Brown & Brown (NYSE:BRO) – Equities researchers at William Blair increased their FY2018 EPS estimates for Brown & Brown in a research note issued on Wednesday, April 4th. William Blair analyst A. Klauber now anticipates that the financial services provider will earn $1.14 per share for the year, up from their previous forecast of $1.13. William Blair also issued estimates for Brown & Brown’s Q4 2018 earnings at $0.27 EPS and FY2019 earnings at $1.23 EPS.
Other research analysts also recently issued reports about the company. Royal Bank of Canada reiterated a “hold” rating and set a $26.50 target price on shares of Brown & Brown in a research report on Wednesday, January 24th. Zacks Investment Research upgraded Brown & Brown from a “sell” rating to a “buy” rating and set a $28.00 target price for the company in a research report on Tuesday, April 3rd. Morgan Stanley increased their target price on Brown & Brown from $12.50 to $25.00 and gave the company an “underweight” rating in a research report on Tuesday, April 3rd. Langen Mcalenn reiterated a “buy” rating on shares of Brown & Brown in a research report on Tuesday, January 16th. Finally, ValuEngine downgraded Brown & Brown from a “buy” rating to a “hold” rating in a research report on Thursday, March 29th. Three equities 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 stock has an average rating of “Hold” and an average price target of $24.94.
Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, January 22nd. The financial services provider reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. The firm had revenue of $474.30 million during the quarter, compared to the consensus estimate of $449.89 million. Brown & Brown had a return on equity of 11.19% and a net margin of 21.24%. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.21 EPS.
In related news, Chairman Hyatt J. Brown sold 35,561 shares of the stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $53.13, for a total transaction of $1,889,355.93. Following the sale, the chairman now owns 27,957 shares in the company, valued at approximately $1,485,355.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Hyatt J. Brown sold 140,000 shares of the stock in a transaction on Thursday, March 15th. The shares were sold at an average price of $52.85, for a total value of $7,399,000.00. Following the sale, the chairman now owns 27,957 shares in the company, valued at approximately $1,477,527.45. The disclosure for this sale can be found here. Corporate insiders own 17.12% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in BRO. New York State Common Retirement Fund raised its holdings in Brown & Brown by 4.2% during the 3rd quarter. New York State Common Retirement Fund now owns 563,100 shares of the financial services provider’s stock valued at $27,136,000 after buying an additional 22,701 shares during the period. Ameriprise Financial Inc. raised its holdings in Brown & Brown by 2.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 330,938 shares of the financial services provider’s stock valued at $15,949,000 after buying an additional 6,921 shares during the period. Legal & General Group Plc raised its holdings in Brown & Brown by 2.4% during the 3rd quarter. Legal & General Group Plc now owns 540,441 shares of the financial services provider’s stock valued at $26,043,000 after buying an additional 12,890 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in Brown & Brown by 7.1% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 500,823 shares of the financial services provider’s stock valued at $24,135,000 after buying an additional 33,119 shares during the period. Finally, Invictus RG purchased a new stake in Brown & Brown in the third quarter worth $248,000. Institutional investors own 72.25% of the company’s stock.
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About Brown & Brown
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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