Voloridge Investment Management LLC acquired a new position in Brown & Brown, Inc. (NYSE:BRO) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 62,392 shares of the financial services provider’s stock, valued at approximately $2,250,000.
Several other institutional investors have also made changes to their positions in BRO. Amundi Pioneer Asset Management Inc. purchased a new position in Brown & Brown in the 1st quarter worth approximately $8,149,000. Arizona State Retirement System grew its holdings in shares of Brown & Brown by 1.9% in the second quarter. Arizona State Retirement System now owns 169,901 shares of the financial services provider’s stock worth $5,692,000 after purchasing an additional 3,202 shares during the last quarter. Strs Ohio grew its holdings in shares of Brown & Brown by 6.3% in the second quarter. Strs Ohio now owns 16,686 shares of the financial services provider’s stock worth $558,000 after purchasing an additional 991 shares during the last quarter. BTIM Corp. increased its stake in shares of Brown & Brown by 0.3% in the second quarter. BTIM Corp. now owns 457,375 shares of the financial services provider’s stock worth $15,322,000 after buying an additional 1,201 shares during the period. Finally, Quantitative Systematic Strategies LLC purchased a new position in shares of Brown & Brown in the second quarter worth $421,000. 69.51% of the stock is owned by institutional investors.
Several brokerages have weighed in on BRO. Barclays increased their price target on shares of Brown & Brown from $28.00 to $30.00 and gave the company an “underweight” rating in a research report on Wednesday, October 2nd. SunTrust Banks boosted their price objective on shares of Brown & Brown from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. They noted that the move was a valuation call. ValuEngine downgraded shares of Brown & Brown from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 2nd. Finally, Raymond James increased their target price on shares of Brown & Brown from $38.00 to $39.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $33.50.
Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, October 28th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.39. The firm had revenue of $618.70 million for the quarter, compared to analysts’ expectations of $610.36 million. Brown & Brown had a return on equity of 12.39% and a net margin of 17.04%. The business’s revenue was up 16.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.38 earnings per share. Sell-side analysts predict that Brown & Brown, Inc. will post 1.39 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 20th. Investors of record on Friday, November 8th were paid a $0.085 dividend. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.08. The ex-dividend date was Thursday, November 7th. This represents a $0.34 dividend on an annualized basis and a yield of 0.90%. Brown & Brown’s dividend payout ratio (DPR) is presently 27.64%.
About Brown & Brown
Brown & Brown, Inc markets and sells insurance products and services in the United States, England, Canada, Bermuda, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers commercial packages, group medical, workers' compensation, property risk, and general liability insurance products; and group and individual life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control survey and analysis, consultancy, and claims processing services.
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