HB Wealth Management LLC Has $1.68 Million Stake in Brown & Brown, Inc. (NYSE:BRO)

Key Points

• HB Wealth Management LLC increased its stake in Brown & Brown, Inc. by 118.8% in the first quarter, purchasing an additional 7,311 shares to total 13,463 shares worth $1,675,000.
• The company's shares recently fell 10.4% to $91.94, with a 12-month low of $91.55 and a high of $125.68.
• Brown & Brown announced a quarterly dividend of $0.15, to be paid on August 20th, representing an annualized dividend yield of 0.65%.

HB Wealth Management LLC grew its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 118.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,463 shares of the financial services provider's stock after acquiring an additional 7,311 shares during the period. HB Wealth Management LLC's holdings in Brown & Brown were worth $1,675,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of BRO. Optimum Investment Advisors purchased a new stake in shares of Brown & Brown in the first quarter valued at about $31,000. Johnson Financial Group Inc. grew its position in Brown & Brown by 534.1% during the fourth quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock worth $29,000 after buying an additional 235 shares during the period. Sunbelt Securities Inc. grew its position in 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 during the period. Garde Capital Inc. acquired a new stake in Brown & Brown during the first quarter worth approximately $46,000. Finally, GW&K Investment Management LLC boosted its position in Brown & Brown by 104.4% during 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. Institutional investors and hedge funds own 71.01% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Bank of America upgraded shares of Brown & Brown from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $126.00 to $130.00 in a research report on Wednesday. Keefe, Bruyette & Woods dropped their target price on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating on the stock in a research report on Thursday. Edward Jones started coverage on shares of Brown & Brown in a research report on Wednesday, April 16th. They issued a "buy" rating on the stock. BMO Capital Markets lowered their price objective on shares of Brown & Brown from $122.00 to $106.00 and set an "outperform" rating on the stock in a research report on Wednesday. Finally, Barclays lowered their price objective 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. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $114.25.

Brown & Brown Stock Performance

Shares of Brown & Brown stock traded up $0.53 on Friday, hitting $91.90. The stock had a trading volume of 1,825,808 shares, compared to its average volume of 2,525,087. Brown & Brown, Inc. has a 52-week low of $90.55 and a 52-week high of $125.68. The company has a current ratio of 6.72, a quick ratio of 2.52 and a debt-to-equity ratio of 0.64. The stock has a market cap of $30.31 billion, a price-to-earnings ratio of 26.50, a P/E/G ratio of 2.04 and a beta of 0.82. The company's 50 day moving average price is $107.39 and its 200 day moving average price is $111.35.

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

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Wednesday, August 13th. Brown & Brown's payout ratio is presently 17.29%.

Brown & Brown 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.