Kingsview Wealth Management LLC Buys New Shares in Brown & Brown, Inc. $BRO

Kingsview Wealth Management LLC bought a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 83,360 shares of the financial services provider’s stock, valued at approximately $5,348,000.

A number of other hedge funds have also recently bought and sold shares of BRO. BlackRock Inc. bought a new position in shares of Brown & Brown during the 2nd quarter worth about $1,418,571,000. Norges Bank bought a new stake in shares of Brown & Brown in the fourth quarter valued at about $516,837,000. Capital International Investors bought a new stake in shares of Brown & Brown in the fourth quarter valued at about $371,654,000. Deutsche Bank AG acquired a new stake in Brown & Brown during the second quarter worth about $266,941,000. Finally, Bank of America Corp DE acquired a new stake in Brown & Brown during the second quarter worth about $228,051,000. 71.01% of the stock is owned by institutional investors.

Brown & Brown Price Performance

Brown & Brown stock opened at $73.32 on Friday. The business has a 50 day simple moving average of $69.05 and a 200 day simple moving average of $65.80. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. The company has a market capitalization of $24.53 billion, a PE ratio of 23.13, a price-to-earnings-growth ratio of 3.56 and a beta of 0.59. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $97.49.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter last year, the company earned $1.03 earnings per share. The business’s revenue was up 30.4% on a year-over-year basis. On average, sell-side analysts forecast that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were given a $0.165 dividend. The ex-dividend date was Wednesday, August 12th. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. Brown & Brown’s payout ratio is 20.82%.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Weiss Ratings raised Brown & Brown from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, August 19th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Brown & Brown in a report on Wednesday, July 29th. The Goldman Sachs Group boosted their price objective on Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, July 1st. Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a research note on Friday, June 26th. Finally, Wells Fargo & Company reduced their target price on Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating for the company in a research report on Thursday, July 9th. Four equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Brown & Brown has a consensus rating of “Hold” and a consensus price target of $76.80.

About Brown & Brown

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.