Brighton Jones LLC Buys 19,137 Shares of Brown & Brown, Inc. $BRO

Key Points

• Brighton Jones LLC increased its Brown & Brown stake by 135.3% in the third quarter, buying 19,137 shares to hold 33,280 shares valued at about $2.16 million. Institutional investors and hedge funds collectively own 71.01% of the company.
• Brown & Brown reported quarterly EPS of $1.07, slightly below the $1.08 consensus, and revenue of $1.70 billion versus estimates of $1.76 billion; revenue nevertheless grew 7.4% year over year.
• The company raised its quarterly dividend from $0.165 to $0.18 per share, equivalent to $0.72 annually and a 1.0% yield. Analysts’ consensus rating was “Hold,” with a $75.47 average price target.

Brighton Jones LLC increased its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 135.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,280 shares of the financial services provider's stock after purchasing an additional 19,137 shares during the quarter. Brighton Jones LLC's holdings in Brown & Brown were worth $2,163,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BRO. Westside Investment Management Inc. lifted its holdings in Brown & Brown by 84.7% during the 3rd quarter. Westside Investment Management Inc. now owns 399 shares of the financial services provider's stock worth $25,000 after buying an additional 183 shares in the last quarter. CX Institutional increased its stake in shares of Brown & Brown by 3.1% in the 3rd quarter. CX Institutional now owns 6,242 shares of the financial services provider's stock valued at $380,000 after buying an additional 189 shares during the period. Cetera Investment Advisers increased its stake in shares of Brown & Brown by 0.9% in the 1st quarter. Cetera Investment Advisers now owns 36,804 shares of the financial services provider's stock valued at $2,400,000 after buying an additional 311 shares during the period. Parkside Financial Bank & Trust raised its position in shares of Brown & Brown by 39.4% during the second quarter. Parkside Financial Bank & Trust now owns 1,288 shares of the financial services provider's stock worth $83,000 after acquiring an additional 364 shares during the last quarter. Finally, Parallel Advisors LLC raised its position in shares of Brown & Brown by 14.0% during the first quarter. Parallel Advisors LLC now owns 3,077 shares of the financial services provider's stock worth $201,000 after acquiring an additional 377 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Price Performance

BRO opened at $70.89 on Tuesday. The company has a fifty day moving average price of $66.95 and a two-hundred day moving average price of $66.64. The firm has a market capitalization of $23.51 billion, a PE ratio of 22.43, a P/E/G ratio of 2.42 and a beta of 0.52. Brown & Brown, Inc. has a 52 week low of $53.81 and a 52 week high of $82.57. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.96 and a current ratio of 1.96.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings results on Monday, October 26th. The financial services provider reported $1.07 earnings per share for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). Brown & Brown had a net margin of 17.63% and a return on equity of 13.29%. The company had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same period last year, the company earned $1.05 EPS. The business's revenue for the quarter was up 7.4% compared to the same quarter last year. As a group, analysts anticipate that Brown & Brown, Inc. will post 4.44 earnings per share for the current year.

Brown & Brown Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 11th. Investors of record on Wednesday, November 4th will be given a $0.18 dividend. The ex-dividend date is Wednesday, November 4th. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. This is a boost from Brown & Brown's previous quarterly dividend of $0.1650. Brown & Brown's payout ratio is presently 22.78%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Morgan Stanley cut their price target on Brown & Brown from $60.00 to $55.00 and set an "underweight" rating on the stock in a research note on Tuesday, October 6th. BMO Capital Markets lifted their price objective on Brown & Brown from $73.00 to $74.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 29th. Wells Fargo & Company lowered their price objective on Brown & Brown from $69.00 to $68.00 and set an "equal weight" rating for the company in a research report on Monday, October 12th. Mizuho dropped their price objective on Brown & Brown from $83.00 to $78.00 and set an "outperform" rating for the company in a report on Wednesday, October 7th. Finally, Keefe, Bruyette & Woods upgraded shares of Brown & Brown from an "underperform" rating to an "outperform" rating and set a $77.00 target price on the stock in a research report on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $75.47.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance brokerage and risk management company that helps businesses, public entities and individuals assess and manage risk. Its services include arranging property and casualty insurance, employee benefits and personal insurance, as well as providing risk management and related services.

The company serves clients through retail insurance operations, national insurance programs, wholesale brokerage and insurance-related services. It operates primarily in the United States and also serves clients in international markets.

Founded in 1939 in Daytona Beach, Florida, Brown & Brown has grown through organic expansion and acquisitions.

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