Brown & Brown, Inc. (BRO) Sets New 12-Month High at $50.66

Brown & Brown, Inc. (NYSE:BRO) shares hit a new 52-week high on Thursday . The company traded as high as $50.66 and last traded at $0.00, with a volume of shares changing hands.

A number of analysts have commented on the stock. BidaskClub raised shares of Brown & Brown from a “sell” rating to a “hold” rating in a report on Wednesday, August 16th. Barclays PLC upped their target price on shares of Brown & Brown from $39.00 to $43.00 and gave the company an “underweight” rating in a report on Monday, October 16th. Wells Fargo & Company set a $45.00 target price on shares of Brown & Brown and gave the company a “hold” rating in a report on Monday, October 16th. Zacks Investment Research raised shares of Brown & Brown from a “sell” rating to a “hold” rating in a report on Thursday, July 20th. Finally, Citigroup Inc. upped their target price on shares of Brown & Brown from $45.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, July 13th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $46.00.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, October 16th. The financial services provider reported $0.53 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.04. The company had revenue of $475.60 million for the quarter, compared to analyst estimates of $475.13 million. Brown & Brown had a net margin of 14.66% and a return on equity of 10.99%. The firm’s revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.50 earnings per share.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 8th. Stockholders of record on Friday, October 27th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, October 26th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.20%. Brown & Brown’s dividend payout ratio (DPR) is 31.75%.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Brown & Brown by 4.4% during the second quarter. Vanguard Group Inc. now owns 11,226,387 shares of the financial services provider’s stock worth $483,521,000 after acquiring an additional 468,116 shares during the last quarter. BlackRock Inc. grew its position in shares of Brown & Brown by 2.2% during the second quarter. BlackRock Inc. now owns 9,704,740 shares of the financial services provider’s stock worth $417,982,000 after acquiring an additional 213,014 shares during the last quarter. First Eagle Investment Management LLC grew its position in shares of Brown & Brown by 0.5% during the second quarter. First Eagle Investment Management LLC now owns 7,133,481 shares of the financial services provider’s stock worth $307,239,000 after acquiring an additional 33,495 shares during the last quarter. State Street Corp grew its position in shares of Brown & Brown by 1.7% during the second quarter. State Street Corp now owns 5,807,711 shares of the financial services provider’s stock worth $250,140,000 after acquiring an additional 98,674 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in shares of Brown & Brown by 7.3% during the second quarter. Wells Fargo & Company MN now owns 5,673,614 shares of the financial services provider’s stock worth $244,362,000 after acquiring an additional 388,294 shares during the last quarter. Institutional investors and hedge funds own 71.62% of the company’s stock.

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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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