30,440 Shares in Brown & Brown, Inc. $BRO Acquired by Carnegie Investment Counsel

Carnegie Investment Counsel acquired a new position in shares of Brown & Brown, Inc. (NYSE:BRO) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 30,440 shares of the financial services provider’s stock, valued at approximately $1,985,000.

Several other large investors also recently added to or reduced their stakes in the company. Triad Investment Management purchased a new stake in shares of Brown & Brown during the 4th quarter worth about $4,314,000. PFA Pension Forsikringsaktieselskab bought a new stake in shares of Brown & Brown in the 4th quarter valued at approximately $46,226,000. Vest Financial LLC grew its stake in shares of Brown & Brown by 3.7% in the 4th quarter. Vest Financial LLC now owns 552,994 shares of the financial services provider’s stock valued at $44,074,000 after buying an additional 19,503 shares in the last quarter. Barr E S & Co. increased its holdings in Brown & Brown by 19.0% in the fourth quarter. Barr E S & Co. now owns 362,669 shares of the financial services provider’s stock worth $28,905,000 after buying an additional 57,971 shares during the last quarter. Finally, Confluence Investment Management LLC increased its holdings in Brown & Brown by 38.5% in the fourth quarter. Confluence Investment Management LLC now owns 413,319 shares of the financial services provider’s stock worth $32,941,000 after buying an additional 114,959 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director H Palmer Proctor, Jr. purchased 2,000 shares of Brown & Brown stock in a transaction on Tuesday, May 5th. The stock was purchased at an average cost of $57.10 per share, with a total value of $114,200.00. Following the acquisition, the director directly owned 47,621 shares in the company, valued at approximately $2,719,159.10. This trade represents a 4.38% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 13.13% of the stock is currently owned by insiders.

Brown & Brown Trading Up 2.3%

Brown & Brown stock opened at $69.25 on Tuesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.64 and a current ratio of 1.64. The business’s 50-day simple moving average is $60.23 and its 200-day simple moving average is $67.44. The firm has a market capitalization of $23.47 billion, a PE ratio of 22.27, a PEG ratio of 3.12 and a beta of 0.60. Brown & Brown, Inc. has a 52 week low of $53.81 and a 52 week high of $108.23.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. The company had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.Brown & Brown’s revenue for the quarter was up 35.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.29 earnings per share. Equities research analysts forecast that Brown & Brown, Inc. will post 4.51 earnings per share for the current year.

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 11th were paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 1.0%. The ex-dividend date was Monday, May 11th. Brown & Brown’s dividend payout ratio is presently 21.22%.

Analyst Ratings Changes

BRO has been the topic of several recent research reports. Weiss Ratings lowered shares of Brown & Brown from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, June 23rd. Barclays boosted their target price on shares of Brown & Brown from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Royal Bank Of Canada dropped their price target on shares of Brown & Brown from $76.00 to $72.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 29th. Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a report on Friday, June 26th. Finally, Mizuho lifted their price objective on shares of Brown & Brown from $74.00 to $81.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. Five equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $78.62.

About Brown & Brown

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.