Price T Rowe Associates Inc. MD Has $84.20 Million Holdings in Brown & Brown, Inc. $BRO

Key Points

• Price T Rowe Associates Inc. MD has reduced its holdings in Brown & Brown, Inc. (NYSE:BRO) by 1.2% in the first quarter, retaining 676,839 shares valued at approximately $84.2 million.
• Brown & Brown reported a quarterly EPS of $1.03, surpassing analysts' expectations of $0.99, with a revenue of $1.29 billion, marking a 9.1% increase year-over-year.
• The company has declared a quarterly dividend of $0.15 per share, representing an annualized yield of 0.6%, with a dividend payout ratio of 17.29%.

Price T Rowe Associates Inc. MD decreased its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 1.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 676,839 shares of the financial services provider's stock after selling 8,418 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 0.24% of Brown & Brown worth $84,200,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Candriam S.C.A. lifted its holdings in Brown & Brown by 6.8% during the 1st quarter. Candriam S.C.A. now owns 273,043 shares of the financial services provider's stock valued at $33,966,000 after purchasing an additional 17,417 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in Brown & Brown by 4.4% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 5,102 shares of the financial services provider's stock valued at $635,000 after purchasing an additional 217 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Brown & Brown by 569.0% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 54,614 shares of the financial services provider's stock valued at $6,794,000 after purchasing an additional 46,450 shares during the last quarter. Fuller & Thaler Asset Management Inc. lifted its holdings in Brown & Brown by 53.8% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 27,057 shares of the financial services provider's stock valued at $3,366,000 after purchasing an additional 9,467 shares during the last quarter. Finally, Korea Investment CORP lifted its holdings in Brown & Brown by 11.9% during the 1st quarter. Korea Investment CORP now owns 115,283 shares of the financial services provider's stock valued at $14,341,000 after purchasing an additional 12,267 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Stock Up 0.1%

BRO stock opened at $96.7880 on Tuesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. Brown & Brown, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $125.68. The stock has a market capitalization of $31.92 billion, a price-to-earnings ratio of 27.89, a PEG ratio of 2.20 and a beta of 0.78. The business's fifty day moving average price is $101.88 and its two-hundred day moving average price is $110.04.

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

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th were given a $0.15 dividend. The ex-dividend date was Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. Brown & Brown's dividend payout ratio (DPR) is presently 17.29%.

Insiders Place Their Bets

In related news, Director Paul J. Krump purchased 2,678 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average price of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the transaction, the director owned 5,353 shares of the company's stock, valued at approximately $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Bronislaw Edmund Masojada purchased 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, for a total transaction of $91,440.00. Following the transaction, the director directly owned 5,000 shares of the company's stock, valued at $457,200. This trade represents a 25.00% increase in their position. The disclosure for this purchase can be found here. 15.59% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on BRO shares. Argus reaffirmed a "hold" rating on shares of Brown & Brown in a report on Thursday, July 31st. Wells Fargo & Company cut Brown & Brown from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $104.00 to $101.00 in a research report on Wednesday, August 13th. Morgan Stanley lowered their price objective on Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Monday, August 18th. Citigroup began coverage on Brown & Brown in a research report on Wednesday, August 13th. They set a "buy" rating and a $112.00 price objective on the stock. Finally, Keefe, Bruyette & Woods lowered their price objective on Brown & Brown from $104.00 to $87.00 and set an "underperform" rating on the stock in a research report on Thursday, July 31st. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $112.64.

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.

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