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Nuveen LLC Makes New $72.90 Million Investment in Brown & Brown, Inc. (NYSE:BRO)

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Key Points

  • Nuveen LLC has acquired a new stake in Brown & Brown, Inc., purchasing 585,971 shares valued at approximately $72.90 million, representing 0.20% of the company's stock.
  • Several hedge funds have increased their positions in Brown & Brown, resulting in institutional investors now owning 71.01% of the company's stock.
  • Brown & Brown recently announced a quarterly dividend of $0.15 per share, reflecting a 0.6% dividend yield and a payout ratio of 17.29%.
  • Want stock alerts on Brown & Brown? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Nuveen LLC bought a new stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 585,971 shares of the financial services provider's stock, valued at approximately $72,895,000. Nuveen LLC owned approximately 0.20% of Brown & Brown at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Johnson Financial Group Inc. raised its position in shares of Brown & Brown by 534.1% during the 4th quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock valued at $29,000 after buying an additional 235 shares in the last quarter. Sunbelt Securities Inc. raised its position in shares of Brown & Brown by 581.8% during the 4th quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock valued at $31,000 after buying an additional 256 shares in the last quarter. Optimum Investment Advisors purchased a new stake in shares of Brown & Brown during the 1st quarter valued at about $31,000. Zions Bancorporation National Association UT purchased a new stake in shares of Brown & Brown during the 1st quarter valued at about $45,000. Finally, Garde Capital Inc. purchased a new stake in shares of Brown & Brown during the 1st quarter valued at about $46,000. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Bronislaw Edmund Masojada bought 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was bought at an average price of $91.44 per share, with a total value 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul J. Krump bought 2,678 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average cost of $93.31 per share, with a total value of $249,884.18. Following the transaction, the director directly owned 5,353 shares of the company's stock, valued at $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. Corporate insiders own 17.02% of the company's stock.

Brown & Brown Stock Up 0.2%

Shares of BRO traded up $0.22 during mid-day trading on Friday, hitting $95.35. The company's stock had a trading volume of 3,943,622 shares, compared to its average volume of 3,787,552. The company's 50-day moving average is $103.09 and its 200-day moving average is $110.38. Brown & Brown, Inc. has a 52-week low of $90.38 and a 52-week high of $125.68. The firm has a market capitalization of $31.45 billion, a price-to-earnings ratio of 27.48, a PEG ratio of 2.16 and a beta of 0.78. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64.

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

Brown & Brown Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages recently commented on BRO. Barclays cut 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 report on Tuesday, July 29th. Bank of America upgraded 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 report on Wednesday, July 30th. Argus reiterated a "hold" rating on shares of Brown & Brown in a report on Thursday, July 31st. Morgan Stanley cut their price target on shares of Brown & Brown from $120.00 to $109.00 and set an "equal weight" rating on the stock in a report on Friday, August 8th. Finally, The Goldman Sachs Group downgraded shares of Brown & Brown from a "buy" rating to a "neutral" rating and cut their price target for the company from $126.00 to $119.00 in a report on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $112.93.

View Our Latest Stock Analysis on BRO

Brown & Brown Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

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