Stone Ridge Asset Management LLC acquired a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 32,976 shares of the financial services provider’s stock, valued at approximately $1,697,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Simplex Trading LLC purchased a new stake in Brown & Brown during the 4th quarter valued at about $101,000. Cutler Group LP grew its stake in Brown & Brown by 212.2% during the 4th quarter. Cutler Group LP now owns 2,482 shares of the financial services provider’s stock valued at $127,000 after acquiring an additional 1,687 shares in the last quarter. Invictus RG purchased a new stake in Brown & Brown during the 3rd quarter valued at about $248,000. Wolverine Trading LLC purchased a new stake in Brown & Brown during the 3rd quarter valued at about $273,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Brown & Brown by 50.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,519 shares of the financial services provider’s stock valued at $335,000 after acquiring an additional 2,197 shares in the last quarter. 72.22% of the stock is owned by institutional investors.
Several analysts recently issued reports on BRO shares. SunTrust Banks raised shares of Brown & Brown from a “hold” rating to a “buy” rating in a research note on Wednesday, December 6th. Zacks Investment Research cut shares of Brown & Brown from a “buy” rating to a “hold” rating in a research note on Tuesday, March 6th. Langen Mcalenn reissued a “buy” rating on shares of Brown & Brown in a research note on Tuesday, January 16th. Wells Fargo & Co reissued a “hold” rating and issued a $52.00 price target on shares of Brown & Brown in a research note on Monday, January 22nd. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $53.00 price target on shares of Brown & Brown in a research note on Wednesday, January 24th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $48.63.
Brown & Brown’s stock is going to split before the market opens on Thursday, March 29th. The 2-1 split was announced on Monday, February 26th. The newly issued shares will be payable to shareholders after the closing bell on Wednesday, March 28th.
Brown & Brown (NYSE:BRO) last released its earnings results on Monday, January 22nd. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.05. The company had revenue of $474.30 million for the quarter, compared to analyst estimates of $449.89 million. Brown & Brown had a net margin of 21.24% and a return on equity of 11.19%. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.41 EPS. research analysts anticipate that Brown & Brown, Inc. will post 2.39 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Shareholders of record on Friday, February 2nd were issued a dividend of $0.15 per share. The ex-dividend date was Thursday, February 1st. This represents a $0.60 dividend on an annualized basis and a yield of 1.14%. Brown & Brown’s dividend payout ratio (DPR) is presently 21.43%.
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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.
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