Rafferty Asset Management LLC Decreases Holdings in Brown & Brown, Inc. (BRO)

Rafferty Asset Management LLC cut its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 9.2% in the third quarter, HoldingsChannel.com reports. The fund owned 54,648 shares of the financial services provider’s stock after selling 5,535 shares during the quarter. Rafferty Asset Management LLC’s holdings in Brown & Brown were worth $1,616,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bruderman Asset Management LLC acquired a new stake in Brown & Brown during the 2nd quarter worth about $117,000. Itau Unibanco Holding S.A. acquired a new stake in Brown & Brown during the 2nd quarter worth about $144,000. SRS Capital Advisors Inc. acquired a new stake in Brown & Brown during the 3rd quarter worth about $221,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Brown & Brown during the 2nd quarter worth about $225,000. Finally, Signition LP acquired a new stake in Brown & Brown during the 2nd quarter worth about $229,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Shares of Brown & Brown stock opened at $29.04 on Friday. The stock has a market cap of $8.06 billion, a PE ratio of 30.25, a PEG ratio of 2.33 and a beta of 0.73. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.96 and a quick ratio of 0.96. Brown & Brown, Inc. has a 52-week low of $24.34 and a 52-week high of $31.55.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, October 22nd. The financial services provider reported $0.38 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.04. Brown & Brown had a return on equity of 12.36% and a net margin of 23.15%. The business had revenue of $530.90 million for the quarter, compared to the consensus estimate of $508.82 million. During the same period last year, the business earned $0.27 EPS. The firm’s revenue was up 11.6% compared to the same quarter last year. Equities analysts expect that Brown & Brown, Inc. will post 1.24 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 7th. Investors of record on Friday, October 26th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.10%. This is an increase from Brown & Brown’s previous quarterly dividend of $0.08. The ex-dividend date was Thursday, October 25th. Brown & Brown’s dividend payout ratio (DPR) is presently 33.33%.

In related news, EVP Anthony T. Strianese sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 7th. The stock was sold at an average price of $28.66, for a total value of $57,320.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 17.12% of the stock is currently owned by company insiders.

A number of brokerages have commented on BRO. Citigroup set a $27.00 price objective on Brown & Brown and gave the stock a “sell” rating in a research report on Wednesday, September 19th. Morgan Stanley lifted their price target on Brown & Brown from $26.00 to $28.00 and gave the company an “underweight” rating in a report on Tuesday, August 14th. Zacks Investment Research lowered Brown & Brown from a “buy” rating to a “hold” rating in a report on Tuesday, October 9th. Credit Suisse Group initiated coverage on Brown & Brown in a report on Tuesday, August 7th. They set a “neutral” rating and a $31.00 price target for the company. Finally, Barclays lifted their price target on Brown & Brown from $23.00 to $26.00 and gave the company an “underweight” rating in a report on Monday, November 12th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $29.45.

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Brown & Brown Company Profile

Brown & Brown, Inc markets and sells insurance products in the United States, England, Canada, Bermuda, and the Cayman Islands. Its Retail segment offers property insurance relating to physical damage to property and resultant interruption of business, or extra expense caused by fire, windstorm, or other perils; casualty insurance relating to legal liabilities, professional liability, cyber-liability, workers' compensation, and commercial and private passenger automobile coverages; fidelity and surety bonds; and life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control surveys and analysis, consultation, and claims processing services.

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Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BRO).

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

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