Vaughan Nelson Investment Management L.P. lessened its stake in Brown & Brown, Inc. (NYSE:BRO) by 31.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,293,175 shares of the financial services provider’s stock after selling 600,925 shares during the period. Vaughan Nelson Investment Management L.P. owned 0.93% of Brown & Brown worth $62,318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also modified their holdings of the company. Quantitative Systematic Strategies LLC lifted its holdings in shares of Brown & Brown by 118.2% during the third quarter. Quantitative Systematic Strategies LLC now owns 43,860 shares of the financial services provider’s stock worth $2,114,000 after purchasing an additional 23,758 shares during the period. Crow Point Partners LLC lifted its holdings in Brown & Brown by 38.4% in the third quarter. Crow Point Partners LLC now owns 8,885 shares of the financial services provider’s stock valued at $429,000 after acquiring an additional 2,467 shares during the period. Tandem Investment Advisors Inc. lifted its holdings in Brown & Brown by 12.0% in the second quarter. Tandem Investment Advisors Inc. now owns 230,055 shares of the financial services provider’s stock valued at $9,908,000 after acquiring an additional 24,576 shares during the period. BB&T Investment Services Inc. acquired a new position in Brown & Brown in the second quarter valued at approximately $434,000. Finally, Ameritas Investment Partners Inc. lifted its holdings in Brown & Brown by 1.7% in the second quarter. Ameritas Investment Partners Inc. now owns 34,420 shares of the financial services provider’s stock valued at $1,482,000 after acquiring an additional 582 shares during the period. Institutional investors and hedge funds own 72.57% of the company’s stock.
Brown & Brown, Inc. (BRO) traded up $0.11 during mid-day trading on Friday, reaching $49.48. The company’s stock had a trading volume of 725,800 shares, compared to its average volume of 588,828. Brown & Brown, Inc. has a 52 week low of $38.10 and a 52 week high of $50.81. The firm has a market cap of $6,882.36, a price-to-earnings ratio of 26.40, a P/E/G ratio of 2.64 and a beta of 0.79. The company has a quick ratio of 1.01, a current ratio of 0.97 and a debt-to-equity ratio of 0.35.
Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, October 16th. The financial services provider reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. The business had revenue of $475.60 million for the quarter, compared to the consensus estimate of $475.13 million. Brown & Brown had a return on equity of 10.99% and a net margin of 14.66%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.50 EPS. equities analysts anticipate that Brown & Brown, Inc. will post 1.87 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 8th. Investors of record on Friday, October 27th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date was Thursday, October 26th. This is an increase from Brown & Brown’s previous quarterly dividend of $0.14. Brown & Brown’s dividend payout ratio (DPR) is currently 31.75%.
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A number of analysts have recently commented on the company. Citigroup Inc. cut Brown & Brown from a “neutral” rating to a “sell” rating and set a $47.00 price target for the company. in a research report on Wednesday. Zacks Investment Research upgraded Brown & Brown from a “hold” rating to a “buy” rating and set a $56.00 target price for the company in a report on Wednesday, November 1st. Morgan Stanley upped their target price on Brown & Brown from $40.00 to $43.00 and gave the company an “underweight” rating in a report on Wednesday, October 18th. Wells Fargo & Company set a $45.00 target price on Brown & Brown and gave the company a “hold” rating in a report on Monday, October 16th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $45.00 target price on shares of Brown & Brown in a report on Monday, October 16th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $46.11.
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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