BlackRock Inc. increased its position in Brown & Brown, Inc. (NYSE:BRO) by 0.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,812,309 shares of the financial services provider’s stock after buying an additional 160,163 shares during the period. BlackRock Inc. owned about 7.75% of Brown & Brown worth $730,712,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of BRO. Nuveen Asset Management LLC acquired a new position in shares of Brown & Brown in the second quarter valued at approximately $30,873,000. Amundi Pioneer Asset Management Inc. increased its position in Brown & Brown by 111.4% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 583,889 shares of the financial services provider’s stock worth $19,560,000 after purchasing an additional 307,740 shares during the last quarter. Scout Investments Inc. acquired a new position in Brown & Brown during the second quarter worth approximately $8,409,000. Los Angeles Capital Management & Equity Research Inc. increased its position in Brown & Brown by 168.3% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 350,480 shares of the financial services provider’s stock worth $11,741,000 after purchasing an additional 219,830 shares during the last quarter. Finally, Carillon Tower Advisers Inc. acquired a new position in Brown & Brown during the second quarter worth approximately $5,765,000. 70.74% of the stock is owned by institutional investors and hedge funds.
BRO has been the subject of several research analyst reports. Barclays upped their price target on shares of Brown & Brown from $28.00 to $30.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 2nd. Raymond James upped their price target on shares of Brown & Brown from $38.00 to $39.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. ValuEngine lowered shares of Brown & Brown from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 2nd. Morgan Stanley upped their price target on shares of Brown & Brown from $30.00 to $33.00 and gave the stock an “underweight” rating in a research report on Thursday, July 25th. Finally, SunTrust Banks upped their price target on shares of Brown & Brown from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $33.50.
Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. Brown & Brown had a net margin of 17.04% and a return on equity of 12.39%. The company had revenue of $618.70 million during the quarter, compared to analyst estimates of $610.36 million. During the same quarter in the prior year, the business earned $0.38 earnings per share. The business’s quarterly revenue was up 16.5% compared to the same quarter last year. On average, research analysts expect that Brown & Brown, Inc. will post 1.39 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Stockholders of record on Friday, November 8th will be given a $0.085 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.34 annualized dividend and a dividend yield of 0.90%. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.08. Brown & Brown’s dividend payout ratio is presently 26.02%.
About Brown & Brown
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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