Arrowstreet Capital Limited Partnership Increases Stake in Brown & Brown, Inc. (BRO)

Arrowstreet Capital Limited Partnership grew its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 19.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,632,332 shares of the financial services provider’s stock after buying an additional 263,746 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 1.17% of Brown & Brown worth $70,305,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Brown & Brown by 4.4% during the 2nd quarter. Vanguard Group Inc. now owns 11,226,387 shares of the financial services provider’s stock valued at $483,521,000 after buying an additional 468,116 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Brown & Brown by 2.2% during the 2nd quarter. BlackRock Inc. now owns 9,704,740 shares of the financial services provider’s stock valued at $417,982,000 after buying an additional 213,014 shares during the last quarter. First Eagle Investment Management LLC lifted its holdings in shares of Brown & Brown by 0.5% during the 2nd quarter. First Eagle Investment Management LLC now owns 7,133,481 shares of the financial services provider’s stock valued at $307,239,000 after buying an additional 33,495 shares during the last quarter. State Street Corp lifted its holdings in shares of Brown & Brown by 1.7% during the 2nd quarter. State Street Corp now owns 5,807,711 shares of the financial services provider’s stock valued at $250,140,000 after buying an additional 98,674 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of Brown & Brown by 7.3% during the 2nd quarter. Wells Fargo & Company MN now owns 5,673,614 shares of the financial services provider’s stock valued at $244,362,000 after buying an additional 388,294 shares during the last quarter. Institutional investors and hedge funds own 72.18% of the company’s stock.

In other Brown & Brown news, EVP Anthony T. Strianese sold 18,870 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $44.49, for a total value of $839,526.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 16.98% of the stock is owned by company insiders.

Brown & Brown, Inc. (BRO) traded down 0.29% during midday trading on Friday, reaching $48.73. The company had a trading volume of 577,143 shares. Brown & Brown, Inc. has a 52-week low of $36.05 and a 52-week high of $49.12. The company’s 50-day moving average is $46.49 and its 200 day moving average is $43.94. The company has a market cap of $6.82 billion, a PE ratio of 26.06 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, July 17th. The financial services provider reported $0.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. The firm had revenue of $466.30 million during the quarter, compared to the consensus estimate of $465.48 million. Brown & Brown had a return on equity of 11.10% and a net margin of 14.52%. The business’s revenue was up 4.4% compared to the same quarter last year. During the same period last year, the company earned $0.47 earnings per share. On average, equities research analysts forecast that Brown & Brown, Inc. will post $1.85 EPS for the current year.

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Several brokerages have recently issued reports on BRO. Royal Bank Of Canada reiterated a “hold” rating and set a $44.00 price target on shares of Brown & Brown in a report on Tuesday, June 13th. Zacks Investment Research lowered Brown & Brown from a “hold” rating to a “sell” rating in a report on Monday, July 31st. BidaskClub upgraded Brown & Brown from a “sell” rating to a “hold” rating in a report on Wednesday, August 16th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $43.00 price target on shares of Brown & Brown in a report on Friday, August 18th. Finally, Wells Fargo & Company reiterated a “hold” rating on shares of Brown & Brown in a report on Monday, July 17th. Two 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 stock. Brown & Brown currently has an average rating of “Hold” and an average target price of $43.43.

Brown & Brown 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.

Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

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