Wells Fargo & Company MN lifted its position in Brown & Brown, Inc. (NYSE:BRO) by 1.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 12,193,170 shares of the financial services provider’s stock after purchasing an additional 217,552 shares during the period. Wells Fargo & Company MN’s holdings in Brown & Brown were worth $360,551,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Bruderman Asset Management LLC bought a new position in shares of Brown & Brown in the second quarter worth approximately $117,000. Itau Unibanco Holding S.A. bought a new stake in Brown & Brown in the second quarter valued at $144,000. Rowland & Co. Investment Counsel ADV bought a new stake in Brown & Brown in the second quarter valued at $183,000. Palladium Partners LLC bought a new stake in Brown & Brown in the second quarter valued at $211,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Brown & Brown in the second quarter valued at $225,000. Hedge funds and other institutional investors own 71.59% of the company’s stock.
NYSE:BRO opened at $28.99 on Wednesday. The firm has a market capitalization of $7.87 billion, a P/E ratio of 30.20, a P/E/G ratio of 2.27 and a beta of 0.73. Brown & Brown, Inc. has a twelve month low of $24.28 and a twelve month high of $31.55. The company has a current ratio of 0.96, a quick ratio of 0.98 and a debt-to-equity ratio of 0.28.
Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, October 22nd. The financial services provider reported $0.38 EPS for the quarter, beating the consensus estimate of $0.34 by $0.04. The business had revenue of $530.90 million during the quarter, compared to analyst estimates of $508.82 million. Brown & Brown had a return on equity of 12.36% and a net margin of 23.15%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.27 earnings per share. As a group, analysts predict that Brown & Brown, Inc. will post 1.24 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 7th. Shareholders of record on Friday, October 26th will be given a dividend of $0.08 per share. The ex-dividend date is Thursday, October 25th. This represents a $0.32 annualized dividend and a yield of 1.10%. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.08. Brown & Brown’s dividend payout ratio (DPR) is currently 33.33%.
Several analysts recently weighed in on BRO shares. Citigroup set a $27.00 price target on shares of Brown & Brown and gave the company a “sell” rating in a report on Wednesday, September 19th. SunTrust Banks reiterated a “buy” rating and issued a $33.00 price target on shares of Brown & Brown in a report on Tuesday, July 24th. Wells Fargo & Co reiterated a “hold” rating and issued a $26.00 price target on shares of Brown & Brown in a report on Monday, July 23rd. Royal Bank of Canada reiterated a “hold” rating and issued a $30.00 price target on shares of Brown & Brown in a report on Wednesday, July 25th. Finally, Zacks Investment Research upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a report on Tuesday, September 25th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $29.18.
Brown & Brown 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.
See Also: Diversification Important in Investing
Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BRO).
Receive News & Ratings for Brown & Brown Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Brown & Brown and related companies with MarketBeat.com's FREE daily email newsletter.