Brown & Brown, Inc. $BRO Stock: Candriam S.C.A. Increases Position

Candriam S.C.A. increased its holdings in Brown & Brown, Inc. (NYSE:BRO) by 72.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 347,692 shares of the financial services provider’s stock after acquiring an additional 146,178 shares during the period. Candriam S.C.A.’s holdings in Brown & Brown were worth $22,375,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of BRO. BlackRock Inc. purchased a new stake in shares of Brown & Brown during the second quarter valued at approximately $1,418,571,000. Deutsche Bank AG bought a new stake in Brown & Brown during the second quarter worth $266,941,000. Bank of America Corp DE purchased a new position in Brown & Brown in the second quarter worth $228,051,000. Madison Asset Management LLC purchased a new position in Brown & Brown in the second quarter worth $138,630,000. Finally, Bank of New York Mellon Corp purchased a new position in Brown & Brown in the second quarter worth $88,589,000. 71.01% of the stock is owned by institutional investors.

Brown & Brown Stock Down 0.2%

Brown & Brown stock opened at $71.99 on Monday. Brown & Brown, Inc. has a 1-year low of $53.81 and a 1-year high of $82.57. The firm has a market capitalization of $23.88 billion, a price-to-earnings ratio of 22.78, a P/E/G ratio of 2.37 and a beta of 0.52. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.58. The firm has a 50 day simple moving average of $66.99 and a 200 day simple moving average of $66.67.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 26th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). The business had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.76 billion. Brown & Brown had a net margin of 17.63% and a return on equity of 13.29%. The company’s revenue was up 7.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.05 EPS. On average, analysts predict that Brown & Brown, Inc. will post 4.44 earnings per share for the current year.

Brown & Brown Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 11th. Stockholders of record on Wednesday, November 4th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, November 4th. This is an increase from Brown & Brown’s previous quarterly dividend of $0.1650. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. Brown & Brown’s dividend payout ratio is 22.78%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Citizens Jmp reduced their price objective on Brown & Brown from $78.00 to $75.00 and set a “market outperform” rating for the company in a research note on Monday, October 12th. Citigroup lowered their target price on Brown & Brown from $79.00 to $76.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 28th. JPMorgan Chase & Co. boosted their price target on shares of Brown & Brown from $80.00 to $83.00 and gave the stock a “neutral” rating in a report on Thursday, October 1st. Morgan Stanley cut their price target on shares of Brown & Brown from $60.00 to $55.00 and set an “underweight” rating on the stock in a report on Tuesday, October 6th. Finally, Mizuho reduced their price objective on Brown & Brown from $83.00 to $78.00 and set an “outperform” rating for the company in a report on Wednesday, October 7th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $75.47.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance brokerage and risk management company that helps businesses, public entities and individuals assess and manage risk. Its services include arranging property and casualty insurance, employee benefits and personal insurance, as well as providing risk management and related services.

The company serves clients through retail insurance operations, national insurance programs, wholesale brokerage and insurance-related services. It operates primarily in the United States and also serves clients in international markets.

Founded in 1939 in Daytona Beach, Florida, Brown & Brown has grown through organic expansion and acquisitions.