Lazard Asset Management LLC trimmed its position in Brown & Brown, Inc. (NYSE:BRO) by 2.0% in the 1st quarter, Holdings Channel reports. The firm owned 366,290 shares of the financial services provider’s stock after selling 7,620 shares during the quarter. Lazard Asset Management LLC’s holdings in Brown & Brown were worth $10,809,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Alphasimplex Group LLC purchased a new position in Brown & Brown during the first quarter valued at approximately $1,719,000. Amundi Pioneer Asset Management Inc. purchased a new position in Brown & Brown during the first quarter valued at approximately $8,149,000. Northern Trust Corp raised its position in Brown & Brown by 3.8% during the first quarter. Northern Trust Corp now owns 1,877,276 shares of the financial services provider’s stock valued at $55,397,000 after acquiring an additional 68,599 shares in the last quarter. Citigroup Inc. raised its position in Brown & Brown by 329.4% during the first quarter. Citigroup Inc. now owns 41,999 shares of the financial services provider’s stock valued at $1,240,000 after acquiring an additional 32,218 shares in the last quarter. Finally, OppenheimerFunds Inc. raised its position in Brown & Brown by 8.4% during the first quarter. OppenheimerFunds Inc. now owns 30,045 shares of the financial services provider’s stock valued at $887,000 after acquiring an additional 2,321 shares in the last quarter. Hedge funds and other institutional investors own 70.94% of the company’s stock.
A number of research firms have recently commented on BRO. Wells Fargo & Co restated a “hold” rating and issued a $28.00 price objective on shares of Brown & Brown in a research report on Sunday, April 21st. Zacks Investment Research upgraded Brown & Brown from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, SunTrust Banks boosted their price objective on Brown & Brown to $36.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Three analysts have rated the stock with a sell rating, six 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 price target of $29.56.
Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, April 22nd. The financial services provider reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.05. The business had revenue of $617.50 million during the quarter, compared to analysts’ expectations of $600.51 million. Brown & Brown had a return on equity of 12.47% and a net margin of 17.23%. The business’s revenue was up 23.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.33 earnings per share. As a group, equities analysts predict that Brown & Brown, Inc. will post 1.35 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Wednesday, May 8th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date of this dividend was Tuesday, May 7th. Brown & Brown’s dividend payout ratio (DPR) is presently 26.02%.
Brown & Brown 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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