Zurcher Kantonalbank Zurich Cantonalbank Reduces Stock Position in Brown & Brown, Inc. (NYSE:BRO)

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in Brown & Brown, Inc. (NYSE:BRO) by 5.4% in the second quarter, Holdings Channel reports. The fund owned 98,525 shares of the financial services provider’s stock after selling 5,649 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Brown & Brown were worth $4,016,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of BRO. Atlanta Capital Management Co. L L C acquired a new position in shares of Brown & Brown during the 1st quarter valued at about $169,214,000. Norges Bank purchased a new position in Brown & Brown in the 4th quarter valued at approximately $91,157,000. BlackRock Inc. increased its holdings in Brown & Brown by 6.0% during the 1st quarter. BlackRock Inc. now owns 28,734,168 shares of the financial services provider’s stock worth $1,040,751,000 after purchasing an additional 1,614,024 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Brown & Brown by 394.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,626,463 shares of the financial services provider’s stock valued at $58,910,000 after purchasing an additional 1,297,346 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in Brown & Brown by 317.0% in the first quarter. Janus Henderson Group PLC now owns 1,000,182 shares of the financial services provider’s stock valued at $36,225,000 after buying an additional 760,350 shares in the last quarter. Institutional investors and hedge funds own 71.15% of the company’s stock.

BRO stock opened at $45.47 on Friday. The company has a market cap of $12.89 billion, a price-to-earnings ratio of 29.91 and a beta of 0.68. The company has a fifty day moving average price of $42.04 and a 200 day moving average price of $40.83. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.98 and a quick ratio of 0.97. Brown & Brown, Inc. has a 12 month low of $30.70 and a 12 month high of $48.69.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, July 27th. The financial services provider reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.06. Brown & Brown had a net margin of 17.69% and a return on equity of 12.54%. The business had revenue of $598.20 million during the quarter, compared to analysts’ expectations of $576.26 million. During the same period in the prior year, the company earned $0.32 earnings per share. The business’s revenue was up 4.0% compared to the same quarter last year. As a group, analysts anticipate that Brown & Brown, Inc. will post 1.53 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 12th. Shareholders of record on Wednesday, August 5th will be paid a $0.085 dividend. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $0.34 annualized dividend and a dividend yield of 0.75%. Brown & Brown’s dividend payout ratio (DPR) is currently 24.29%.

A number of research analysts have recently commented on the company. SunTrust Banks increased their price objective on Brown & Brown from $46.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday. Royal Bank of Canada raised their price objective on shares of Brown & Brown from $38.00 to $44.00 and gave the stock a “sector perform” rating in a report on Wednesday. They noted that the move was a valuation call. Morgan Stanley upped their target price on shares of Brown & Brown from $44.00 to $47.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, Credit Suisse Group reiterated a “hold” rating and set a $38.00 price target on shares of Brown & Brown in a research note on Tuesday, April 28th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $41.71.

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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Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

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