Diamond Hill Capital Management LLC Investment Advisor Takes Position in Brown & Brown, Inc. $BRO

Diamond Hill Capital Management LLC Investment Advisor purchased a new position in Brown & Brown, Inc. (NYSE:BRO - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 223,145 shares of the financial services provider's stock, valued at approximately $14,315,000. Diamond Hill Capital Management LLC Investment Advisor owned about 0.07% of Brown & Brown at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in BRO. ICONIQ Capital LLC increased its position in shares of Brown & Brown by 5.4% during the second quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider's stock worth $234,000 after acquiring an additional 109 shares during the period. Zacks Investment Management boosted its holdings in shares of Brown & Brown by 0.7% in the third quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider's stock valued at $1,675,000 after purchasing an additional 125 shares during the period. Private Trust Co. NA boosted its holdings in shares of Brown & Brown by 13.1% in the fourth quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider's stock valued at $91,000 after purchasing an additional 133 shares during the period. Moors & Cabot Inc. grew its stake in Brown & Brown by 2.1% in the third quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider's stock worth $638,000 after purchasing an additional 142 shares in the last quarter. Finally, Independent Advisor Alliance grew its stake in Brown & Brown by 0.5% in the fourth quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider's stock worth $2,694,000 after purchasing an additional 162 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company's stock.

Brown & Brown Trading Down 2.5%

Shares of NYSE BRO opened at $68.77 on Tuesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. The stock has a market capitalization of $23.01 billion, a P/E ratio of 21.69, a price-to-earnings-growth ratio of 3.52 and a beta of 0.59. Brown & Brown, Inc. has a 1-year low of $53.81 and a 1-year high of $98.30. The business has a fifty day moving average price of $66.73 and a 200 day moving average price of $65.76.

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 the consensus estimate of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. Brown & Brown's revenue for the quarter was up 30.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.03 EPS. Equities research analysts expect that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th will be issued a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Wednesday, August 12th. Brown & Brown's dividend payout ratio (DPR) is currently 20.82%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Morgan Stanley downgraded Brown & Brown from an "equal weight" rating to an "underweight" rating and decreased their price objective for the company from $60.00 to $55.00 in a report on Monday, July 6th. Keefe, Bruyette & Woods raised their target price on shares of Brown & Brown from $72.00 to $74.00 and gave the company a "market perform" rating in a research report on Wednesday, July 8th. JPMorgan Chase & Co. boosted their price target on shares of Brown & Brown from $78.00 to $80.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Mizuho upped their price target on shares of Brown & Brown from $81.00 to $86.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 29th. Finally, Truist Financial set a $90.00 price target on shares of Brown & Brown in a research report on Wednesday, July 29th. Four equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $76.47.

About Brown & Brown

Brown & Brown, Inc NYSE: BRO is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source