Neuburgh Advisers LLC boosted its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 10.4% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 53,618 shares of the financial services provider’s stock after purchasing an additional 5,032 shares during the quarter. Neuburgh Advisers LLC’s holdings in Brown & Brown were worth $1,582,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. BTIM Corp. grew its stake in Brown & Brown by 2.7% during the 1st quarter. BTIM Corp. now owns 456,174 shares of the financial services provider’s stock valued at $13,462,000 after acquiring an additional 12,089 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Brown & Brown by 1.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,093,296 shares of the financial services provider’s stock valued at $57,689,000 after acquiring an additional 26,343 shares in the last quarter. Amalgamated Bank grew its stake in Brown & Brown by 1.8% during the 4th quarter. Amalgamated Bank now owns 46,101 shares of the financial services provider’s stock valued at $1,271,000 after acquiring an additional 798 shares in the last quarter. Orrstown Financial Services Inc. grew its stake in Brown & Brown by 2,637.4% during the 1st quarter. Orrstown Financial Services Inc. now owns 22,447 shares of the financial services provider’s stock valued at $662,000 after acquiring an additional 21,627 shares in the last quarter. Finally, Vanguard Group Inc grew its stake in Brown & Brown by 2.2% during the 3rd quarter. Vanguard Group Inc now owns 24,202,436 shares of the financial services provider’s stock valued at $715,666,000 after acquiring an additional 525,399 shares in the last quarter. Hedge funds and other institutional investors own 70.94% of the company’s stock.
Several research firms have weighed in on BRO. SunTrust Banks lifted their target price on Brown & Brown to $36.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Wells Fargo & Co reaffirmed a “hold” rating and set a $28.00 target price on shares of Brown & Brown in a research note on Sunday, April 21st. Finally, Zacks Investment Research raised Brown & Brown from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $29.56.
Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, April 22nd. The financial services provider reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.05. The business had revenue of $617.50 million during the quarter, compared to analysts’ expectations of $600.51 million. Brown & Brown had a return on equity of 12.47% and a net margin of 17.23%. The firm’s quarterly revenue was up 23.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.33 EPS. As a group, equities analysts forecast that Brown & Brown, Inc. will post 1.35 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Wednesday, May 8th were paid a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, May 7th. This represents a $0.32 annualized dividend and a dividend yield of 0.98%. Brown & Brown’s payout ratio is 26.02%.
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Brown & Brown Profile
Brown & Brown, Inc markets and sells insurance products and services in the United States, England, Canada, Bermuda, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers commercial packages, group medical, workers' compensation, property risk, and general liability insurance products; and group and individual life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control survey and analysis, consultancy, and claims processing services.
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