Avantax Advisory Services Inc. Acquires 4,589 Shares of Brown & Brown, Inc. (NYSE:BRO)

Key Points

• Avantax Advisory Services Inc. increased its stake in Brown & Brown, Inc. by 63.3%, now holding 11,833 shares valued at approximately $1.47 million.
• Institutional investors collectively own 71.01% of Brown & Brown's stock, with several firms significantly increasing their holdings during recent quarters.
• Research analysts have issued mixed ratings on Brown & Brown, with one firm lowering its price target to $87.00 while another upgraded it to $130.00.

Avantax Advisory Services Inc. boosted its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 63.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,833 shares of the financial services provider's stock after buying an additional 4,589 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Brown & Brown were worth $1,472,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Optimum Investment Advisors acquired a new stake in Brown & Brown during the 1st quarter worth $31,000. Johnson Financial Group Inc. increased its holdings in Brown & Brown by 534.1% during the 4th quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 235 shares in the last quarter. Sunbelt Securities Inc. grew its holdings in shares of Brown & Brown by 581.8% during the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock worth $31,000 after buying an additional 256 shares in the last quarter. Garde Capital Inc. purchased a new stake in shares of Brown & Brown during the first quarter worth about $46,000. Finally, GW&K Investment Management LLC boosted its position in shares of Brown & Brown by 104.4% in the first quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock worth $52,000 after acquiring an additional 214 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Barclays reduced their target price on shares of Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 29th. Keefe, Bruyette & Woods reduced their price objective on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a report on Thursday, July 31st. Raymond James Financial reiterated an "outperform" rating and issued a $120.00 target price (down previously from $125.00) on shares of Brown & Brown in a report on Monday. Edward Jones initiated coverage on Brown & Brown in a report on Wednesday, April 16th. They issued a "buy" rating on the stock. Finally, Wells Fargo & Company dropped their price objective on Brown & Brown from $127.00 to $104.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $114.69.

Brown & Brown Trading Down 0.4%

Brown & Brown stock traded down $0.35 during trading hours on Tuesday, hitting $92.35. The stock had a trading volume of 1,662,509 shares, compared to its average volume of 2,541,368. The stock has a market cap of $30.46 billion, a price-to-earnings ratio of 26.62, a P/E/G ratio of 2.09 and a beta of 0.78. The business's 50 day simple moving average is $106.27 and its 200-day simple moving average is $111.19. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. Brown & Brown, Inc. has a one year low of $90.55 and a one year high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, beating analysts' consensus estimates of $0.99 by $0.04. The firm had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%. The company's revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.93 earnings per share. On average, equities analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Wednesday, August 13th. Brown & Brown's dividend payout ratio (DPR) is 17.29%.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program 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.