WCM Investment Management CA raised its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 499.8% in the 4th quarter, Holdings Channel reports. The firm owned 168,531 shares of the financial services provider’s stock after purchasing an additional 140,435 shares during the quarter. WCM Investment Management CA’s holdings in Brown & Brown were worth $8,673,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also added to or reduced their stakes in the company. Simplex Trading LLC bought a new stake in Brown & Brown during the fourth quarter valued at $101,000. Cutler Group LP increased its stake in Brown & Brown by 212.2% during the fourth quarter. Cutler Group LP now owns 2,482 shares of the financial services provider’s stock valued at $127,000 after purchasing an additional 1,687 shares during the last quarter. Parametrica Management Ltd bought a new stake in Brown & Brown during the third quarter valued at $218,000. Invictus RG bought a new stake in Brown & Brown during the third quarter valued at $248,000. Finally, Wolverine Trading LLC bought a new stake in Brown & Brown during the third quarter valued at $273,000. Hedge funds and other institutional investors own 72.95% of the company’s stock.
Several research firms have weighed in on BRO. Royal Bank of Canada reiterated a “hold” rating and set a $53.00 target price on shares of Brown & Brown in a research note on Wednesday, January 24th. Langen Mcalenn restated a “buy” rating on shares of Brown & Brown in a research report on Tuesday, January 16th. Wells Fargo & Co restated a “hold” rating and set a $52.00 price target on shares of Brown & Brown in a research report on Monday, January 22nd. Morgan Stanley upped their price target on shares of Brown & Brown from $40.00 to $43.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 18th. Finally, Zacks Investment Research upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Tuesday, January 2nd. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. Brown & Brown currently has a consensus rating of “Hold” and a consensus price target of $48.38.
Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, January 22nd. The financial services provider reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.05. The business had revenue of $474.30 million during the quarter, compared to the consensus estimate of $449.89 million. Brown & Brown had a net margin of 21.24% and a return on equity of 11.19%. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.41 earnings per share. research analysts expect that Brown & Brown, Inc. will post 2.39 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 14th. Investors of record on Friday, February 2nd will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.16%. The ex-dividend date is Thursday, February 1st. Brown & Brown’s payout ratio is currently 21.43%.
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Brown & Brown 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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