Advisory Services Network LLC Lowers Stock Position in Brown & Brown, Inc. (NYSE:BRO)

Advisory Services Network LLC lessened its holdings in Brown & Brown, Inc. (NYSE:BROGet Rating) by 5.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 33,962 shares of the financial services provider’s stock after selling 1,935 shares during the quarter. Advisory Services Network LLC’s holdings in Brown & Brown were worth $2,454,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. GHP Investment Advisors Inc. purchased a new stake in Brown & Brown during the first quarter valued at approximately $44,000. Global Wealth Management Investment Advisory Inc. purchased a new stake in Brown & Brown during the first quarter valued at approximately $52,000. Meeder Asset Management Inc. purchased a new stake in Brown & Brown during the first quarter valued at approximately $54,000. Spire Wealth Management lifted its position in Brown & Brown by 26.3% during the first quarter. Spire Wealth Management now owns 1,028 shares of the financial services provider’s stock valued at $74,000 after acquiring an additional 214 shares during the last quarter. Finally, Cullen Frost Bankers Inc. purchased a new stake in Brown & Brown during the first quarter valued at approximately $75,000. Hedge funds and other institutional investors own 72.31% of the company’s stock.

Brown & Brown Stock Up 0.1 %

BRO stock opened at $61.54 on Friday. The firm has a market cap of $17.38 billion, a PE ratio of 28.49 and a beta of 0.80. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.90 and a current ratio of 3.90. The firm’s fifty day moving average is $63.76 and its 200 day moving average is $63.16. Brown & Brown, Inc. has a one year low of $52.91 and a one year high of $74.00.

Brown & Brown (NYSE:BROGet Rating) last released its quarterly earnings results on Monday, July 25th. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.49 by $0.02. The company had revenue of $838.70 million for the quarter, compared to analyst estimates of $803.46 million. Brown & Brown had a net margin of 18.86% and a return on equity of 15.36%. The firm’s revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business earned $0.49 earnings per share. On average, research analysts forecast that Brown & Brown, Inc. will post 2.31 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 17th. Investors of record on Wednesday, August 10th were given a dividend of $0.102 per share. The ex-dividend date was Tuesday, August 9th. This represents a $0.41 annualized dividend and a yield of 0.66%. Brown & Brown’s dividend payout ratio is presently 18.98%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BRO. 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 cut their price target on shares of Brown & Brown from $82.00 to $70.00 and set a “buy” rating on the stock in a research note on Tuesday, July 12th. Wells Fargo & Company cut their price target on shares of Brown & Brown to $66.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 27th. The Goldman Sachs Group assumed coverage on shares of Brown & Brown in a research note on Tuesday, July 12th. They set a “neutral” rating and a $67.00 price target on the stock. 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 research note on Friday, August 19th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.63.

About Brown & Brown

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

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