Allianz Asset Management GmbH lowered its stake in Brown & Brown, Inc. (NYSE:BRO) by 18.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 235,414 shares of the financial services provider’s stock after selling 53,508 shares during the period. Allianz Asset Management GmbH’s holdings in Brown & Brown were worth $12,114,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Simplex Trading LLC bought a new position in shares of Brown & Brown in the fourth quarter worth $101,000. Cutler Group LP increased its position in shares of Brown & Brown by 212.2% in the fourth quarter. Cutler Group LP now owns 2,482 shares of the financial services provider’s stock worth $127,000 after purchasing an additional 1,687 shares during the period. Invictus RG bought a new position in shares of Brown & Brown in the third quarter worth $248,000. Wolverine Trading LLC bought a new position in shares of Brown & Brown in the third quarter worth $273,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Brown & Brown by 50.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,519 shares of the financial services provider’s stock worth $335,000 after purchasing an additional 2,197 shares during the period. Institutional investors own 71.50% of the company’s stock.
A number of research analysts recently commented on BRO shares. Wells Fargo & Co restated a “hold” rating and issued a $52.00 price target on shares of Brown & Brown in a research report on Monday, January 22nd. SunTrust Banks upgraded Brown & Brown from a “hold” rating to a “buy” rating in a research report on Wednesday, December 6th. Zacks Investment Research cut Brown & Brown from a “buy” rating to a “hold” rating in a research report on Tuesday, March 6th. Citigroup set a $49.00 price target on Brown & Brown and gave the stock a “sell” rating in a research report on Friday, February 9th. Finally, Langen Mcalenn restated a “buy” rating on shares of Brown & Brown in a research report on Tuesday, January 16th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $48.63.
Brown & Brown’s stock is scheduled to split on the morning of Thursday, March 29th. The 2-1 split was announced on Monday, February 26th. The newly created shares will be distributed to shareholders after the market closes on Wednesday, March 28th.
Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, January 22nd. The financial services provider reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.05. The business had revenue of $474.30 million for the quarter, compared to analyst estimates of $449.89 million. Brown & Brown had a return on equity of 11.19% and a net margin of 21.24%. Brown & Brown’s revenue was up 9.4% compared to the same quarter last year. During the same period last year, the firm posted $0.41 earnings per share. equities analysts predict that Brown & Brown, Inc. will post 2.39 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Friday, February 2nd were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.12%. The ex-dividend date was Thursday, February 1st. Brown & Brown’s dividend payout ratio (DPR) is presently 31.41%.
WARNING: “Brown & Brown, Inc. (BRO) Position Lowered by Allianz Asset Management GmbH” was first reported by Sports Perspectives and is owned by of Sports Perspectives. If you are accessing this report on another site, it was illegally stolen and reposted in violation of United States and international copyright and trademark legislation. The legal version of this report can be viewed at https://sportsperspectives.com/2018/03/12/brown-brown-inc-bro-position-lowered-by-allianz-asset-management-gmbh.html.
About Brown & Brown
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.
Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BRO).
Receive News & Ratings for Brown & Brown Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Brown & Brown and related companies with MarketBeat.com's FREE daily email newsletter.