Price Capital Management Inc. acquired a new position in Brown & Brown, Inc. (NYSE:BRO – Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 11,840 shares of the financial services provider’s stock, valued at approximately $1,473,000. Brown & Brown makes up about 3.7% of Price Capital Management Inc.’s holdings, making the stock its 17th largest holding.
Other large investors have also made changes to their positions in the company. Bank Pictet & Cie Europe AG purchased a new stake in Brown & Brown in the fourth quarter valued at $907,000. Virtu Financial LLC increased its holdings in shares of Brown & Brown by 76.9% during the 4th quarter. Virtu Financial LLC now owns 3,791 shares of the financial services provider’s stock worth $387,000 after buying an additional 1,648 shares during the last quarter. Mizuho Securities USA LLC increased its holdings in shares of Brown & Brown by 46.5% during the 4th quarter. Mizuho Securities USA LLC now owns 22,495 shares of the financial services provider’s stock worth $2,295,000 after buying an additional 7,142 shares during the last quarter. Sei Investments Co. boosted its position in shares of Brown & Brown by 13.6% during the 4th quarter. Sei Investments Co. now owns 374,927 shares of the financial services provider’s stock worth $38,250,000 after purchasing an additional 44,919 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Brown & Brown during the 4th quarter worth approximately $8,274,000. 71.01% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research analysts have commented on BRO shares. Morgan Stanley restated an “equal weight” rating and issued a $128.00 price objective on shares of Brown & Brown in a research note on Tuesday, March 25th. UBS Group upped their price target on shares of Brown & Brown from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 9th. BMO Capital Markets reiterated an “outperform” rating and set a $122.00 price objective (up from $116.00) on shares of Brown & Brown in a research note on Thursday, June 12th. Wells Fargo & Company restated an “overweight” rating and issued a $127.00 target price (up from $125.00) on shares of Brown & Brown in a research note on Thursday, June 12th. Finally, Barclays reduced their price objective on shares of Brown & Brown from $121.00 to $111.00 and set an “equal weight” rating on the stock in a research note on Monday, July 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Brown & Brown has an average rating of “Hold” and a consensus target price of $118.23.
Brown & Brown Stock Up 0.8%
BRO opened at $103.29 on Wednesday. The firm’s 50-day simple moving average is $108.77 and its 200-day simple moving average is $111.51. The firm has a market cap of $29.61 billion, a price-to-earnings ratio of 28.77, a PEG ratio of 2.24 and a beta of 0.82. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 2.52. Brown & Brown, Inc. has a twelve month low of $95.44 and a twelve month high of $125.68.
Brown & Brown (NYSE:BRO – Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The financial services provider reported $1.29 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.01). The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.41 billion. Brown & Brown had a net margin of 20.84% and a return on equity of 17.77%. The business’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.14 earnings per share. Equities research analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.
Brown & Brown Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Monday, May 12th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $0.60 annualized dividend and a dividend yield of 0.58%. Brown & Brown’s dividend payout ratio is currently 16.71%.
About Brown & Brown
Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.
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