8,086 Shares in Brown & Brown, Inc. $BRO Bought by Summitry LLC

Summitry LLC acquired a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) in the first quarter, HoldingsChannel.com reports. The firm acquired 8,086 shares of the financial services provider’s stock, valued at approximately $527,000.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Brown & Brown in the fourth quarter worth about $516,837,000. Capital International Investors bought a new position in shares of Brown & Brown in the 4th quarter worth approximately $371,654,000. Van Lanschot Kempen Investment Management N.V. grew its position in Brown & Brown by 132.8% during the fourth quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,538,584 shares of the financial services provider’s stock valued at $361,725,000 after buying an additional 2,589,048 shares during the period. Deutsche Bank AG grew its position in Brown & Brown by 53.0% during the fourth quarter. Deutsche Bank AG now owns 3,929,461 shares of the financial services provider’s stock valued at $313,178,000 after buying an additional 1,361,934 shares during the period. Finally, AQR Capital Management LLC raised its position in Brown & Brown by 1,679.0% in the third quarter. AQR Capital Management LLC now owns 1,204,318 shares of the financial services provider’s stock worth $112,953,000 after acquiring an additional 1,136,623 shares during the period. Institutional investors own 71.01% of the company’s stock.

Insiders Place Their Bets

In other news, Director H Palmer Proctor, Jr. purchased 2,000 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was acquired at an average price of $57.10 per share, for a total transaction of $114,200.00. Following the acquisition, the director directly owned 47,621 shares of the company’s stock, valued at $2,719,159.10. This represents a 4.38% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 13.13% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Citigroup downgraded shares of Brown & Brown from an “outperform” rating to a “neutral” rating and boosted their price objective for the company from $70.00 to $79.00 in a research report on Wednesday. Keefe, Bruyette & Woods lifted their target price on Brown & Brown from $72.00 to $74.00 and gave the company a “market perform” rating in a research report on Wednesday, July 8th. Mizuho upped their price target on Brown & Brown from $81.00 to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday. BMO Capital Markets lifted their price objective on Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a research report on Wednesday. Finally, Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a research note on Friday, June 26th. Four research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $79.06.

Brown & Brown Price Performance

Shares of NYSE:BRO opened at $70.50 on Friday. The firm has a market cap of $23.59 billion, a price-to-earnings ratio of 22.24, a P/E/G ratio of 3.54 and a beta of 0.60. The firm has a fifty day moving average price of $63.65 and a 200 day moving average price of $66.46. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $98.30. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.64 and a current ratio of 2.11.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) 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 in the prior year, the firm posted $1.03 earnings per share. The business’s revenue was up 30.4% on a year-over-year basis. As a group, sell-side analysts expect that Brown & Brown, Inc. will post 4.49 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th will be paid a dividend of $0.165 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. Brown & Brown’s dividend payout ratio is presently 20.82%.

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.