Crow Point Partners LLC Increases Holdings in Brown & Brown, Inc. (NYSE:BRO)

Crow Point Partners LLC increased its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 38.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,885 shares of the financial services provider’s stock after purchasing an additional 2,467 shares during the period. Crow Point Partners LLC’s holdings in Brown & Brown were worth $429,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of BRO. Teacher Retirement System of Texas increased its holdings in shares of Brown & Brown by 1.1% in the 2nd quarter. Teacher Retirement System of Texas now owns 9,529 shares of the financial services provider’s stock valued at $410,000 after purchasing an additional 105 shares in the last quarter. World Asset Management Inc increased its holdings in shares of Brown & Brown by 1.7% in the 2nd quarter. World Asset Management Inc now owns 7,326 shares of the financial services provider’s stock valued at $316,000 after purchasing an additional 120 shares in the last quarter. Pzena Investment Management LLC increased its holdings in shares of Brown & Brown by 2.8% in the 2nd quarter. Pzena Investment Management LLC now owns 5,087 shares of the financial services provider’s stock valued at $219,000 after purchasing an additional 138 shares in the last quarter. State of Wisconsin Investment Board increased its holdings in Brown & Brown by 0.6% during the 2nd quarter. State of Wisconsin Investment Board now owns 23,381 shares of the financial services provider’s stock valued at $1,007,000 after acquiring an additional 140 shares in the last quarter. Finally, Rowland & Co. Investment Counsel ADV increased its holdings in Brown & Brown by 4.1% during the 2nd quarter. Rowland & Co. Investment Counsel ADV now owns 4,465 shares of the financial services provider’s stock valued at $193,000 after acquiring an additional 175 shares in the last quarter. Hedge funds and other institutional investors own 72.04% of the company’s stock.

Brown & Brown, Inc. (NYSE:BRO) traded up 0.32% during midday trading on Friday, hitting $49.54. 166,325 shares of the company traded hands. The company has a market cap of $6.91 billion, a PE ratio of 26.06 and a beta of 0.79. The stock has a 50 day moving average price of $48.12 and a 200-day moving average price of $44.61. Brown & Brown, Inc. has a 12-month low of $36.05 and a 12-month high of $50.24.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, October 16th. The financial services provider reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. Brown & Brown had a return on equity of 10.99% and a net margin of 14.66%. The company had revenue of $475.60 million during the quarter, compared to analysts’ expectations of $475.13 million. During the same quarter in the previous year, the firm earned $0.50 EPS. Brown & Brown’s revenue was up 2.9% on a year-over-year basis. Analysts expect that Brown & Brown, Inc. will post $1.88 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 8th. Shareholders of record on Friday, October 27th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date is Thursday, October 26th. This is a boost from Brown & Brown’s previous quarterly dividend of $0.14. Brown & Brown’s dividend payout ratio is presently 28.57%.

BRO has been the subject of several recent research reports. Keefe, Bruyette & Woods restated a “hold” rating and set a $43.00 target price on shares of Brown & Brown in a report on Friday, August 18th. Morgan Stanley raised their target price on shares of Brown & Brown from $40.00 to $43.00 and gave the company an “underweight” rating in a report on Wednesday, October 18th. BidaskClub downgraded shares of Brown & Brown from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. Citigroup Inc. raised 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. Finally, Wells Fargo & Company reaffirmed a “hold” rating on shares of Brown & Brown in a research note on Monday, July 17th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. Brown & Brown presently has a consensus rating of “Hold” and an average price target of $44.75.

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In other Brown & Brown news, EVP Anthony T. Strianese sold 18,870 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $44.49, for a total value of $839,526.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 16.98% of the stock is owned by corporate insiders.

About Brown & Brown

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.

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

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