Stoneridge Investment Partners LLC reduced its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 55.5% during the second quarter, Holdings Channel reports. The firm owned 15,441 shares of the financial services provider’s stock after selling 19,272 shares during the period. Stoneridge Investment Partners LLC’s holdings in Brown & Brown were worth $665,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BRO. BlackRock Inc. raised its position in Brown & Brown by 5,821.6% in the first quarter. BlackRock Inc. now owns 9,491,726 shares of the financial services provider’s stock valued at $395,994,000 after buying an additional 9,331,437 shares during the period. Renaissance Technologies LLC raised its position in Brown & Brown by 2,090.1% in the first quarter. Renaissance Technologies LLC now owns 1,086,300 shares of the financial services provider’s stock valued at $45,320,000 after buying an additional 1,036,700 shares during the period. Vanguard Group Inc. raised its position in Brown & Brown by 7.4% in the first quarter. Vanguard Group Inc. now owns 10,758,271 shares of the financial services provider’s stock valued at $448,836,000 after buying an additional 745,912 shares during the period. Morgan Stanley raised its position in Brown & Brown by 102.6% in the first quarter. Morgan Stanley now owns 428,750 shares of the financial services provider’s stock valued at $17,887,000 after buying an additional 217,132 shares during the period. Finally, First Eagle Investment Management LLC raised its position in Brown & Brown by 2.9% in the first quarter. First Eagle Investment Management LLC now owns 7,099,986 shares of the financial services provider’s stock valued at $296,211,000 after buying an additional 200,897 shares during the period. 72.61% of the stock is currently owned by institutional investors.

Shares of Brown & Brown, Inc. (NYSE:BRO) opened at 43.48 on Friday. The stock’s 50 day moving average price is $43.61 and its 200-day moving average price is $43.06. The stock has a market capitalization of $6.08 billion, a price-to-earnings ratio of 23.25 and a beta of 0.78. Brown & Brown, Inc. has a 12 month low of $36.05 and a 12 month high of $45.77.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, July 17th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.02. The firm had revenue of $466.30 million during the quarter, compared to analysts’ expectations of $465.48 million. Brown & Brown had a net margin of 14.52% and a return on equity of 11.10%. Brown & Brown’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.47 earnings per share. Equities analysts forecast that Brown & Brown, Inc. will post $1.84 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 16th. Investors of record on Wednesday, August 9th will be issued a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Monday, August 7th. Brown & Brown’s dividend payout ratio is presently 29.03%.

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BRO has been the topic of several research reports. Wells Fargo & Company reissued a “hold” rating on shares of Brown & Brown in a research report on Tuesday, April 18th. BidaskClub lowered Brown & Brown from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Zacks Investment Research lowered Brown & Brown from a “hold” rating to a “sell” rating in a research report on Tuesday, June 20th. Royal Bank Of Canada reissued a “hold” rating on shares of Brown & Brown in a research report on Monday, May 8th. Finally, SunTrust Banks, Inc. reissued a “hold” rating and issued a $46.00 price objective (up from $44.00) on shares of Brown & Brown in a research report on Friday, May 19th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $43.50.

In other Brown & Brown news, EVP Anthony T. Strianese sold 10,000 shares of the company’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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate 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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