Tributary Capital Management LLC grew its holdings in Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 2.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,995 shares of the financial services provider's stock after purchasing an additional 349 shares during the period. Tributary Capital Management LLC's holdings in Brown & Brown were worth $758,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Parkside Financial Bank & Trust lifted its holdings in shares of Brown & Brown by 259.0% in the second quarter. Parkside Financial Bank & Trust now owns 499 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 360 shares in the last quarter. Allworth Financial LP increased its stake in shares of Brown & Brown by 2,485.0% in the second quarter. Allworth Financial LP now owns 517 shares of the financial services provider's stock worth $30,000 after acquiring an additional 497 shares during the last quarter. Destiny Wealth Partners LLC increased its stake in shares of Brown & Brown by 104.4% in the second quarter. Destiny Wealth Partners LLC now owns 558 shares of the financial services provider's stock worth $33,000 after acquiring an additional 285 shares during the last quarter. GHP Investment Advisors Inc. acquired a new position in shares of Brown & Brown in the first quarter worth $44,000. Finally, Global Wealth Management Investment Advisory Inc. acquired a new position in Brown & Brown during the first quarter worth $52,000. Hedge funds and other institutional investors own 72.31% of the company's stock.
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Wall Street Analysts Forecast Growth
Several research firms have commented on BRO. The Goldman Sachs Group began coverage on shares of Brown & Brown in a research report on Tuesday, July 12th. They set a "neutral" rating and a $67.00 target price on the stock. StockNews.com raised shares of Brown & Brown from a "hold" rating to a "buy" rating in a research report on Monday, September 12th. Jefferies Financial Group lowered their target price on shares of Brown & Brown from $82.00 to $70.00 and set a "buy" rating on the stock in a research report on Tuesday, July 12th. Wells Fargo & Company decreased their price target on shares of Brown & Brown to $66.00 and set an "outperform" rating for the company in a report on Wednesday, July 27th. Finally, Morgan Stanley upped their price target on shares of Brown & Brown from $64.00 to $69.00 and gave the company an "equal weight" rating in a report on Friday, August 19th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $70.63.
Brown & Brown Stock Performance
Shares of NYSE BRO traded up $1.82 during mid-day trading on Tuesday, hitting $60.44. The company had a trading volume of 38,921 shares, compared to its average volume of 1,326,793. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.90 and a quick ratio of 3.90. The business's 50-day simple moving average is $63.89 and its 200-day simple moving average is $62.95. Brown & Brown, Inc. has a 12 month low of $52.91 and a 12 month high of $74.00. The firm has a market cap of $17.07 billion, a P/E ratio of 27.14 and a beta of 0.80.
Brown & Brown (NYSE:BRO – Get Rating) last released its earnings results on Monday, July 25th. The financial services provider reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.02. Brown & Brown had a net margin of 18.86% and a return on equity of 15.36%. The business had revenue of $838.70 million during the quarter, compared to analysts' expectations of $803.46 million. During the same quarter last year, the company earned $0.49 earnings per share. The firm's revenue was up 15.5% on a year-over-year basis. As a group, analysts predict that Brown & Brown, Inc. will post 2.31 earnings per share for the current fiscal year.
Brown & Brown Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 17th. Shareholders of record on Wednesday, August 10th were paid a dividend of $0.102 per share. This represents a $0.41 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date of this dividend was Tuesday, August 9th. Brown & Brown's dividend payout ratio is 18.98%.
Brown & Brown Company Profile
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Brown & Brown, Inc markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services.
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