Numerai GP LLC acquired a new stake in Brown & Brown, Inc. (NYSE:BRO – Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 6,517 shares of the financial services provider’s stock, valued at approximately $374,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Seven Eight Capital LP boosted its position in shares of Brown & Brown by 69.7% during the first quarter. Seven Eight Capital LP now owns 14,025 shares of the financial services provider’s stock valued at $805,000 after buying an additional 5,759 shares during the last quarter. Vancity Investment Management Ltd boosted its holdings in Brown & Brown by 8.2% during the 1st quarter. Vancity Investment Management Ltd now owns 229,462 shares of the financial services provider’s stock valued at $13,176,000 after acquiring an additional 17,462 shares during the period. 1832 Asset Management L.P. raised its position in shares of Brown & Brown by 16.4% in the 1st quarter. 1832 Asset Management L.P. now owns 372,636 shares of the financial services provider’s stock worth $21,397,000 after acquiring an additional 52,626 shares in the last quarter. Cresset Asset Management LLC grew its stake in Brown & Brown by 4.0% during the 1st quarter. Cresset Asset Management LLC now owns 227,239 shares of the financial services provider’s stock worth $13,048,000 after buying an additional 8,655 shares during the last quarter. Finally, State of Tennessee Treasury Department grew its stake in Brown & Brown by 3.4% during the 1st quarter. State of Tennessee Treasury Department now owns 36,245 shares of the financial services provider’s stock valued at $2,081,000 after purchasing an additional 1,189 shares during the last quarter. Institutional investors own 70.33% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms recently commented on BRO. Citigroup increased their price target on Brown & Brown from $72.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Keefe, Bruyette & Woods downgraded Brown & Brown from an “outperform” rating to a “market perform” rating and boosted their target price for the company from $73.00 to $76.00 in a report on Tuesday, August 1st. Wells Fargo & Company upped their price objective on Brown & Brown from $62.00 to $70.00 in a research note on Wednesday, July 26th. StockNews.com raised Brown & Brown from a “hold” rating to a “buy” rating in a research note on Tuesday, August 29th. Finally, Royal Bank of Canada boosted their target price on Brown & Brown from $72.00 to $77.00 in a research report on Wednesday, July 26th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $72.70.
Read Our Latest Report on Brown & Brown
Insider Activity at Brown & Brown
In other news, Director Bronislaw Edmund Masojada purchased 4,000 shares of the business’s stock in a transaction on Wednesday, June 21st. The stock was purchased at an average price of $65.78 per share, for a total transaction of $263,120.00. Following the completion of the purchase, the director now directly owns 4,000 shares in the company, valued at approximately $263,120. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 17.02% of the stock is owned by insiders.
Brown & Brown Stock Performance
NYSE BRO opened at $73.12 on Friday. The stock has a market cap of $20.74 billion, a P/E ratio of 28.34 and a beta of 0.75. Brown & Brown, Inc. has a twelve month low of $52.82 and a twelve month high of $74.57. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.74. The company’s 50-day simple moving average is $70.97 and its 200 day simple moving average is $64.61.
Brown & Brown (NYSE:BRO – Get Free Report) last announced its earnings results on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.08. Brown & Brown had a net margin of 18.34% and a return on equity of 15.19%. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $997.51 million. During the same period in the prior year, the business earned $0.51 earnings per share. Brown & Brown’s quarterly revenue was up 24.9% on a year-over-year basis. As a group, research analysts forecast that Brown & Brown, Inc. will post 2.69 earnings per share for the current fiscal year.
Brown & Brown Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 16th. Investors of record on Wednesday, August 9th were given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date was Tuesday, August 8th. Brown & Brown’s dividend payout ratio (DPR) is currently 17.83%.
About Brown & Brown
Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.
Further Reading
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