Langen Mcalenn Weighs in on Brown & Brown, Inc.’s FY2017 Earnings (BRO)
Brown & Brown, Inc. (NYSE:BRO) – Equities research analysts at Langen Mcalenn increased their FY2017 EPS estimates for shares of Brown & Brown in a report released on Monday. Langen Mcalenn analyst R. Glasspiegel now forecasts that the financial services provider will post earnings of $1.87 per share for the year, up from their previous estimate of $1.85.
A number of other equities research analysts have also weighed in on BRO. BidaskClub lowered shares of Brown & Brown from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Citigroup Inc. raised their price target on shares of Brown & Brown from $45.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, July 13th. Wells Fargo & Company reaffirmed a “hold” rating on shares of Brown & Brown in a report on Monday, July 17th. Zacks Investment Research raised shares of Brown & Brown from a “sell” rating to a “hold” rating in a report on Thursday, July 20th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $43.00 price target on shares of Brown & Brown in a report on Friday, August 18th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $43.43.
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Brown & Brown (BRO) opened at 48.89 on Thursday. Brown & Brown has a 52 week low of $36.04 and a 52 week high of $49.13. The company’s 50 day moving average is $46.92 and its 200-day moving average is $44.09. The firm has a market cap of $6.84 billion, a P/E ratio of 26.14 and a beta of 0.79.
Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, July 17th. The financial services provider reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.02. The firm had revenue of $466.30 million during the quarter, compared to the consensus estimate of $465.48 million. Brown & Brown had a net margin of 14.52% and a return on equity of 11.10%. The company’s revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.47 earnings per share.
A number of hedge funds have recently made changes to their positions in BRO. UBS Asset Management Americas Inc. grew its holdings in Brown & Brown by 10.1% during the 1st quarter. UBS Asset Management Americas Inc. now owns 90,499 shares of the financial services provider’s stock worth $3,776,000 after acquiring an additional 8,324 shares in the last quarter. Karp Capital Management Corp acquired a new position in Brown & Brown during the 1st quarter worth $657,000. Parametric Portfolio Associates LLC grew its holdings in Brown & Brown by 3.9% during the 1st quarter. Parametric Portfolio Associates LLC now owns 85,667 shares of the financial services provider’s stock worth $3,574,000 after acquiring an additional 3,180 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Brown & Brown by 151.3% during the 1st quarter. JPMorgan Chase & Co. now owns 218,064 shares of the financial services provider’s stock worth $9,098,000 after acquiring an additional 131,281 shares in the last quarter. Finally, Prudential Financial Inc. grew its holdings in Brown & Brown by 28.0% during the 1st quarter. Prudential Financial Inc. now owns 173,322 shares of the financial services provider’s stock worth $7,231,000 after acquiring an additional 37,890 shares in the last quarter. 72.18% of the stock is owned by institutional investors.
In other Brown & Brown news, EVP Anthony T. Strianese sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $44.59, for a total transaction of $445,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 16.98% of the stock is owned by company insiders.
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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