8,748 Shares in Brown & Brown, Inc. $BRO Purchased by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. bought a new position in Brown & Brown, Inc. (NYSE:BRO) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 8,748 shares of the financial services provider’s stock, valued at approximately $561,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. ICONIQ Capital LLC grew its holdings in shares of Brown & Brown by 5.4% during the second quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock worth $234,000 after purchasing an additional 109 shares in the last quarter. Zacks Investment Management raised its stake in Brown & Brown by 0.7% in the third quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider’s stock valued at $1,675,000 after purchasing an additional 125 shares in the last quarter. Private Trust Co. NA raised its stake in Brown & Brown by 13.1% in the fourth quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider’s stock valued at $91,000 after purchasing an additional 133 shares in the last quarter. Moors & Cabot Inc. lifted its position in Brown & Brown by 2.1% during the third quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider’s stock valued at $638,000 after purchasing an additional 142 shares during the last quarter. Finally, Independent Advisor Alliance lifted its position in Brown & Brown by 0.5% during the fourth quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider’s stock valued at $2,694,000 after purchasing an additional 162 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Down 2.5%

Shares of Brown & Brown stock opened at $68.77 on Tuesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $98.30. The stock has a market capitalization of $23.01 billion, a price-to-earnings ratio of 21.69, a P/E/G ratio of 3.52 and a beta of 0.59. The company’s 50 day moving average price is $66.73 and its 200-day moving average price is $65.76.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, July 27th. The financial services provider reported $1.07 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the previous year, the firm earned $1.03 earnings per share. The firm’s quarterly revenue was up 30.4% compared to the same quarter last year. Equities research analysts forecast that Brown & Brown, Inc. will post 4.5 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th will be given a $0.165 dividend. The ex-dividend date is Wednesday, August 12th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.0%. Brown & Brown’s payout ratio is presently 20.82%.

Analyst Ratings Changes

A number of brokerages have recently commented on BRO. The Goldman Sachs Group increased their price target on shares of Brown & Brown from $62.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, July 1st. UBS Group reiterated a “neutral” rating and issued a $73.00 target price (up from $65.00) on shares of Brown & Brown in a research report on Wednesday, July 8th. Keefe, Bruyette & Woods increased their target price on Brown & Brown from $72.00 to $74.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. BMO Capital Markets raised their price target on Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Finally, Citizens Jmp lifted their price target on Brown & Brown from $70.00 to $78.00 and gave the stock a “market outperform” rating in a research note on Friday, July 10th. Four investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Brown & Brown presently has a consensus rating of “Hold” and a consensus target price of $76.47.

Brown & Brown Company Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.