Brown & Brown, Inc. $BRO Shares Newly Acquired by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. acquired 39,235 Brown & Brown shares during the third quarter, valued at approximately $2.55 million. Institutional investors and hedge funds collectively own 71.01% of BRO.
• Brown & Brown shares opened at $64.78, with a market capitalization of $21.67 billion. The company’s latest quarterly results slightly missed estimates, while revenue increased 30.4% year over year.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $76.00. The company also maintains a quarterly dividend of $0.165 per share, yielding about 1.0% annually.

First Citizens Bank & Trust Co. bought a new position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 39,235 shares of the financial services provider's stock, valued at approximately $2,547,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Krilogy Financial LLC increased its stake in shares of Brown & Brown by 149.0% during the third quarter. Krilogy Financial LLC now owns 14,518 shares of the financial services provider's stock valued at $884,000 after acquiring an additional 8,687 shares during the period. GK Wealth Management LLC bought a new position in Brown & Brown during the 3rd quarter valued at $160,000. Balefire LLC increased its position in shares of Brown & Brown by 427.8% during the 3rd quarter. Balefire LLC now owns 50,080 shares of the financial services provider's stock valued at $3,344,000 after purchasing an additional 40,592 shares during the period. Wedmont Private Capital increased its position in shares of Brown & Brown by 50.2% during the 3rd quarter. Wedmont Private Capital now owns 43,140 shares of the financial services provider's stock valued at $2,627,000 after purchasing an additional 14,410 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of Brown & Brown by 775.9% in the 3rd quarter. GAMMA Investing LLC now owns 67,997 shares of the financial services provider's stock worth $4,554,000 after buying an additional 60,234 shares in the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Trading Up 1.1%

Shares of BRO opened at $64.78 on Thursday. The firm has a market capitalization of $21.67 billion, a price-to-earnings ratio of 14.43, a P/E/G ratio of 1.99 and a beta of 0.60. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $95.25. The stock's 50-day moving average price is $67.31 and its 200 day moving average price is $64.85.

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 analysts' consensus estimates of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the previous year, the business posted $1.03 earnings per share. Brown & Brown's revenue was up 30.4% on a year-over-year basis. As a group, research analysts predict that Brown & Brown, Inc. will post 4.49 earnings per share for the current year.

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th were issued a dividend of $0.1650 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Wednesday, August 12th. Brown & Brown's dividend payout ratio (DPR) is presently 20.82%.

Wall Street Analyst Weigh In

BRO has been the subject of a number of research reports. Citigroup restated a "market outperform" rating on shares of Brown & Brown in a report on Monday. Mizuho dropped their price target on Brown & Brown from $83.00 to $78.00 and set an "outperform" rating on the stock in a report on Wednesday, October 7th. Barclays cut their price objective on Brown & Brown from $76.00 to $71.00 and set an "equal weight" rating for the company in a research report on Wednesday, October 7th. Raymond James Financial reiterated an "outperform" rating on shares of Brown & Brown in a research report on Friday, June 26th. Finally, Keefe, Bruyette & Woods raised Brown & Brown from an "underperform" rating to an "outperform" rating and set a $77.00 price objective for the company in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Brown & Brown currently has an average rating of "Hold" and a consensus target price of $76.00.

About Brown & Brown

Brown & Brown, Inc is an independent insurance brokerage, risk management and employee benefits firm headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk through insurance placement, risk consulting and related services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialized insurance programs. Brown & Brown also operates wholesale brokerage businesses that provide coverage solutions and access to insurance markets for retail agents and brokers, including products designed for specialty and hard-to-place risks.

Founded in 1939 by J.

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