Summitry LLC Invests $527,000 in Brown & Brown, Inc. $BRO

Summitry LLC acquired a new stake in Brown & Brown, Inc. (NYSE:BRO) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 8,086 shares of the financial services provider’s stock, valued at approximately $527,000.

A number of other large investors also recently added to or reduced their stakes in the business. PFA Pension Forsikringsaktieselskab purchased a new position in shares of Brown & Brown in the fourth quarter valued at about $46,226,000. Vest Financial LLC raised its position in Brown & Brown by 3.7% during the 4th quarter. Vest Financial LLC now owns 552,994 shares of the financial services provider’s stock valued at $44,074,000 after purchasing an additional 19,503 shares during the last quarter. Barr E S & Co. lifted its holdings in Brown & Brown by 19.0% in the 4th 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 period. Rathbones Group PLC grew its position in shares of Brown & Brown by 23.4% in the 4th quarter. Rathbones Group PLC now owns 980,954 shares of the financial services provider’s stock worth $78,182,000 after buying an additional 186,251 shares during the last quarter. Finally, UBS Group AG grew its position in shares of Brown & Brown by 31.8% in the 4th quarter. UBS Group AG now owns 1,972,258 shares of the financial services provider’s stock worth $157,189,000 after buying an additional 475,951 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insider Transactions at Brown & Brown

In other Brown & Brown news, Director H Palmer Proctor, Jr. bought 2,000 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were acquired at an average cost of $57.10 per share, for a total transaction of $114,200.00. Following the purchase, the director owned 47,621 shares in the company, valued at approximately $2,719,159.10. This trade represents a 4.38% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 13.13% of the company’s stock.

Brown & Brown Stock Down 0.5%

BRO stock opened at $70.50 on Friday. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $98.30. The company has a quick ratio of 1.64, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The firm has a market cap of $23.59 billion, a PE ratio of 22.24, a price-to-earnings-growth ratio of 3.54 and a beta of 0.60. The business has a 50 day moving average of $63.65 and a 200 day moving average of $66.46.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. Brown & Brown’s revenue was up 30.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.03 earnings per share. On average, research analysts forecast that Brown & Brown, Inc. will post 4.49 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th will be 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 is Wednesday, August 12th. Brown & Brown’s payout ratio is presently 20.82%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Mizuho lifted their price target on shares of Brown & Brown from $81.00 to $86.00 and gave the company an “outperform” rating in a report on Wednesday. Citizens Jmp boosted their price target on shares of Brown & Brown from $70.00 to $78.00 and gave the company a “market outperform” rating in a research report on Friday, July 10th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Brown & Brown in a research report on Wednesday. The Goldman Sachs Group upped their target price on Brown & Brown from $62.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, July 1st. Finally, Barclays increased their target price on Brown & Brown from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Four equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $79.06.

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.