First Trust Advisors LP Acquires 434,501 Shares of Brown & Brown, Inc. (NYSE:BRO)
First Trust Advisors LP raised its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 237.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 617,317 shares of the financial services provider’s stock after acquiring an additional 434,501 shares during the quarter. First Trust Advisors LP owned approximately 0.22% of Brown & Brown worth $22,260,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Krane Funds Advisors LLC bought a new position in shares of Brown & Brown during the 2nd quarter worth approximately $26,000. Cullen Frost Bankers Inc. grew its stake in shares of Brown & Brown by 95.4% during the 3rd quarter. Cullen Frost Bankers Inc. now owns 885 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 432 shares in the last quarter. Usca Ria LLC bought a new position in shares of Brown & Brown during the 3rd quarter worth approximately $38,000. Signaturefd LLC grew its stake in shares of Brown & Brown by 42.8% during the 2nd quarter. Signaturefd LLC now owns 1,247 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 374 shares in the last quarter. Finally, Ossiam bought a new position in shares of Brown & Brown during the 2nd quarter worth approximately $56,000. 71.19% of the stock is owned by institutional investors.
BRO has been the subject of several research reports. ValuEngine cut shares of Brown & Brown from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 2nd. SunTrust Banks raised their price target on shares of Brown & Brown from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. They noted that the move was a valuation call. Morgan Stanley raised their price target on shares of Brown & Brown from $30.00 to $33.00 and gave the stock an “underweight” rating in a research note on Thursday, July 25th. Raymond James raised their price target on shares of Brown & Brown from $38.00 to $39.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Finally, Barclays raised their target price on shares of Brown & Brown from $28.00 to $30.00 and gave the company an “underweight” rating in a research note on Wednesday, October 2nd. Three analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. Brown & Brown presently has a consensus rating of “Hold” and a consensus price target of $33.50.
Brown & Brown (NYSE:BRO) last released its earnings results on Monday, October 28th. The financial services provider reported $0.39 earnings per share for the quarter, meeting the consensus estimate of $0.39. Brown & Brown had a net margin of 17.04% and a return on equity of 12.39%. The business had revenue of $618.70 million during the quarter, compared to analysts’ expectations of $610.36 million. During the same period last year, the business earned $0.38 earnings per share. The firm’s revenue was up 16.5% on a year-over-year basis. On average, equities analysts predict that Brown & Brown, Inc. will post 1.39 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Friday, November 8th will be issued a dividend of $0.085 per share. This is an increase from Brown & Brown’s previous quarterly dividend of $0.08. The ex-dividend date is Thursday, November 7th. This represents a $0.34 annualized dividend and a yield of 0.90%. Brown & Brown’s dividend payout ratio (DPR) is currently 27.64%.
About Brown & Brown
Brown & Brown, Inc markets and sells insurance products and services in the United States, England, Canada, Bermuda, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers commercial packages, group medical, workers' compensation, property risk, and general liability insurance products; and group and individual life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control survey and analysis, consultancy, and claims processing services.
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