Brown & Brown, Inc. (BRO) Reaches New 52-Week High at $49.28
Brown & Brown, Inc. (NYSE:BRO) shares hit a new 52-week high on Thursday . The company traded as high as $49.28 and last traded at $49.26, with a volume of 122,706 shares. The stock had previously closed at $48.89.
Several brokerages recently weighed in on BRO. Zacks Investment Research lowered Brown & Brown from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. BidaskClub raised Brown & Brown from a “sell” rating to a “hold” rating in a research report on Wednesday, August 16th. Wells Fargo & Company reissued a “hold” rating on shares of Brown & Brown in a research report on Tuesday, August 15th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $43.00 price objective on shares of Brown & Brown in a research report on Friday, August 18th. Finally, Citigroup Inc. raised their price objective on Brown & Brown from $45.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $43.43.
The firm has a market capitalization of $6.89 billion, a P/E ratio of 26.33 and a beta of 0.79. The firm’s 50 day moving average is $46.92 and its 200 day moving average is $44.09.
Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, July 17th. The financial services provider reported $0.49 earnings per share (EPS) 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 company had revenue of $466.30 million for the quarter, compared to the consensus estimate of $465.48 million. During the same quarter in the previous year, the firm posted $0.47 EPS. The business’s revenue was up 4.4% compared to the same quarter last year. Analysts predict that Brown & Brown, Inc. will post $1.84 EPS for the current fiscal year.
In other news, EVP Anthony T. Strianese sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $44.59, for a total transaction of $445,900.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 16.98% of the company’s stock.
Several large investors have recently bought and sold shares of the company. UBS Asset Management Americas Inc. increased its stake in Brown & Brown by 10.1% in the first quarter. UBS Asset Management Americas Inc. now owns 90,499 shares of the financial services provider’s stock valued at $3,776,000 after acquiring an additional 8,324 shares during the period. Karp Capital Management Corp bought a new stake in Brown & Brown in the first quarter valued at about $657,000. Parametric Portfolio Associates LLC increased its stake in Brown & Brown by 3.9% in the first quarter. Parametric Portfolio Associates LLC now owns 85,667 shares of the financial services provider’s stock valued at $3,574,000 after acquiring an additional 3,180 shares during the period. JPMorgan Chase & Co. increased its stake in Brown & Brown by 151.3% in the first quarter. JPMorgan Chase & Co. now owns 218,064 shares of the financial services provider’s stock valued at $9,098,000 after acquiring an additional 131,281 shares during the period. Finally, Prudential Financial Inc. increased its stake in Brown & Brown by 28.0% in the first quarter. Prudential Financial Inc. now owns 173,322 shares of the financial services provider’s stock valued at $7,231,000 after acquiring an additional 37,890 shares during the period. Institutional investors own 72.18% of the company’s stock.
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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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