Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Brown & Brown, Inc. (NYSE:BRO) by 10.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,322 shares of the financial services provider’s stock after purchasing an additional 405 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Brown & Brown were worth $186,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. IFP Advisors Inc boosted its holdings in Brown & Brown by 9.8% in the second quarter. IFP Advisors Inc now owns 2,823 shares of the financial services provider’s stock worth $122,000 after purchasing an additional 251 shares during the period. Mosaic Family Wealth LLC boosted its holdings in Brown & Brown by 5.9% in the second 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. Hartford Investment Management Co. acquired a new position in Brown & Brown in the second quarter worth $211,000. Pzena Investment Management LLC boosted its holdings in Brown & Brown by 2.8% in the second 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. Finally, Carleon Capital Partners LLC acquired a new position in Brown & Brown in the second quarter worth $265,000. 72.18% of the stock is owned by hedge funds and other institutional investors.
Shares of Brown & Brown, Inc. (NYSE BRO) opened at 46.42 on Friday. Brown & Brown, Inc. has a 1-year low of $36.05 and a 1-year high of $48.32. The company has a market capitalization of $6.50 billion, a PE ratio of 24.82 and a beta of 0.77. The firm has a 50-day moving average price of $44.77 and a 200-day moving average price of $43.44.
Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, July 17th. The financial services provider reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.02. Brown & Brown had a return on equity of 11.10% and a net margin of 14.52%. The firm had revenue of $466.30 million for the quarter, compared to analysts’ expectations of $465.48 million. During the same period in the prior year, the business posted $0.47 earnings per share. The business’s revenue was up 4.4% compared to the same quarter last year. Equities analysts anticipate that Brown & Brown, Inc. will post $1.85 earnings per share for the current year.
A number of equities analysts have commented on the stock. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $43.00 price objective on shares of Brown & Brown in a report on Friday, August 18th. BidaskClub raised shares of Brown & Brown from a “sell” rating to a “hold” rating in a report on Wednesday, August 16th. Wells Fargo & Company reiterated a “hold” rating on shares of Brown & Brown in a research note on Tuesday, August 15th. Zacks Investment Research cut Brown & Brown from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Citigroup Inc. raised their target price on Brown & Brown from $45.00 to $46.00 and gave the company a “neutral” rating in a research note 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 assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $43.43.
In other Brown & Brown news, EVP Anthony T. Strianese sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $44.59, for a total value of $445,900.00. The sale was disclosed in a legal filing with the SEC, which is available 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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