26,500 Brown & Brown, Inc. $BRO Shares Purchased by Wedbush Securities Inc.

Wedbush Securities Inc. increased its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 174.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 41,681 shares of the financial services provider’s stock after purchasing an additional 26,500 shares during the quarter. Wedbush Securities Inc.’s holdings in Brown & Brown were worth $2,722,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Union Bancaire Privee UBP SA acquired a new position in Brown & Brown in the 1st quarter valued at $25,000. Allied Private Wealth LLC purchased a new position in Brown & Brown during the 2nd quarter worth $35,000. Continuum Advisory LLC acquired a new stake in shares of Brown & Brown in the 2nd quarter worth $34,000. Johnson Financial Group Inc. acquired a new stake in shares of Brown & Brown in the 2nd quarter worth $37,000. Finally, Elevation Wealth Partners LLC lifted its stake in shares of Brown & Brown by 175.1% in the 3rd quarter. Elevation Wealth Partners LLC now owns 619 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 394 shares during the period. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $72.97 on Friday. The firm has a market capitalization of $24.42 billion, a P/E ratio of 23.02, a PEG ratio of 2.27 and a beta of 0.60. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $89.26. The company’s fifty day moving average is $67.25 and its two-hundred day moving average is $65.14. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates 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 business’s revenue for the quarter was up 30.4% compared to the same quarter last year. During the same period last year, the company earned $1.03 earnings per share. Analysts forecast that Brown & Brown, Inc. will post 4.49 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 11th. Investors of record on Wednesday, November 4th will be issued a dividend of $0.18 per share. This is an increase from Brown & Brown’s previous quarterly dividend of $0.1650. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 4th. Brown & Brown’s payout ratio is presently 22.71%.

Analyst Ratings Changes

Several research analysts recently issued reports on BRO shares. Citizens Jmp cut their price target on shares of Brown & Brown from $78.00 to $75.00 and set a “market outperform” rating for the company in a report on Monday, October 12th. Weiss Ratings upgraded shares of Brown & Brown from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday. Barclays lowered their price objective on Brown & Brown from $76.00 to $71.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 7th. Oppenheimer began coverage on Brown & Brown in a report on Wednesday, October 7th. They issued an “outperform” rating and a $73.00 price objective on the stock. Finally, Citigroup reiterated a “market outperform” rating on shares of Brown & Brown in a research report on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $76.00.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities, individuals and other organizations identify, manage and transfer risk by arranging insurance coverage and providing related advisory services.

Its operations include retail insurance brokerage, national programs, wholesale brokerage and services. Brown & Brown offers property and casualty insurance, employee benefits, personal insurance, surety and other specialized coverage.