Brown & Brown, Inc. (BRO) Holdings Boosted by Bessemer Group Inc.
Bessemer Group Inc. lifted its stake in Brown & Brown, Inc. (NYSE:BRO) by 99.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 484,200 shares of the financial services provider’s stock after acquiring an additional 241,018 shares during the quarter. Bessemer Group Inc. owned 0.17% of Brown & Brown worth $14,318,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the company. SRS Capital Advisors Inc. acquired a new position in shares of Brown & Brown in the 3rd quarter worth approximately $221,000. Unigestion Holding SA acquired a new position in shares of Brown & Brown in the 3rd quarter worth approximately $3,181,000. Dupont Capital Management Corp lifted its holdings in shares of Brown & Brown by 40.0% in the 3rd quarter. Dupont Capital Management Corp now owns 46,456 shares of the financial services provider’s stock worth $1,374,000 after acquiring an additional 13,274 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Brown & Brown by 4.2% in the 3rd quarter. American Century Companies Inc. now owns 2,674,463 shares of the financial services provider’s stock worth $79,084,000 after acquiring an additional 108,952 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its holdings in shares of Brown & Brown by 83.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 20,610 shares of the financial services provider’s stock worth $610,000 after acquiring an additional 9,368 shares during the last quarter. Hedge funds and other institutional investors own 71.79% of the company’s stock.
In other Brown & Brown news, EVP Anthony T. Strianese sold 2,000 shares of the stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $28.66, for a total value of $57,320.00. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 17.12% of the company’s stock.
Brown & Brown (NYSE:BRO) last released its earnings results on Monday, October 22nd. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.04. The company had revenue of $530.90 million for the quarter, compared to analyst estimates of $508.82 million. Brown & Brown had a net margin of 23.15% and a return on equity of 12.36%. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.27 EPS. Equities analysts expect that Brown & Brown, Inc. will post 1.24 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 7th. Shareholders of record on Friday, October 26th were given a $0.08 dividend. The ex-dividend date was Thursday, October 25th. This is an increase from Brown & Brown’s previous quarterly dividend of $0.08. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.11%. Brown & Brown’s dividend payout ratio is currently 33.33%.
A number of equities research analysts have issued reports on BRO shares. Zacks Investment Research upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a report on Tuesday, September 25th. Royal Bank of Canada reiterated a “hold” rating and set a $30.00 target price on shares of Brown & Brown in a report on Wednesday, July 25th. Barclays increased their target price on shares of Brown & Brown from $23.00 to $26.00 and gave the stock an “underweight” rating in a report on Monday. Wells Fargo & Co reiterated a “hold” rating and set a $28.00 target price on shares of Brown & Brown in a report on Monday, October 22nd. Finally, Citigroup set a $27.00 target price on shares of Brown & Brown and gave the stock a “sell” rating in a report on Wednesday, September 19th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $29.45.
Brown & Brown Company Profile
Brown & Brown, Inc markets and sells insurance products in the United States, England, Canada, Bermuda, and the Cayman Islands. Its Retail segment offers property insurance relating to physical damage to property and resultant interruption of business, or extra expense caused by fire, windstorm, or other perils; casualty insurance relating to legal liabilities, professional liability, cyber-liability, workers' compensation, and commercial and private passenger automobile coverages; fidelity and surety bonds; and life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control surveys and analysis, consultation, and claims processing services.
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