Cambridge Investment Research Advisors Inc. lifted its stake in Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 2.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,011 shares of the financial services provider's stock after purchasing an additional 652 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Brown & Brown were worth $1,576,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in the stock. Claro Advisors LLC boosted its position in shares of Brown & Brown by 4.5% in the 4th quarter. Claro Advisors LLC now owns 3,937 shares of the financial services provider's stock worth $277,000 after purchasing an additional 171 shares in the last quarter. Parallel Advisors LLC raised its holdings in Brown & Brown by 4.2% in the 1st quarter. Parallel Advisors LLC now owns 4,466 shares of the financial services provider's stock worth $325,000 after acquiring an additional 180 shares during the last quarter. Spire Wealth Management raised its holdings in Brown & Brown by 26.3% in the 1st quarter. Spire Wealth Management now owns 1,028 shares of the financial services provider's stock worth $74,000 after acquiring an additional 214 shares during the last quarter. Hotaling Investment Management LLC raised its holdings in Brown & Brown by 4.9% in the 1st quarter. Hotaling Investment Management LLC now owns 4,758 shares of the financial services provider's stock worth $344,000 after acquiring an additional 221 shares during the last quarter. Finally, V Wealth Advisors LLC raised its holdings in Brown & Brown by 0.7% in the 4th quarter. V Wealth Advisors LLC now owns 34,416 shares of the financial services provider's stock worth $2,419,000 after acquiring an additional 224 shares during the last quarter. 72.31% of the stock is owned by institutional investors.
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Shares of BRO stock opened at $60.48 on Friday. Brown & Brown, Inc. has a 1 year low of $52.91 and a 1 year high of $74.00. The firm has a fifty day moving average price of $63.80 and a 200-day moving average price of $62.82. 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 company has a market cap of $17.08 billion, a price-to-earnings ratio of 28.00 and a beta of 0.80.
Brown & Brown (NYSE:BRO – Get Rating) last issued its quarterly earnings data on Monday, July 25th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.49 by $0.02. Brown & Brown had a net margin of 18.86% and a return on equity of 15.36%. The firm had revenue of $838.70 million during the quarter, compared to the consensus estimate of $803.46 million. During the same quarter in the previous year, the firm posted $0.49 EPS. The company's revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, equities analysts predict that Brown & Brown, Inc. will post 2.31 earnings per share for the current year.Brown & Brown Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 17th. Stockholders of record on Wednesday, August 10th were given a dividend of $0.102 per share. This represents a $0.41 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date was Tuesday, August 9th. Brown & Brown's payout ratio is 18.98%.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on BRO. Morgan Stanley boosted their price objective on shares of Brown & Brown from $64.00 to $69.00 and gave the stock an "equal weight" rating in a report on Friday, August 19th. Jefferies Financial Group decreased their price objective on shares of Brown & Brown from $82.00 to $70.00 and set a "buy" rating for the company in a report on Tuesday, July 12th. The Goldman Sachs Group assumed coverage on shares of Brown & Brown in a report on Tuesday, July 12th. They issued a "neutral" rating and a $67.00 price objective for the company. StockNews.com upgraded shares of Brown & Brown from a "hold" rating to a "buy" rating in a research note on Monday, September 12th. Finally, Wells Fargo & Company decreased their target price on shares of Brown & Brown to $66.00 and set an "outperform" rating for the company in a research note on Wednesday, July 27th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Brown & Brown presently has a consensus rating of "Moderate Buy" and an average target price of $70.63.
Brown & Brown 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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