The Manufacturers Life Insurance Company Takes Position in Brown & Brown, Inc. $BRO

by · The Markets Daily

The Manufacturers Life Insurance Company purchased a new stake in shares of Brown & Brown, Inc. (NYSE:BRO – Free Report) during the second quarter, HoldingsChannel.com reports. The fund purchased 149,774 shares of the financial services provider’s stock, valued at approximately $9,608,000.

Other institutional investors also recently bought and sold shares of the company. Union Bancaire Privee UBP SA bought a new stake in Brown & Brown during the first quarter valued at approximately $25,000. Basepoint Wealth LLC bought a new stake in Brown & Brown during the fourth quarter valued at about $27,000. Darwin Wealth Management LLC purchased a new position in Brown & Brown in the 2nd quarter worth approximately $30,000. DV Equities LLC bought a new position in shares of Brown & Brown during the fourth quarter worth $33,000. Finally, Allied Private Wealth LLC bought a new position in shares of Brown & Brown during the 2nd quarter valued at about $35,000. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Performance

BRO opened at $73.32 on Friday. The firm’s 50-day moving average price is $69.05 and its 200-day moving average price is $65.80. The company has a market cap of $24.53 billion, a P/E ratio of 23.13, a price-to-earnings-growth ratio of 3.65 and a beta of 0.59. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $97.49. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58.

Brown & Brown (NYSE:BRO – Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 EPS 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 analyst estimates of $1.71 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The company’s quarterly revenue was up 30.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.03 earnings per share. As a group, equities analysts anticipate that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were given a dividend of $0.165 per share. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. Brown & Brown’s dividend payout ratio (DPR) is currently 20.82%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BRO. Morgan Stanley reissued an “underweight” rating and issued a $60.00 target price (up from $56.00) on shares of Brown & Brown in a report on Wednesday, August 19th. Jefferies Financial Group reiterated a “hold” rating on shares of Brown & Brown in a report on Wednesday, July 29th. The Goldman Sachs Group raised their price target on shares of Brown & Brown from $62.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st. Citigroup downgraded Brown & Brown from an “outperform” rating to a “neutral” rating and increased their price target for the stock from $70.00 to $79.00 in a research report on Wednesday, July 29th. Finally, Citizens Jmp lifted their price objective on shares of Brown & Brown from $70.00 to $78.00 and gave the company a “market outperform” rating in a report on Friday, July 10th. Four equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Brown & Brown has a consensus rating of “Hold” and a consensus target price of $76.80.

Check Out Our Latest Stock Analysis on BRO

Brown & Brown Profile

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BRO – Free Report).