BidaskClub downgraded shares of Brown & Brown, Inc. (NYSE:BRO) from a hold rating to a sell rating in a research report report published on Tuesday, August 8th.
A number of other research firms also recently issued reports on BRO. Royal Bank Of Canada reaffirmed a hold rating on shares of Brown & Brown in a research note on Monday, May 8th. Zacks Investment Research downgraded Brown & Brown from a hold rating to a sell rating in a research note on Tuesday, June 20th. SunTrust Banks, Inc. reaffirmed a hold rating and issued a $46.00 price objective (up previously from $44.00) on shares of Brown & Brown in a research note on Friday, May 19th. Citigroup Inc. boosted their target price on Brown & Brown from $45.00 to $46.00 and gave the company a neutral rating in a research report on Thursday, July 13th. Finally, Wells Fargo & Company reissued a hold rating on shares of Brown & Brown in a research report on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $43.43.
Shares of Brown & Brown (BRO) traded up 0.60% during mid-day trading on Tuesday, reaching $43.63. 641,928 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $43.71 and its 200 day moving average price is $43.09. Brown & Brown has a 52-week low of $36.05 and a 52-week high of $45.77. The company has a market cap of $6.10 billion, a PE ratio of 23.33 and a beta of 0.78.
Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, July 17th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.02. Brown & Brown had a return on equity of 11.10% and a net margin of 14.52%. The business had revenue of $466.30 million for the quarter, compared to the consensus estimate of $465.48 million. During the same quarter in the previous year, the company posted $0.47 EPS. The company’s revenue was up 4.4% compared to the same quarter last year. On average, equities research analysts predict that Brown & Brown will post $1.84 EPS for the current year.
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The company also recently announced a quarterly dividend, which was paid on Wednesday, August 16th. Shareholders of record on Wednesday, August 9th were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend was Monday, August 7th. Brown & Brown’s dividend payout ratio is 29.03%.
In other Brown & Brown news, EVP Anthony T. Strianese sold 18,870 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $44.49, for a total value of $839,526.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 16.98% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of the company. Tandem Investment Advisors Inc. boosted its stake in shares of Brown & Brown by 12.0% in the second quarter. Tandem Investment Advisors Inc. now owns 230,055 shares of the financial services provider’s stock worth $9,908,000 after buying an additional 24,576 shares during the period. BB&T Investment Services Inc. acquired a new position in shares of Brown & Brown during the second quarter valued at about $434,000. Ameritas Investment Partners Inc. raised its position in shares of Brown & Brown by 1.7% in the second quarter. Ameritas Investment Partners Inc. now owns 34,420 shares of the financial services provider’s stock valued at $1,482,000 after buying an additional 582 shares in the last quarter. Nomura Holdings Inc. acquired a new position in shares of Brown & Brown during the second quarter valued at about $382,000. Finally, Rowland & Co. Investment Counsel ADV raised its position in shares of Brown & Brown by 4.1% in the second quarter. Rowland & Co. Investment Counsel ADV now owns 4,465 shares of the financial services provider’s stock worth $193,000 after buying an additional 175 shares in the last quarter. Hedge funds and other institutional investors own 72.58% of the company’s stock.
Brown & Brown Company Profile
Brown & Brown, Inc is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services, in the property, casualty and employee benefits areas. It provides its customers with non-investment insurance contracts, as well as other customized risk management products and services.
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