BNP Paribas Arbitrage SA reduced its stake in Brown & Brown, Inc. (NYSE:BRO) by 93.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,409 shares of the financial services provider’s stock after selling 86,900 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in Brown & Brown were worth $189,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc lifted its position in shares of Brown & Brown by 2.2% during the third quarter. Vanguard Group Inc now owns 24,202,436 shares of the financial services provider’s stock valued at $715,666,000 after purchasing an additional 525,399 shares in the last quarter. IFP Advisors Inc lifted its position in shares of Brown & Brown by 57.5% during the fourth quarter. IFP Advisors Inc now owns 2,249 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 821 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Brown & Brown by 3.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,518 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 626 shares in the last quarter. Quantamental Technologies LLC bought a new position in shares of Brown & Brown during the fourth quarter valued at about $42,000. Finally, Arizona State Retirement System lifted its position in shares of Brown & Brown by 2.3% during the fourth quarter. Arizona State Retirement System now owns 168,343 shares of the financial services provider’s stock valued at $4,640,000 after purchasing an additional 3,755 shares in the last quarter. Institutional investors own 70.94% of the company’s stock.
BRO has been the topic of a number of recent analyst reports. SunTrust Banks raised their price target on shares of Brown & Brown to $36.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Wells Fargo & Co reissued a “hold” rating and set a $28.00 price target on shares of Brown & Brown in a research report on Sunday, April 21st. Finally, Zacks Investment Research downgraded shares of Brown & Brown from a “hold” rating to a “sell” rating in a report on Monday, March 18th. Three analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $29.56.
Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, April 22nd. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. Brown & Brown had a net margin of 17.23% and a return on equity of 12.47%. The business had revenue of $617.50 million during the quarter, compared to the consensus estimate of $600.51 million. During the same quarter last year, the company posted $0.33 earnings per share. The firm’s quarterly revenue was up 23.4% compared to the same quarter last year. On average, equities research analysts anticipate that Brown & Brown, Inc. will post 1.35 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Wednesday, May 8th were issued a dividend of $0.08 per share. The ex-dividend date was Tuesday, May 7th. This represents a $0.32 dividend on an annualized basis and a yield of 1.00%. Brown & Brown’s dividend payout ratio (DPR) is presently 26.02%.
In related news, EVP Anthony T. Strianese sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $29.17, for a total transaction of $1,020,950.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert W. Lloyd sold 10,601 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $29.29, for a total transaction of $310,503.29. The disclosure for this sale can be found here. Company insiders own 16.69% of the company’s stock.
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Brown & Brown Company Profile
Brown & Brown, Inc markets and sells insurance products and services in the United States, England, Canada, Bermuda, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers commercial packages, group medical, workers' compensation, property risk, and general liability insurance products; and group and individual life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control survey and analysis, consultancy, and claims processing services.
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