Mackenzie Financial Corp Has $1.04 Million Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Mackenzie Financial Corp reduced its stake in Brown & Brown, Inc. (NYSE:BROGet Rating) by 50.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,851 shares of the financial services provider’s stock after selling 18,287 shares during the period. Mackenzie Financial Corp’s holdings in Brown & Brown were worth $1,041,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Clear Street Markets LLC raised its holdings in Brown & Brown by 407.3% in the 2nd quarter. Clear Street Markets LLC now owns 487 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 391 shares during the period. Parkside Financial Bank & Trust lifted its holdings in Brown & Brown by 259.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 499 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 360 shares during the last quarter. Quent Capital LLC boosted its stake in Brown & Brown by 82.2% in the 2nd quarter. Quent Capital LLC now owns 503 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 227 shares during the period. Allworth Financial LP grew its holdings in Brown & Brown by 2,485.0% in the 2nd quarter. Allworth Financial LP now owns 517 shares of the financial services provider’s stock valued at $30,000 after buying an additional 497 shares in the last quarter. Finally, Destiny Wealth Partners LLC increased its position in Brown & Brown by 104.4% during the 2nd quarter. Destiny Wealth Partners LLC now owns 558 shares of the financial services provider’s stock worth $33,000 after buying an additional 285 shares during the period. 72.31% of the stock is owned by institutional investors.

Brown & Brown Price Performance

BRO stock opened at $58.63 on Thursday. The stock has a market cap of $16.61 billion, a price-to-earnings ratio of 26.53 and a beta of 0.74. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.89 and a quick ratio of 1.89. The company has a 50 day simple moving average of $59.38 and a 200 day simple moving average of $60.24. Brown & Brown, Inc. has a 1 year low of $52.91 and a 1 year high of $74.00.

Brown & Brown (NYSE:BROGet Rating) last announced its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.10). Brown & Brown had a return on equity of 14.67% and a net margin of 18.42%. The company had revenue of $927.60 million for the quarter, compared to analyst estimates of $943.59 million. During the same quarter last year, the company posted $0.58 earnings per share. The firm’s quarterly revenue was up 20.4% on a year-over-year basis. Research analysts anticipate that Brown & Brown, Inc. will post 2.25 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 16th. Stockholders of record on Wednesday, November 2nd were issued a dividend of $0.115 per share. This is a boost from Brown & Brown’s previous quarterly dividend of $0.10. This represents a $0.46 annualized dividend and a dividend yield of 0.78%. The ex-dividend date was Tuesday, November 1st. Brown & Brown’s payout ratio is 20.81%.

Analysts Set New Price Targets

Several research firms recently commented on BRO. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a research note on Friday, October 28th. Royal Bank of Canada cut their price target on Brown & Brown from $66.00 to $62.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 26th. Wells Fargo & Company lowered their price objective on Brown & Brown from $66.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 26th. Jefferies Financial Group upped their target price on Brown & Brown from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Friday, October 7th. Finally, UBS Group decreased their price target on Brown & Brown to $62.00 in a research report on Friday, November 4th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $66.88.

Brown & Brown Profile

(Get Rating)

Brown & Brown, Inc markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services.

See Also

Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BROGet Rating).

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

Receive News & Ratings for Brown & Brown Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Brown & Brown and related companies with MarketBeat.com's FREE daily email newsletter.