Robeco Institutional Asset Management B.V. trimmed its position in Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 33.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 237,894 shares of the financial services provider’s stock after selling 120,440 shares during the period. Robeco Institutional Asset Management B.V.’s holdings in Brown & Brown were worth $14,388,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of BRO. Group One Trading L.P. purchased a new stake in shares of Brown & Brown in the first quarter worth $201,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Brown & Brown by 6.6% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 31,373 shares of the financial services provider’s stock valued at $2,267,000 after acquiring an additional 1,950 shares in the last quarter. Cibc World Market Inc. bought a new stake in shares of Brown & Brown during the 1st quarter valued at about $354,000. Vontobel Holding Ltd. grew its holdings in shares of Brown & Brown by 37.1% during the first quarter. Vontobel Holding Ltd. now owns 5,550 shares of the financial services provider’s stock worth $404,000 after purchasing an additional 1,502 shares in the last quarter. Finally, Sei Investments Co. increased its position in shares of Brown & Brown by 608.0% in the first quarter. Sei Investments Co. now owns 43,409 shares of the financial services provider’s stock worth $3,135,000 after purchasing an additional 37,278 shares during the last quarter. 69.52% of the stock is owned by institutional investors.
Insider Buying and Selling
In other news, Director Lawrence L. Gellerstedt III purchased 3,400 shares of the business’s stock in a transaction on Friday, February 10th. The shares were acquired at an average price of $57.92 per share, with a total value of $196,928.00. Following the acquisition, the director now directly owns 16,284 shares in the company, valued at $943,169.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 17.02% of the stock is owned by insiders.
Brown & Brown Stock Down 2.4 %
Brown & Brown (NYSE:BRO – Get Rating) last posted its quarterly earnings results on Tuesday, January 24th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.04. The business had revenue of $901.40 million for the quarter, compared to analyst estimates of $897.98 million. Brown & Brown had a return on equity of 14.88% and a net margin of 18.80%. Brown & Brown’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same period last year, the company earned $0.42 EPS. On average, equities analysts anticipate that Brown & Brown, Inc. will post 2.47 earnings per share for the current year.
Brown & Brown Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 15th. Investors of record on Friday, February 3rd were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend was Thursday, February 2nd. Brown & Brown’s payout ratio is 19.49%.
Analysts Set New Price Targets
Several brokerages have issued reports on BRO. StockNews.com started coverage on shares of Brown & Brown in a research report on Thursday. They set a “hold” rating for the company. Citigroup began coverage on shares of Brown & Brown in a research report on Wednesday, December 14th. They issued a “neutral” rating and a $62.00 target price for the company. Wells Fargo & Company lowered their price target on Brown & Brown from $60.00 to $59.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 25th. BMO Capital Markets began coverage on Brown & Brown in a research note on Thursday, January 19th. They set an “outperform” rating and a $67.00 price target for the company. Finally, Morgan Stanley reduced their price objective on Brown & Brown from $69.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 22nd. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $66.30.
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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