Northern Trust Corp Buys 33,178 Shares of Brown & Brown, Inc. $BRO

Key Points

• Northern Trust Corp increased its ownership in Brown & Brown, Inc. by 1.4%, acquiring an additional 33,178 shares, bringing its total holdings to 2,353,376 shares worth approximately $292.76 million.
• Brown & Brown reported a quarterly EPS of $1.03, exceeding analysts' expectations of $0.99, with a net income margin of 19.89% and year-over-year revenue growth of 9.1%.
• The company declared a quarterly dividend of $0.15 per share, representing a 0.6% yield and a payout ratio of 17.29%.

Northern Trust Corp lifted its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 1.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,353,376 shares of the financial services provider's stock after buying an additional 33,178 shares during the quarter. Northern Trust Corp owned approximately 0.82% of Brown & Brown worth $292,760,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Capital Investment Advisors LLC purchased a new position in Brown & Brown during the 1st quarter valued at approximately $1,929,000. GW&K Investment Management LLC grew its holdings in Brown & Brown by 104.4% during the 1st quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock valued at $52,000 after buying an additional 214 shares in the last quarter. Fifth Third Bancorp grew its holdings in Brown & Brown by 7.1% during the 1st quarter. Fifth Third Bancorp now owns 6,807 shares of the financial services provider's stock valued at $847,000 after buying an additional 450 shares in the last quarter. Tandem Investment Advisors Inc. raised its stake in Brown & Brown by 2.5% during the first quarter. Tandem Investment Advisors Inc. now owns 764,709 shares of the financial services provider's stock valued at $95,130,000 after purchasing an additional 18,677 shares in the last quarter. Finally, FORA Capital LLC purchased a new stake in Brown & Brown during the fourth quarter valued at $580,000. Hedge funds and other institutional investors own 71.01% of the company's stock.

Brown & Brown Trading Up 0.2%

BRO stock traded up $0.2060 during mid-day trading on Friday, reaching $96.6060. 1,593,830 shares of the stock traded hands, compared to its average volume of 3,848,808. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. Brown & Brown, Inc. has a one year low of $90.38 and a one year high of $125.68. The stock has a market capitalization of $31.86 billion, a PE ratio of 27.84, a PEG ratio of 2.20 and a beta of 0.78. The business has a 50-day moving average price of $102.09 and a two-hundred day moving average price of $110.10.

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

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a yield of 0.6%. Brown & Brown's payout ratio is 17.29%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Citigroup assumed coverage on shares of Brown & Brown in a research note on Wednesday, August 13th. They set a "buy" rating and a $112.00 price target on the stock. Argus reaffirmed a "hold" rating on shares of Brown & Brown in a research note on Thursday, July 31st. Bank of America raised shares of Brown & Brown from a "neutral" rating to a "buy" rating and upped their price target for the company from $126.00 to $130.00 in a research note on Wednesday, July 30th. Barclays decreased their price target on shares of Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 29th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating on the stock in a research note on Thursday, July 31st. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $112.64.

Insiders Place Their Bets

In other news, Director Bronislaw Edmund Masojada acquired 1,000 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were acquired at an average price of $91.44 per share, for a total transaction of $91,440.00. Following the completion of the transaction, the director directly owned 5,000 shares of the company's stock, valued at approximately $457,200. The trade was a 25.00% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul J. Krump acquired 2,678 shares of the business's stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $93.31 per share, for a total transaction of $249,884.18. Following the transaction, the director directly owned 5,353 shares of the company's stock, valued at approximately $499,488.43. The trade was a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 17.02% of the company's stock.

Brown & Brown Company 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.