BNP Paribas Arbitrage SA Buys 75,938 Shares of Brown & Brown, Inc. (BRO)
BNP Paribas Arbitrage SA increased its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 210.9% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 111,942 shares of the financial services provider’s stock after buying an additional 75,938 shares during the period. BNP Paribas Arbitrage SA owned approximately 0.08% of Brown & Brown worth $4,821,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the stock. IFP Advisors Inc boosted its stake in shares of Brown & Brown by 9.8% in the second quarter. IFP Advisors Inc now owns 2,823 shares of the financial services provider’s stock valued at $122,000 after buying an additional 251 shares during the last quarter. Glen Harbor Capital Management LLC boosted its stake in shares of Brown & Brown by 2.3% in the first quarter. Glen Harbor Capital Management LLC now owns 3,632 shares of the financial services provider’s stock valued at $152,000 after buying an additional 80 shares during the last quarter. Mosaic Family Wealth LLC boosted its stake in shares of Brown & Brown by 3.0% in the first quarter. Mosaic Family Wealth LLC now owns 3,973 shares of the financial services provider’s stock valued at $166,000 after buying an additional 115 shares during the last quarter. Pzena Investment Management LLC bought a new stake in shares of Brown & Brown during the first quarter valued at $206,000. Finally, Tyers Asset Management LLC boosted its stake in shares of Brown & Brown by 2.3% in the first quarter. Tyers Asset Management LLC now owns 4,994 shares of the financial services provider’s stock valued at $208,000 after buying an additional 110 shares during the last quarter. 72.58% of the stock is owned by institutional investors.
Shares of Brown & Brown, Inc. (NYSE:BRO) opened at 44.29 on Friday. Brown & Brown, Inc. has a 1-year low of $36.04 and a 1-year high of $45.77. The firm has a market cap of $6.20 billion, a PE ratio of 23.68 and a beta of 0.78. The company’s 50-day moving average price is $43.80 and its 200 day moving average price is $43.15.
Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, July 17th. The financial services provider reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.02. Brown & Brown had a net margin of 14.52% and a return on equity of 11.10%. The firm had revenue of $466.30 million during the quarter, compared to the consensus estimate of $465.48 million. During the same quarter in the previous year, the firm posted $0.47 earnings per share. The company’s revenue was up 4.4% on a year-over-year basis. On average, analysts predict that Brown & Brown, Inc. will post $1.84 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 16th. Stockholders of record on Wednesday, August 9th were paid a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend was Monday, August 7th. Brown & Brown’s dividend payout ratio is presently 29.03%.
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Several equities research analysts have recently weighed in on the company. BidaskClub raised Brown & Brown from a “sell” rating to a “hold” rating in a research note on Wednesday, August 16th. Zacks Investment Research raised Brown & Brown from a “sell” rating to a “hold” rating in a research note on Thursday, July 20th. Wells Fargo & Company reissued a “hold” rating on shares of Brown & Brown in a research note on Tuesday, August 15th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $44.00 target price on shares of Brown & Brown in a research note on Tuesday, June 13th. Finally, Citigroup Inc. raised their target price on Brown & Brown from $45.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $43.43.
In other news, EVP Anthony T. Strianese sold 10,000 shares of Brown & Brown stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $44.59, for a total transaction of $445,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 16.98% of the company’s stock.
Brown & Brown Company Profile
Brown & Brown, Inc is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services, in the property, casualty and employee benefits areas. It provides its customers with non-investment insurance contracts, as well as other customized risk management products and services.
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