Karp Capital Management Corp Invests $657,000 in Brown & Brown, Inc. (BRO)

Karp Capital Management Corp purchased a new stake in Brown & Brown, Inc. (NYSE:BRO) during the first quarter, Holdings Channel reports. The firm purchased 15,750 shares of the financial services provider’s stock, valued at approximately $657,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of BRO. Russell Investments Group Ltd. acquired a new position in Brown & Brown during the fourth quarter valued at about $3,161,000. Comerica Bank raised its position in Brown & Brown by 6.5% in the fourth quarter. Comerica Bank now owns 85,804 shares of the financial services provider’s stock valued at $3,798,000 after buying an additional 5,241 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Brown & Brown by 0.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,021 shares of the financial services provider’s stock valued at $764,000 after buying an additional 63 shares during the period. Royce & Associates LP acquired a new position in Brown & Brown during the fourth quarter valued at about $583,000. Finally, Aviva PLC raised its position in Brown & Brown by 5.1% in the fourth quarter. Aviva PLC now owns 78,977 shares of the financial services provider’s stock valued at $3,544,000 after buying an additional 3,855 shares during the period. Hedge funds and other institutional investors own 72.53% of the company’s stock.

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

Brown & Brown, Inc. (BRO) opened at 44.00 on Tuesday. Brown & Brown, Inc. has a 1-year low of $34.27 and a 1-year high of $45.77. The company has a 50-day moving average of $43.09 and a 200-day moving average of $43.27. The firm has a market cap of $6.17 billion, a price-to-earnings ratio of 23.53 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, April 17th. The financial services provider reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.01. Brown & Brown had a net margin of 14.68% and a return on equity of 11.29%. The firm had revenue of $465.10 million during the quarter, compared to the consensus estimate of $443.76 million. During the same quarter in the prior year, the firm earned $0.44 earnings per share. The business’s quarterly revenue was up 9.6% on a year-over-year basis. Analysts predict that Brown & Brown, Inc. will post $1.85 earnings per share for the current year.

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Several research analysts have issued reports on BRO shares. Wells Fargo & Company restated a “hold” rating on shares of Brown & Brown in a research report on Monday, February 27th. Zacks Investment Research upgraded shares of Brown & Brown from a “sell” rating to a “hold” rating in a research report on Tuesday, March 14th. Citigroup Inc. decreased their price target on shares of Brown & Brown from $47.00 to $45.00 and set a “neutral” rating on the stock in a research report on Friday, April 7th. Royal Bank Of Canada restated a “hold” rating on shares of Brown & Brown in a research report on Monday, May 8th. Finally, SunTrust Banks, Inc. restated a “hold” rating and issued a $46.00 price target (up previously from $44.00) on shares of Brown & Brown in a research report on Friday, May 19th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company’s stock. Brown & Brown currently has an average rating of “Hold” and a consensus target price of $40.89.

In other Brown & Brown news, EVP Anthony T. Strianese sold 24,562 shares of the company’s stock in a transaction that occurred on Friday, April 21st. The shares were sold at an average price of $42.24, for a total value of $1,037,498.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 16.98% of the stock is currently 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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “BRO”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BRO).

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