Sanctuary Advisors LLC Takes Position in Brown & Brown, Inc. $BRO

Key Points

• Sanctuary Advisors acquired 161,198 shares of Brown & Brown worth approximately $10.3 million, while institutional investors collectively own 71.01% of the company.
• Brown & Brown shares were trading at $74.64, up 2.4%. The company’s latest quarterly results slightly missed estimates, with EPS of $1.07 versus $1.08 expected and revenue of $1.65 billion versus $1.71 billion projected, despite 30.4% year-over-year revenue growth.
• The company paid a quarterly dividend of $0.165 per share, equivalent to an annualized $0.66 dividend and a 0.9% yield. Analysts maintain an overall “Hold” rating, with an average price target of $76.80.

Sanctuary Advisors LLC purchased a new position in Brown & Brown, Inc. (NYSE:BRO - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 161,198 shares of the financial services provider's stock, valued at approximately $10,341,000.

Other large investors also recently added to or reduced their stakes in the company. ICONIQ Capital LLC grew its position in 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 buying an additional 109 shares in the last quarter. Zacks Investment Management raised its holdings in shares of Brown & Brown by 0.7% in the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider's stock valued at $1,675,000 after acquiring an additional 125 shares in the last quarter. Moors & Cabot Inc. raised its holdings in shares of Brown & Brown by 2.1% in the 3rd quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider's stock valued at $638,000 after acquiring an additional 142 shares in the last quarter. Independent Advisor Alliance boosted its position in shares of Brown & Brown by 0.5% during the 4th quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider's stock valued at $2,694,000 after acquiring an additional 162 shares during the last quarter. Finally, Crawford Investment Counsel Inc. boosted its position in shares of Brown & Brown by 0.6% during the 4th quarter. Crawford Investment Counsel Inc. now owns 28,750 shares of the financial services provider's stock valued at $2,291,000 after acquiring an additional 170 shares during the last quarter. Institutional investors own 71.01% of the company's stock.

Brown & Brown Trading Up 2.4%

NYSE BRO opened at $74.64 on Tuesday. Brown & Brown, Inc. has a 1-year low of $53.81 and a 1-year high of $97.73. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58. The stock has a 50-day moving average of $67.97 and a 200-day moving average of $65.77. The firm has a market cap of $24.97 billion, a PE ratio of 23.55, a price-to-earnings-growth ratio of 3.63 and a beta of 0.59.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate 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 return on equity of 13.17% and a net margin of 17.75%.Brown & Brown's revenue was up 30.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.03 earnings per share. As a group, sell-side analysts forecast that Brown & Brown, Inc. will post 4.5 EPS for the current year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were paid a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Wednesday, August 12th. Brown & Brown's dividend payout ratio is 20.82%.

Analysts Set New Price Targets

BRO has been the topic of several research analyst reports. Jefferies Financial Group restated a "hold" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Raymond James Financial reiterated an "outperform" rating on shares of Brown & Brown in a research report on Friday, June 26th. Royal Bank Of Canada reissued a "sector perform" rating on shares of Brown & Brown in a research note on Wednesday, July 29th. Morgan Stanley reissued an "underweight" rating and issued a $60.00 price target (up from $56.00) on shares of Brown & Brown in a report on Wednesday, August 19th. Finally, UBS Group reaffirmed a "neutral" rating and set a $73.00 price objective (up from $65.00) on shares of Brown & Brown in a report on Wednesday, July 8th. Four investment 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's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $76.80.

Brown & Brown Profile

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.

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