Close Asset Management Ltd Has $101.90 Million Stock Holdings in Brown & Brown, Inc. $BRO

Close Asset Management Ltd boosted its stake in Brown & Brown, Inc. (NYSE:BRO) by 737.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,086,688 shares of the financial services provider’s stock after purchasing an additional 956,877 shares during the period. Brown & Brown comprises about 2.3% of Close Asset Management Ltd’s holdings, making the stock its 16th largest holding. Close Asset Management Ltd owned about 0.32% of Brown & Brown worth $101,904,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Brown & Brown by 4.8% in the 3rd quarter. Vanguard Group Inc. now owns 37,330,892 shares of the financial services provider’s stock valued at $3,501,264,000 after acquiring an additional 1,705,570 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Brown & Brown by 13.4% in the 3rd quarter. Principal Financial Group Inc. now owns 15,416,190 shares of the financial services provider’s stock worth $1,445,888,000 after purchasing an additional 1,821,229 shares in the last quarter. State Street Corp raised its position in Brown & Brown by 11.3% in the second quarter. State Street Corp now owns 12,460,821 shares of the financial services provider’s stock valued at $1,381,531,000 after purchasing an additional 1,262,139 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Brown & Brown by 16.6% during the second quarter. Geode Capital Management LLC now owns 7,369,576 shares of the financial services provider’s stock valued at $813,624,000 after purchasing an additional 1,050,350 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Brown & Brown by 1.1% during the second quarter. Invesco Ltd. now owns 4,166,370 shares of the financial services provider’s stock worth $461,925,000 after purchasing an additional 46,235 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BRO. Jefferies Financial Group dropped their price objective on shares of Brown & Brown from $89.00 to $84.00 and set a “hold” rating for the company in a report on Wednesday, January 28th. Citigroup downgraded shares of Brown & Brown from a “buy” rating to a “neutral” rating in a research note on Monday, November 3rd. Wolfe Research initiated coverage on shares of Brown & Brown in a research note on Thursday, November 20th. They issued a “peer perform” rating on the stock. Argus upgraded Brown & Brown to a “hold” rating in a report on Tuesday, January 27th. Finally, Wells Fargo & Company lowered their target price on Brown & Brown from $82.00 to $78.00 and set an “equal weight” rating for the company in a research report on Friday, February 13th. Three investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $90.36.

Brown & Brown Price Performance

BRO stock opened at $71.21 on Friday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.55. The firm has a market cap of $24.24 billion, a price-to-earnings ratio of 22.25, a PEG ratio of 2.12 and a beta of 0.79. The company’s fifty day simple moving average is $75.51 and its 200 day simple moving average is $83.68. Brown & Brown, Inc. has a 12-month low of $65.68 and a 12-month high of $125.68.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, January 26th. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.65 billion. Brown & Brown had a return on equity of 12.93% and a net margin of 17.84%.The business’s revenue was up 35.7% compared to the same quarter last year. During the same period last year, the business posted $0.86 EPS. On average, analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 11th. Shareholders of record on Wednesday, February 4th were issued a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Wednesday, February 4th. Brown & Brown’s payout ratio is presently 20.63%.

Brown & Brown Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.