Brown & Brown, Inc. (BRO) Position Lowered by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. cut its stake in Brown & Brown, Inc. (NYSE:BRO) by 11.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,924,515 shares of the financial services provider’s stock after selling 249,615 shares during the period. Diamond Hill Capital Management Inc. owned about 1.41% of Brown & Brown worth $82,889,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. raised its stake in Brown & Brown by 5,821.6% in the first quarter. BlackRock Inc. now owns 9,491,726 shares of the financial services provider’s stock valued at $395,994,000 after buying an additional 9,331,437 shares during the period. Renaissance Technologies LLC raised its stake in Brown & Brown by 2,090.1% in the first quarter. Renaissance Technologies LLC now owns 1,086,300 shares of the financial services provider’s stock valued at $45,320,000 after buying an additional 1,036,700 shares during the period. Vanguard Group Inc. raised its stake in Brown & Brown by 7.4% in the first quarter. Vanguard Group Inc. now owns 10,758,271 shares of the financial services provider’s stock valued at $448,836,000 after buying an additional 745,912 shares during the period. Morgan Stanley raised its stake in Brown & Brown by 102.6% in the first quarter. Morgan Stanley now owns 428,750 shares of the financial services provider’s stock valued at $17,887,000 after buying an additional 217,132 shares during the period. Finally, First Eagle Investment Management LLC raised its stake in Brown & Brown by 2.9% in the first quarter. First Eagle Investment Management LLC now owns 7,099,986 shares of the financial services provider’s stock valued at $296,211,000 after buying an additional 200,897 shares during the period. Hedge funds and other institutional investors own 72.58% of the company’s stock.

Shares of Brown & Brown, Inc. (NYSE BRO) opened at 43.63 on Friday. The firm has a 50-day moving average price of $43.71 and a 200-day moving average price of $43.09. The company has a market capitalization of $6.10 billion, a PE ratio of 23.33 and a beta of 0.78. Brown & Brown, Inc. has a 12 month low of $36.04 and a 12 month high of $45.77.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, July 17th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.02. The company had revenue of $466.30 million for the quarter, compared to the consensus estimate of $465.48 million. Brown & Brown had a return on equity of 11.10% and a net margin of 14.52%. The firm’s revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.47 EPS. On average, equities research analysts predict that Brown & Brown, Inc. will post $1.84 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 16th. Stockholders of record on Wednesday, August 9th were paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date was Monday, August 7th. Brown & Brown’s dividend payout ratio is 29.03%.

COPYRIGHT VIOLATION WARNING: This news story was originally reported by Community Financial News and is the sole property of of Community Financial News. If you are accessing this news story on another publication, it was illegally copied and reposted in violation of US and international trademark and copyright law. The legal version of this news story can be accessed at https://www.com-unik.info/2017/08/19/diamond-hill-capital-management-inc-has-82-89-million-position-in-brown-brown-inc-bro-updated-updated.html.

BRO has been the subject of several analyst reports. BidaskClub lowered Brown & Brown from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Wells Fargo & Company restated a “hold” rating on shares of Brown & Brown in a report on Monday, July 17th. Zacks Investment Research lowered Brown & Brown from a “hold” rating to a “sell” rating in a report on Tuesday, June 20th. Royal Bank Of Canada restated a “hold” rating on shares of Brown & Brown in a research note on Monday, May 8th. Finally, SunTrust Banks, Inc. restated a “hold” rating and issued a $46.00 target price (up from $44.00) on shares of Brown & Brown in a research note on Friday, May 19th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $43.43.

In other news, EVP Anthony T. Strianese sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $44.59, for a total value of $445,900.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 16.98% of the stock is owned by insiders.

About Brown & Brown

Brown & Brown, Inc is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services, in the property, casualty and employee benefits areas. It provides its customers with non-investment insurance contracts, as well as other customized risk management products and services.

Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

What are top analysts saying about Brown & Brown Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Brown & Brown Inc. and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit