Park National Corp OH Purchases 46,031 Shares of Brown & Brown, Inc. $BRO

Key Points

• Park National Corp OH more than doubled its Brown & Brown stake in the third quarter, purchasing 46,031 additional shares for a total of 90,039 shares valued at approximately $5.82 million.
• Institutional investors own 71.01% of Brown & Brown, while analysts maintain a consensus “Hold” rating with an average price target of $76.80.
• Brown & Brown’s latest quarter showed 30.4% year-over-year revenue growth, though earnings and revenue slightly missed estimates. The company also pays a quarterly dividend of $0.165, equivalent to a 1.1% annual yield.

Park National Corp OH lifted its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 104.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,039 shares of the financial services provider's stock after buying an additional 46,031 shares during the period. Park National Corp OH's holdings in Brown & Brown were worth $5,823,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Union Bancaire Privee UBP SA bought a new stake in Brown & Brown during the first quarter worth approximately $25,000. Allied Private Wealth LLC bought a new position in shares of Brown & Brown during the 2nd quarter worth about $35,000. Continuum Advisory LLC bought a new stake in shares of Brown & Brown in the 2nd quarter valued at approximately $34,000. Johnson Financial Group Inc. acquired a new position in Brown & Brown during the second quarter worth $37,000. Finally, Gables Capital Management Inc. acquired a new position in Brown & Brown in the second quarter worth $43,000. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BRO has been the subject of several research analyst reports. BMO Capital Markets boosted their price target on shares of Brown & Brown from $73.00 to $74.00 and gave the company a "market perform" rating in a report on Wednesday, July 29th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Citizens Jmp increased their price target on Brown & Brown from $70.00 to $78.00 and gave the company a "market outperform" rating in a research note on Friday, July 10th. Mizuho reduced their price target on Brown & Brown from $86.00 to $83.00 and set an "outperform" rating for the company in a research note on Wednesday, September 16th. Finally, The Goldman Sachs Group lifted their price target on shares of Brown & Brown from $62.00 to $70.00 and gave the company a "neutral" rating in a research report on Wednesday, July 1st. Four research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Brown & Brown currently has an average rating of "Hold" and an average target price of $76.80.

Brown & Brown Trading Up 0.4%

Shares of NYSE:BRO traded up $0.27 during midday trading on Monday, reaching $60.18. The company's stock had a trading volume of 693,814 shares, compared to its average volume of 2,966,631. The firm has a 50 day moving average price of $68.72 and a two-hundred day moving average price of $65.05. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $96.55. The firm has a market capitalization of $20.14 billion, a price-to-earnings ratio of 18.99, a PEG ratio of 1.84 and a beta of 0.60. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its earnings results 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 firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.71 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.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 company earned $1.03 earnings per share. As a group, analysts forecast that Brown & Brown, Inc. will post 4.5 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were paid a $0.1650 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Wednesday, August 12th. Brown & Brown's payout ratio is presently 20.82%.

Brown & Brown Company Profile

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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