Brown & Brown, Inc. (NYSE:BRO) Shares Sold by Prelude Capital Management LLC

Prelude Capital Management LLC lessened its stake in shares of Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 48.0% in the third quarter, Holdings Channel.com reports. The fund owned 6,453 shares of the financial services provider’s stock after selling 5,955 shares during the quarter. Prelude Capital Management LLC’s holdings in Brown & Brown were worth $390,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of BRO. CoreCap Advisors LLC acquired a new stake in shares of Brown & Brown during the second quarter worth $35,000. SJS Investment Consulting Inc. acquired a new stake in Brown & Brown during the 3rd quarter worth about $44,000. FNY Investment Advisers LLC purchased a new stake in Brown & Brown during the third quarter valued at about $51,000. Global Wealth Management Investment Advisory Inc. acquired a new position in shares of Brown & Brown in the first quarter worth about $52,000. Finally, Atlas Capital Advisors LLC purchased a new position in shares of Brown & Brown in the second quarter worth approximately $52,000. 69.52% of the stock is owned by institutional investors.

Brown & Brown Stock Down 1.5 %

Shares of Brown & Brown stock opened at $54.07 on Tuesday. The firm has a market cap of $15.37 billion, a price-to-earnings ratio of 22.91 and a beta of 0.75. The stock has a 50-day simple moving average of $58.15 and a 200-day simple moving average of $59.04. Brown & Brown, Inc. has a 52-week low of $52.91 and a 52-week high of $74.00. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.89 and a quick ratio of 1.89.

Brown & Brown (NYSE:BRO – Get Rating) last issued its quarterly earnings data on Tuesday, January 24th. The financial services provider reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.04. The firm had revenue of $901.40 million for the quarter, compared to analyst estimates of $897.98 million. Brown & Brown had a net margin of 18.80% and a return on equity of 14.88%. The company’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.42 earnings per share. On average, equities research analysts expect that Brown & Brown, Inc. will post 2.47 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 15th. Investors of record on Friday, February 3rd were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date was Thursday, February 2nd. Brown & Brown’s dividend payout ratio is presently 19.49%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Wells Fargo & Company reduced their price target on shares of Brown & Brown from $60.00 to $59.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 25th. Morgan Stanley reduced their target price on Brown & Brown from $69.00 to $65.00 and set an “equal weight” rating for the company in a report on Tuesday, November 22nd. StockNews.com downgraded Brown & Brown from a “buy” rating to a “hold” rating in a report on Wednesday, February 1st. BMO Capital Markets began coverage on Brown & Brown in a research note on Thursday, January 19th. They issued an “outperform” rating and a $67.00 price objective for the company. Finally, Citigroup initiated coverage on Brown & Brown in a research note on Wednesday, December 14th. They set a “neutral” rating and a $62.00 target price on the stock. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $66.30.

Insiders Place Their Bets

In related news, Director Lawrence L. Gellerstedt III purchased 3,400 shares of the firm’s stock in a transaction dated Friday, February 10th. The stock was bought at an average price of $57.92 per share, for a total transaction of $196,928.00. Following the purchase, the director now owns 16,284 shares in the company, valued at approximately $943,169.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 16.67% of the company’s stock.

Brown & Brown Profile

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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.