Tandem Investment Advisors Inc. increased its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 4.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 485,140 shares of the financial services provider’s stock after purchasing an additional 19,819 shares during the period. Brown & Brown comprises about 3.9% of Tandem Investment Advisors Inc.’s investment portfolio, making the stock its 7th largest position. Tandem Investment Advisors Inc. owned about 0.17% of Brown & Brown worth $14,346,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BRO. Principal Financial Group Inc. increased its position in shares of Brown & Brown by 97.6% during the first quarter. Principal Financial Group Inc. now owns 7,495,899 shares of the financial services provider’s stock valued at $190,696,000 after purchasing an additional 3,702,365 shares during the period. Select Equity Group L.P. increased its position in shares of Brown & Brown by 23.8% during the second quarter. Select Equity Group L.P. now owns 5,591,244 shares of the financial services provider’s stock valued at $155,045,000 after purchasing an additional 1,075,295 shares during the period. FMR LLC increased its position in shares of Brown & Brown by 66.4% during the second quarter. FMR LLC now owns 2,688,501 shares of the financial services provider’s stock valued at $74,552,000 after purchasing an additional 1,072,679 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Brown & Brown by 99.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,063,513 shares of the financial services provider’s stock valued at $52,496,000 after purchasing an additional 1,026,641 shares during the period. Finally, Northern Trust Corp increased its position in shares of Brown & Brown by 74.0% during the second quarter. Northern Trust Corp now owns 1,765,528 shares of the financial services provider’s stock valued at $48,959,000 after purchasing an additional 750,573 shares during the period. Institutional investors and hedge funds own 71.59% of the company’s stock.
Shares of NYSE:BRO opened at $28.83 on Wednesday. Brown & Brown, Inc. has a fifty-two week low of $24.28 and a fifty-two week high of $31.55. The firm has a market capitalization of $7.87 billion, a price-to-earnings ratio of 30.03, a P/E/G ratio of 2.27 and a beta of 0.73. The company has a current ratio of 0.96, a quick ratio of 0.98 and a debt-to-equity ratio of 0.28.
Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, October 22nd. The financial services provider reported $0.38 EPS for the quarter, topping the consensus estimate of $0.34 by $0.04. The company had revenue of $530.90 million for the quarter, compared to analysts’ expectations of $508.82 million. Brown & Brown had a return on equity of 12.36% and a net margin of 23.15%. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.27 earnings per share. As a group, research analysts predict that Brown & Brown, Inc. will post 1.24 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 7th. Stockholders of record on Friday, October 26th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.11%. The ex-dividend date of this dividend is Thursday, October 25th. This is a boost from Brown & Brown’s previous quarterly dividend of $0.08. Brown & Brown’s dividend payout ratio is presently 33.33%.
BRO has been the topic of a number of research reports. Zacks Investment Research upgraded Brown & Brown from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Tuesday, September 25th. Royal Bank of Canada reiterated a “hold” rating and issued a $30.00 price target on shares of Brown & Brown in a research report on Wednesday, July 25th. Wells Fargo & Co reiterated a “hold” rating and issued a $28.00 price target on shares of Brown & Brown in a research report on Monday, October 22nd. Citigroup set a $27.00 price target on Brown & Brown and gave the company a “sell” rating in a research report on Wednesday, September 19th. Finally, SunTrust Banks reiterated a “buy” rating and issued a $33.00 price target on shares of Brown & Brown in a research report on Tuesday, July 24th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $29.18.
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About Brown & Brown
Brown & Brown, Inc markets and sells insurance products in the United States, England, Canada, Bermuda, and the Cayman Islands. Its Retail segment offers property insurance relating to physical damage to property and resultant interruption of business, or extra expense caused by fire, windstorm, or other perils; casualty insurance relating to legal liabilities, professional liability, cyber-liability, workers' compensation, and commercial and private passenger automobile coverages; fidelity and surety bonds; and life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control surveys and analysis, consultation, and claims processing services.
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