Arizona State Retirement System raised its holdings in Brown & Brown, Inc. (NYSE:BRO) by 3.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 164,588 shares of the financial services provider’s stock after buying an additional 5,403 shares during the period. Arizona State Retirement System owned about 0.06% of Brown & Brown worth $4,867,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in BRO. Bruderman Asset Management LLC bought a new position in shares of Brown & Brown in the second quarter valued at $117,000. Itau Unibanco Holding S.A. bought a new position in shares of Brown & Brown in the second quarter valued at $144,000. Rowland & Co. Investment Counsel ADV bought a new position in shares of Brown & Brown in the second quarter valued at $183,000. Palladium Partners LLC bought a new position in shares of Brown & Brown in the second quarter valued at $211,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Brown & Brown in the second quarter valued at $225,000. 71.59% of the stock is currently owned by hedge funds and other institutional investors.
BRO opened at $28.83 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.98 and a current ratio of 0.96. Brown & Brown, Inc. has a fifty-two week low of $24.28 and a fifty-two week high of $31.55. The stock has a market cap of $7.87 billion, a P/E ratio of 30.03, a PEG ratio of 2.27 and a beta of 0.73.
Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, October 22nd. The financial services provider reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.04. Brown & Brown had a net margin of 23.15% and a return on equity of 12.36%. The company had revenue of $530.90 million for the quarter, compared to analyst estimates of $508.82 million. During the same period last year, the firm earned $0.27 earnings per share. The firm’s revenue was up 11.6% on a year-over-year basis. Equities research analysts predict that Brown & Brown, Inc. will post 1.24 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 7th. Investors of record on Friday, October 26th will be given a dividend of $0.08 per share. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.08. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend is Thursday, October 25th. Brown & Brown’s dividend payout ratio (DPR) is presently 33.33%.
A number of research analysts have weighed in on BRO shares. Zacks Investment Research raised shares of Brown & Brown from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research note on Tuesday, September 25th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $30.00 price objective on shares of Brown & Brown in a research note on Wednesday, July 25th. Wells Fargo & Co reaffirmed a “hold” rating and issued a $28.00 price objective on shares of Brown & Brown in a research note on Monday, October 22nd. Citigroup set a $27.00 price objective on shares of Brown & Brown and gave the company a “sell” rating in a research note on Wednesday, September 19th. Finally, SunTrust Banks reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Brown & Brown in a research note on Tuesday, July 24th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. Brown & Brown has an average rating of “Hold” and an average target price of $29.18.
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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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