Brown Brothers Harriman & Co. Buys 15,128 Shares of Brown & Brown, Inc. (NYSE:BRO)

Brown Brothers Harriman & Co. grew its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 161.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,523 shares of the financial services provider’s stock after acquiring an additional 15,128 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Brown & Brown were worth $1,303,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Advisory Services Network LLC boosted its stake in shares of Brown & Brown by 0.6% in the 1st quarter. Advisory Services Network LLC now owns 36,061 shares of the financial services provider’s stock worth $1,648,000 after buying an additional 218 shares during the last quarter. Cim LLC boosted its position in Brown & Brown by 1.2% in the second quarter. Cim LLC now owns 21,167 shares of the financial services provider’s stock worth $1,153,000 after purchasing an additional 243 shares during the last quarter. HighTower Advisors LLC grew its stake in Brown & Brown by 0.7% in the 2nd quarter. HighTower Advisors LLC now owns 35,677 shares of the financial services provider’s stock valued at $1,896,000 after purchasing an additional 246 shares during the period. Penobscot Investment Management Company Inc. increased its position in shares of Brown & Brown by 3.1% during the 2nd quarter. Penobscot Investment Management Company Inc. now owns 8,270 shares of the financial services provider’s stock valued at $439,000 after purchasing an additional 250 shares during the last quarter. Finally, Advisor Group Holdings Inc. raised its stake in shares of Brown & Brown by 0.4% during the 2nd quarter. Advisor Group Holdings Inc. now owns 73,502 shares of the financial services provider’s stock worth $3,928,000 after purchasing an additional 273 shares during the period. Hedge funds and other institutional investors own 70.56% of the company’s stock.

Brown & Brown stock opened at $61.63 on Thursday. Brown & Brown, Inc. has a 1-year low of $42.72 and a 1-year high of $61.71. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $17.36 billion, a PE ratio of 30.82 and a beta of 0.70. The firm’s 50 day simple moving average is $57.44 and its 200 day simple moving average is $53.77.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Sunday, July 25th. The financial services provider reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.09. The firm had revenue of $727.30 million for the quarter, compared to analysts’ expectations of $687.84 million. Brown & Brown had a net margin of 19.95% and a return on equity of 15.19%. Research analysts forecast that Brown & Brown, Inc. will post 2.08 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 18th. Investors of record on Wednesday, August 11th were issued a dividend of $0.0925 per share. The ex-dividend date of this dividend was Tuesday, August 10th. This represents a $0.37 dividend on an annualized basis and a dividend yield of 0.60%. Brown & Brown’s dividend payout ratio is 22.16%.

Several analysts have commented on BRO shares. Morgan Stanley lifted their price objective on shares of Brown & Brown from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Monday, August 16th. Wolfe Research assumed coverage on Brown & Brown in a research note on Monday, August 16th. They issued a “peer perform” rating and a $61.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Brown & Brown currently has an average rating of “Hold” and a consensus price target of $54.67.

In other news, EVP Stephen M. Boyd sold 7,050 shares of the business’s stock in a transaction dated Wednesday, August 25th. The stock was sold at an average price of $58.03, for a total value of $409,111.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director H Palmer Proctor, Jr. purchased 2,000 shares of the firm’s stock in a transaction on Thursday, July 29th. The stock was bought at an average cost of $54.98 per share, for a total transaction of $109,960.00. The disclosure for this purchase can be found here. Insiders own 17.02% of the company’s stock.

Brown & Brown Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance programs and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.

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

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