American International Group Inc. raised its stake in Brown & Brown (NYSE:BRO) by 65.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 457,668 shares of the financial services provider’s stock after buying an additional 181,520 shares during the quarter. American International Group Inc. owned approximately 0.17% of Brown & Brown worth $11,643,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of BRO. Deutsche Bank AG grew its holdings in shares of Brown & Brown by 1,280.2% during the 4th quarter. Deutsche Bank AG now owns 757,949 shares of the financial services provider’s stock worth $39,001,000 after purchasing an additional 703,032 shares during the period. State of Alaska Department of Revenue purchased a new position in shares of Brown & Brown during the 4th quarter worth $360,000. California State Teachers Retirement System grew its holdings in shares of Brown & Brown by 0.6% during the 4th quarter. California State Teachers Retirement System now owns 197,272 shares of the financial services provider’s stock worth $10,152,000 after purchasing an additional 1,215 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Brown & Brown by 3.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 43,446 shares of the financial services provider’s stock worth $2,236,000 after purchasing an additional 1,640 shares during the period. Finally, Teacher Retirement System of Texas grew its holdings in shares of Brown & Brown by 314.6% during the 4th quarter. Teacher Retirement System of Texas now owns 40,791 shares of the financial services provider’s stock worth $2,099,000 after purchasing an additional 30,953 shares during the period. Institutional investors own 47.13% of the company’s stock.
In related news, Chairman Hyatt J. Brown sold 140,000 shares of the stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $52.85, for a total transaction of $7,399,000.00. Following the transaction, the chairman now owns 27,957 shares of the company’s stock, valued at approximately $1,477,527.45. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Hyatt J. Brown sold 35,561 shares of the stock in a transaction dated Tuesday, March 13th. The stock was sold at an average price of $53.13, for a total value of $1,889,355.93. Following the transaction, the chairman now directly owns 27,957 shares in the company, valued at approximately $1,485,355.41. The disclosure for this sale can be found here. 17.12% of the stock is currently owned by corporate insiders.
Brown & Brown opened at $27.52 on Friday, according to Marketbeat. Brown & Brown has a 12-month low of $27.26 and a 12-month high of $27.40. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.31. The stock has a market cap of $7.52 billion, a P/E ratio of 28.44, a PEG ratio of 2.23 and a beta of 0.69.
Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, April 23rd. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.04. Brown & Brown had a return on equity of 12.04% and a net margin of 21.92%. The firm had revenue of $501.50 million for the quarter, compared to analyst estimates of $491.00 million. During the same quarter in the prior year, the company earned $0.22 EPS. Brown & Brown’s revenue was up 7.8% on a year-over-year basis. equities analysts forecast that Brown & Brown will post 1.22 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 18th. Investors of record on Wednesday, May 9th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend is Tuesday, May 8th. Brown & Brown’s payout ratio is 31.25%.
A number of equities analysts have recently weighed in on BRO shares. Morgan Stanley lowered their price target on Brown & Brown from $50.00 to $25.00 and set an “underweight” rating for the company in a report on Wednesday, March 28th. Zacks Investment Research cut Brown & Brown from a “buy” rating to a “hold” rating in a report on Wednesday, April 4th. ValuEngine cut Brown & Brown from a “buy” rating to a “hold” rating in a report on Thursday, March 29th. Wells Fargo reiterated a “hold” rating and set a $26.00 price target on shares of Brown & Brown in a report on Monday, January 22nd. Finally, Barclays reiterated a “sell” rating and set a $23.00 price target (down from $46.00) on shares of Brown & Brown in a report on Friday, March 30th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. Brown & Brown currently has an average rating of “Hold” and a consensus target price of $25.45.
About Brown & Brown
Brown & Brown, Inc markets and sells insurance products in the United States, England, Canada, Bermuda, and the Cayman Islands. Its Retail segment offers property insurance relating to physical damage to property and resultant interruption of business, or extra expense caused by fire, windstorm, or other perils; casualty insurance relating to legal liabilities, professional liability, cyber-liability, workers' compensation, and commercial and private passenger automobile coverages; fidelity and surety bonds; and life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control surveys and analysis, consultation, and claims processing services.
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