Alliancebernstein L.P. trimmed its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 48.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 93,891 shares of the financial services provider’s stock after selling 86,827 shares during the quarter. Alliancebernstein L.P. owned about 0.07% of Brown & Brown worth $4,044,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in the company. Teacher Retirement System of Texas raised its position in shares of Brown & Brown by 1.1% during the 2nd quarter. Teacher Retirement System of Texas now owns 9,529 shares of the financial services provider’s stock worth $410,000 after purchasing an additional 105 shares during the period. World Asset Management Inc raised its position in shares of Brown & Brown by 1.7% during the 2nd quarter. World Asset Management Inc now owns 7,326 shares of the financial services provider’s stock worth $316,000 after purchasing an additional 120 shares during the period. Pzena Investment Management LLC raised its position in shares of Brown & Brown by 2.8% during the 2nd quarter. Pzena Investment Management LLC now owns 5,087 shares of the financial services provider’s stock worth $219,000 after purchasing an additional 138 shares during the period. State of Wisconsin Investment Board raised its position in shares of Brown & Brown by 0.6% during the 2nd quarter. State of Wisconsin Investment Board now owns 23,381 shares of the financial services provider’s stock worth $1,007,000 after purchasing an additional 140 shares during the period. Finally, Mosaic Family Wealth LLC raised its position in shares of Brown & Brown by 5.9% during the 2nd quarter. Mosaic Family Wealth LLC now owns 4,208 shares of the financial services provider’s stock worth $181,000 after purchasing an additional 235 shares during the period. Institutional investors and hedge funds own 72.18% of the company’s stock.

Brown & Brown, Inc. (NYSE:BRO) opened at 48.76 on Thursday. The firm’s 50-day moving average price is $46.20 and its 200-day moving average price is $43.87. The company has a market capitalization of $6.82 billion, a price-to-earnings ratio of 26.07 and a beta of 0.79. Brown & Brown, Inc. has a 52 week low of $36.05 and a 52 week high of $48.97.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, July 17th. The financial services provider reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.02. Brown & Brown had a net margin of 14.52% and a return on equity of 11.10%. The firm had revenue of $466.30 million during the quarter, compared to analysts’ expectations of $465.48 million. During the same quarter in the previous year, the company posted $0.47 EPS. Brown & Brown’s revenue was up 4.4% on a year-over-year basis. On average, equities analysts expect that Brown & Brown, Inc. will post $1.85 earnings per share for the current year.

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BRO has been the topic of a number of research reports. BidaskClub cut Brown & Brown from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Wells Fargo & Company reiterated a “hold” rating on shares of Brown & Brown in a research report on Tuesday, August 15th. Citigroup Inc. increased their price target on Brown & Brown from $45.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, July 13th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $43.00 target price on shares of Brown & Brown in a research report on Friday, August 18th. Finally, Zacks Investment Research cut Brown & Brown from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $43.43.

In related news, EVP Anthony T. Strianese sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $44.59, for a total value of $445,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 16.98% of the company’s stock.

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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Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

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