Brown & Brown, Inc. (BRO) Position Increased by Comerica Bank
Comerica Bank raised its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 0.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 90,104 shares of the financial services provider’s stock after buying an additional 772 shares during the period. Comerica Bank owned 0.06% of Brown & Brown worth $3,987,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Teachers Advisors LLC increased its position in Brown & Brown by 13.9% in the fourth quarter. Teachers Advisors LLC now owns 135,864 shares of the financial services provider’s stock worth $6,095,000 after buying an additional 16,584 shares during the period. Profund Advisors LLC increased its position in Brown & Brown by 4.8% in the first quarter. Profund Advisors LLC now owns 16,962 shares of the financial services provider’s stock worth $708,000 after buying an additional 782 shares during the period. Glen Harbor Capital Management LLC increased its position in 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 worth $152,000 after buying an additional 80 shares during the period. First Quadrant L P CA increased its position in Brown & Brown by 0.7% in the first quarter. First Quadrant L P CA now owns 27,035 shares of the financial services provider’s stock worth $1,128,000 after buying an additional 179 shares during the period. Finally, Russell Investments Group Ltd. increased its position in Brown & Brown by 12.1% in the first quarter. Russell Investments Group Ltd. now owns 79,110 shares of the financial services provider’s stock worth $3,301,000 after buying an additional 8,531 shares during the period. Institutional investors and hedge funds own 72.18% of the company’s stock.
Brown & Brown, Inc. (NYSE BRO) opened at 45.16 on Tuesday. The firm’s 50 day moving average price is $43.80 and its 200 day moving average price is $43.15. Brown & Brown, Inc. has a 12 month low of $36.04 and a 12 month high of $45.77. The stock has a market cap of $6.32 billion, a price-to-earnings ratio of 24.15 and a beta of 0.78.
Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, July 17th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, topping the 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 company had revenue of $466.30 million during the quarter, compared to analyst estimates of $465.48 million. During the same quarter in the prior year, the business earned $0.47 earnings per share. The business’s quarterly revenue was up 4.4% compared to the same quarter last year. On average, equities research analysts predict that Brown & Brown, Inc. will post $1.84 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 16th. Stockholders of record on Wednesday, August 9th were paid a $0.135 dividend. The ex-dividend date was Monday, August 7th. This represents a $0.54 annualized dividend and a dividend yield of 1.20%. Brown & Brown’s dividend payout ratio (DPR) is presently 29.03%.
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BRO has been the topic of a number of research reports. Zacks Investment Research downgraded Brown & Brown from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. Wells Fargo & Company restated a “hold” rating on shares of Brown & Brown in a research note on Tuesday, August 15th. BidaskClub downgraded Brown & Brown from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Citigroup Inc. lifted their target price on Brown & Brown from $45.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, July 13th. Finally, SunTrust Banks, Inc. reiterated a “hold” rating and set a $46.00 target price (up from $44.00) on shares of Brown & Brown in a research report on Friday, May 19th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $43.43.
In other news, EVP Anthony T. Strianese sold 18,870 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $44.49, for a total value of $839,526.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 16.98% of the stock is currently owned by corporate insiders.
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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