Brown & Brown, Inc. $BRO Shares Bought by Quadrant Capital Group LLC

Key Points

• Quadrant Capital Group more than doubled its Brown & Brown stake in the third quarter, increasing holdings by 113.5% to 65,990 shares valued at approximately $4.02 million. Institutional investors collectively own 71.01% of the company.
• Brown & Brown shares opened at $70.63, with a market capitalization of $23.63 billion. The company’s latest quarterly results slightly missed analyst expectations, though revenue grew 30.4% year over year.
• The company raised its quarterly dividend to $0.18 per share, equivalent to a $0.72 annualized payout and a 1.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $76.00.

Quadrant Capital Group LLC boosted its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 113.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 65,990 shares of the financial services provider's stock after buying an additional 35,080 shares during the period. Quadrant Capital Group LLC's holdings in Brown & Brown were worth $4,019,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Equitable Trust Co. lifted its stake in shares of Brown & Brown by 1.7% during the 1st quarter. Equitable Trust Co. now owns 10,901 shares of the financial services provider's stock worth $711,000 after purchasing an additional 182 shares during the last quarter. CX Institutional boosted its position in Brown & Brown by 3.1% during the third quarter. CX Institutional now owns 6,242 shares of the financial services provider's stock valued at $380,000 after purchasing an additional 189 shares in the last quarter. Financial Enhancement Group LLC grew its stake in Brown & Brown by 3.0% in the first quarter. Financial Enhancement Group LLC now owns 8,969 shares of the financial services provider's stock valued at $607,000 after purchasing an additional 261 shares during the last quarter. Patton Fund Management Inc. grew its stake in Brown & Brown by 10.6% in the first quarter. Patton Fund Management Inc. now owns 3,123 shares of the financial services provider's stock valued at $204,000 after purchasing an additional 299 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake in Brown & Brown by 0.9% in the first quarter. Cetera Investment Advisers now owns 36,804 shares of the financial services provider's stock valued at $2,400,000 after purchasing an additional 311 shares during the last quarter. Institutional investors own 71.01% of the company's stock.

Brown & Brown Stock Down 0.4%

Shares of BRO stock opened at $70.63 on Thursday. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $90.46. The firm has a market capitalization of $23.63 billion, a PE ratio of 22.28, a P/E/G ratio of 2.21 and a beta of 0.60. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. The stock's 50-day simple moving average is $67.15 and its 200-day simple moving average is $65.02.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.01). The business had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The firm's revenue was up 30.4% on a year-over-year basis. During the same period last year, the company earned $1.03 earnings per share. Equities analysts expect that Brown & Brown, Inc. will post 4.49 earnings per share for the current year.

Brown & Brown Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 11th. Shareholders of record on Wednesday, November 4th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, November 4th. This is a boost 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%. Brown & Brown's dividend payout ratio is presently 20.82%.

Wall Street Analysts Forecast Growth

Several research firms have commented on BRO. The Goldman Sachs Group increased their price target on shares of Brown & Brown from $62.00 to $70.00 and gave the company a "neutral" rating in a research report on Wednesday, July 1st. BMO Capital Markets lifted their price objective on shares of Brown & Brown from $73.00 to $74.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 29th. Weiss Ratings upgraded shares of Brown & Brown from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, August 19th. Jefferies Financial Group reiterated a "hold" rating on shares of Brown & Brown in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods raised shares of Brown & Brown from an "underperform" rating to an "outperform" rating and set a $77.00 target price for the company in a research report on Monday, October 12th. One 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 company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus 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.

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