Brown & Brown, Inc. $BRO Stock Holdings Boosted by GAMMA Investing LLC

Key Points

• GAMMA Investing LLC increased its Brown & Brown stake by 775.9% in the third quarter, bringing its holdings to 67,997 shares valued at approximately $4.55 million. Institutional investors collectively own 71.01% of the company.
• Brown & Brown reported quarterly revenue of $1.65 billion, up 30.4% year over year, but earnings per share of $1.07 narrowly missed analysts’ $1.08 estimate. The company declared a quarterly dividend of $0.165, equivalent to a 1.0% annual yield.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $75.62; the stock recently opened at $63.77.

GAMMA Investing LLC raised its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 775.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 67,997 shares of the financial services provider's stock after buying an additional 60,234 shares during the quarter. GAMMA Investing LLC's holdings in Brown & Brown were worth $4,554,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in BRO. BlackRock Inc. bought a new position in shares of Brown & Brown in the 2nd quarter worth about $1,418,571,000. Principal Financial Group Inc. raised its stake in shares of Brown & Brown by 1.6% in the first quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider's stock worth $1,017,847,000 after purchasing an additional 246,172 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. grew its position in shares of Brown & Brown by 132.8% during the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,538,584 shares of the financial services provider's stock valued at $361,725,000 after acquiring an additional 2,589,048 shares during the period. Deutsche Bank AG increased its stake in shares of Brown & Brown by 53.0% in the 4th quarter. Deutsche Bank AG now owns 3,929,461 shares of the financial services provider's stock worth $313,178,000 after purchasing an additional 1,361,934 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Brown & Brown by 35.1% during the 4th quarter. Barclays PLC now owns 3,397,991 shares of the financial services provider's stock valued at $270,820,000 after buying an additional 882,830 shares in the last quarter. Institutional investors own 71.01% of the company's stock.

Brown & Brown Stock Performance

Shares of BRO stock opened at $63.77 on Friday. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $96.13. The company's 50 day moving average is $67.89 and its 200 day moving average is $64.90. The firm has a market cap of $21.34 billion, a price-to-earnings ratio of 20.12, a PEG ratio of 1.90 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 (NYSE:BRO - Get Free Report) last issued its quarterly earnings data 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 analysts' expectations of $1.71 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The company's revenue for the quarter was up 30.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.03 earnings per share. On average, sell-side analysts anticipate that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th were given a $0.1650 dividend. The ex-dividend date was Wednesday, August 12th. This represents a $0.66 dividend on an annualized basis and a yield of 1.0%. Brown & Brown's dividend payout ratio is currently 20.82%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Brown & Brown in a research note on Wednesday, July 29th. Jefferies Financial Group restated a "hold" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. The Goldman Sachs Group lifted their price target on shares of Brown & Brown from $62.00 to $70.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 1st. UBS Group reissued a "neutral" rating and issued a $73.00 price objective (up from $65.00) on shares of Brown & Brown in a research report on Wednesday, July 8th. Finally, Raymond James Financial reissued an "outperform" rating on shares of Brown & Brown in a research note on Friday, June 26th. Five investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $75.62.

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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