Brown & Brown, Inc. $BRO Shares Acquired by New York Life Investment Management LLC

New York Life Investment Management LLC grew its position in Brown & Brown, Inc. (NYSE:BRO) by 1.9% during the second quarter, Holdings Channel.com reports. The firm owned 32,400 shares of the financial services provider’s stock after acquiring an additional 610 shares during the period. New York Life Investment Management LLC’s holdings in Brown & Brown were worth $3,592,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Logan Capital Management Inc. raised its holdings in shares of Brown & Brown by 105,700.0% in the 2nd quarter. Logan Capital Management Inc. now owns 16,928 shares of the financial services provider’s stock valued at $1,877,000 after purchasing an additional 16,912 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in Brown & Brown by 33.8% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 130,643 shares of the financial services provider’s stock valued at $14,484,000 after purchasing an additional 33,000 shares in the last quarter. Advisory Alpha LLC boosted its holdings in Brown & Brown by 26.7% in the second quarter. Advisory Alpha LLC now owns 5,189 shares of the financial services provider’s stock valued at $575,000 after purchasing an additional 1,093 shares in the last quarter. Teacher Retirement System of Texas boosted its holdings in Brown & Brown by 33.3% in the second quarter. Teacher Retirement System of Texas now owns 73,087 shares of the financial services provider’s stock valued at $8,103,000 after purchasing an additional 18,255 shares in the last quarter. Finally, Bessemer Group Inc. boosted its holdings in Brown & Brown by 2.3% in the second quarter. Bessemer Group Inc. now owns 21,083 shares of the financial services provider’s stock valued at $2,338,000 after purchasing an additional 476 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Brown & Brown Trading Up 0.2%

NYSE BRO opened at $80.46 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 6.72 and a current ratio of 2.10. The firm has a market cap of $27.47 billion, a PE ratio of 24.09, a P/E/G ratio of 1.70 and a beta of 0.79. Brown & Brown, Inc. has a one year low of $79.68 and a one year high of $125.68. The firm’s fifty day moving average is $92.50 and its two-hundred day moving average is $101.88.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.54 billion. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. Brown & Brown’s quarterly revenue was up 35.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.91 earnings per share. Analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th will be paid a $0.165 dividend. This is a boost from Brown & Brown’s previous quarterly dividend of $0.15. This represents a $0.66 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Wednesday, November 5th. Brown & Brown’s dividend payout ratio (DPR) is presently 17.96%.

Insider Buying and Selling at Brown & Brown

In related news, Director Bronislaw Edmund Masojada purchased 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 6th. The stock was purchased at an average cost of $91.44 per share, with a total value of $91,440.00. Following the completion of the acquisition, the director directly owned 5,000 shares in the company, valued at $457,200. This trade represents a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Paul J. Krump purchased 2,678 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average cost of $93.31 per share, with a total value of $249,884.18. Following the completion of the acquisition, the director owned 5,353 shares of the company’s stock, valued at approximately $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 17.02% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on BRO shares. Bank of America raised Brown & Brown from a “neutral” rating to a “buy” rating and upped their price target for the company from $126.00 to $130.00 in a report on Wednesday, July 30th. Wells Fargo & Company lowered their price target on Brown & Brown from $98.00 to $92.00 and set an “equal weight” rating for the company in a report on Wednesday. Morgan Stanley lowered their price target on Brown & Brown from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, October 7th. Wall Street Zen raised Brown & Brown from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Finally, UBS Group lowered their price target on Brown & Brown from $120.00 to $106.00 and set a “neutral” rating for the company in a report on Wednesday, October 8th. Seven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $108.38.

Brown & Brown Company Profile

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.