Shelton Capital Management acquired a new stake in Brown & Brown, Inc. (NYSE:BRO) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 8,689 shares of the financial services provider’s stock, valued at approximately $374,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. IFP Advisors Inc raised its holdings in shares of Brown & Brown by 9.8% during the 2nd quarter. IFP Advisors Inc now owns 2,823 shares of the financial services provider’s stock worth $122,000 after buying an additional 251 shares in the last quarter. Mosaic Family Wealth LLC raised its holdings in shares of Brown & Brown by 5.9% during the 2nd quarter. Mosaic Family Wealth LLC now owns 4,208 shares of the financial services provider’s stock worth $181,000 after buying an additional 235 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Brown & Brown by 10.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,322 shares of the financial services provider’s stock worth $186,000 after buying an additional 405 shares in the last quarter. Hartford Investment Management Co. acquired a new position in shares of Brown & Brown during the 2nd quarter worth $211,000. Finally, Pzena Investment Management LLC raised its holdings in shares of Brown & Brown by 2.8% during the 2nd quarter. Pzena Investment Management LLC now owns 5,087 shares of the financial services provider’s stock worth $219,000 after buying an additional 138 shares in the last quarter. 72.18% of the stock is owned by hedge funds and other institutional investors.
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Brown & Brown, Inc. (BRO) opened at 49.08 on Thursday. The firm has a market cap of $6.87 billion, a PE ratio of 26.25 and a beta of 0.79. Brown & Brown, Inc. has a one year low of $36.04 and a one year high of $49.13. The firm has a 50-day moving average price of $46.92 and a 200-day moving average price of $44.09.
Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, July 17th. The financial services provider reported $0.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. Brown & Brown had a return on equity of 11.10% and a net margin of 14.52%. The business had revenue of $466.30 million for the quarter, compared to the consensus estimate of $465.48 million. During the same quarter last year, the business posted $0.47 earnings per share. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, equities analysts expect that Brown & Brown, Inc. will post $1.85 EPS for the current fiscal year.
In other Brown & Brown news, EVP Anthony T. Strianese sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $44.59, for a total transaction of $445,900.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 16.98% of the company’s stock.
A number of research firms have recently commented on BRO. Keefe, Bruyette & Woods reissued a “hold” rating and set a $43.00 price target on shares of Brown & Brown in a report on Friday, August 18th. BidaskClub raised Brown & Brown from a “sell” rating to a “hold” rating in a report on Wednesday, August 16th. Wells Fargo & Company reissued a “hold” rating on shares of Brown & Brown in a report on Tuesday, August 15th. Zacks Investment Research cut Brown & Brown from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Finally, Citigroup Inc. boosted their price target on Brown & Brown from $45.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, July 13th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $43.43.
Brown & Brown Company Profile
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.
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