Vanguard Group Inc. raised its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 3.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,449,167 shares of the company’s stock after buying an additional 354,704 shares during the period. Vanguard Group Inc. owned 6.75% of Brown & Brown worth $354,061,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in BRO. Advisors Asset Management Inc. acquired a new stake in shares of Brown & Brown during the second quarter valued at about $112,000. Carnick & Kubik LLC acquired a new stake in shares of Brown & Brown during the first quarter valued at about $158,000. Stephens Inc. AR acquired a new stake in shares of Brown & Brown during the second quarter valued at about $202,000. Oakbrook Investments LLC acquired a new stake in shares of Brown & Brown during the second quarter valued at about $217,000. Finally, CIBC Asset Management Inc increased its stake in shares of Brown & Brown by 0.4% in the second quarter. CIBC Asset Management Inc now owns 6,677 shares of the company’s stock valued at $250,000 after buying an additional 26 shares in the last quarter. 72.81% of the stock is owned by institutional investors and hedge funds.
Brown & Brown, Inc. (NYSE:BRO) traded down 0.91% during mid-day trading on Friday, reaching $38.28. The company’s stock had a trading volume of 120,059 shares. The company’s 50-day moving average price is $37.34 and its 200 day moving average price is $36.26. The firm has a market capitalization of $5.35 billion, a price-to-earnings ratio of 21.39 and a beta of 0.93. Brown & Brown, Inc. has a 52 week low of $28.41 and a 52 week high of $38.69.
Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, July 18th. The company reported $0.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.05. The business earned $446.50 million during the quarter, compared to the consensus estimate of $439.70 million. Brown & Brown had a net margin of 14.87% and a return on equity of 11.68%. During the same quarter in the previous year, the firm posted $0.43 earnings per share. On average, equities analysts forecast that Brown & Brown, Inc. will post $1.81 earnings per share for the current fiscal year.
Several brokerages have issued reports on BRO. BMO Capital Markets reaffirmed a “market perform” rating and set a $37.00 price target (up previously from $34.00) on shares of Brown & Brown in a report on Tuesday, July 12th. RBC Capital Markets reissued a “sector perform” rating and set a $37.00 target price (up previously from $35.00) on shares of Brown & Brown in a report on Wednesday, July 20th. Zacks Investment Research downgraded Brown & Brown from a “hold” rating to a “sell” rating in a report on Tuesday, June 21st. Barclays PLC lifted their target price on Brown & Brown from $31.00 to $33.00 and gave the stock an “underweight” rating in a report on Friday, September 30th. Finally, Compass Point lifted their target price on Brown & Brown from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, July 20th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $35.18.
In other Brown & Brown news, EVP Robert W. Lloyd sold 2,971 shares of the business’s stock in a transaction on Tuesday, September 20th. The shares were sold at an average price of $37.32, for a total value of $110,877.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 17.49% of the stock is currently owned by company insiders.
Brown & Brown Company 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 customers with non-investment insurance contracts, as well as other targeted, customized risk management products and services.
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