brown & Brown in a research report on Wednesday, July 8th. Five research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $75.62.

Brown & Brown Trading Down 1.4%

Shares of Brown & Brown stock opened at $62.88 on Friday. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $96.13. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The business has a 50-day moving average price of $67.73 and a 200-day moving average price of $64.89. The firm has a market cap of $21.04 billion, a price-to-earnings ratio of 19.84, a PEG ratio of 1.89 and a beta of 0.60.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, July 27th. The financial services provider reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%. The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the prior year, the firm posted $1.03 earnings per share. Brown & Brown’s quarterly revenue was up 30.4% on a year-over-year basis. Equities research analysts anticipate that Brown & Brown, Inc. will post 4.50 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were given a dividend of $0.1650 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Wednesday, August 12th. Brown & Brown’s dividend payout ratio is currently 20.82%.

Brown & Brown Profile

Brown & Brown, Inc is an independent insurance brokerage, risk management and employee benefits firm headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk through insurance placement, risk consulting and related services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialized insurance programs. Brown & Brown also operates wholesale brokerage businesses that provide coverage solutions and access to insurance markets for retail agents and brokers, including products designed for specialty and hard-to-place risks.

Founded in 1939 by J.