Raymond James Financial Services Advisors Inc. Grows Position in Brown & Brown, Inc. (NYSE:BRO)

Raymond James Financial Services Advisors Inc. boosted its stake in Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 1.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 33,010 shares of the financial services provider’s stock after purchasing an additional 419 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Brown & Brown were worth $1,996,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Bar Harbor Wealth Management lifted its position in Brown & Brown by 0.3% during the third quarter. Bar Harbor Wealth Management now owns 152,011 shares of the financial services provider’s stock valued at $9,193,000 after buying an additional 393 shares in the last quarter. Xponance Inc. lifted its position in Brown & Brown by 70.6% during the third quarter. Xponance Inc. now owns 40,054 shares of the financial services provider’s stock valued at $2,422,000 after buying an additional 16,578 shares in the last quarter. State of Michigan Retirement System lifted its position in Brown & Brown by 0.3% during the third quarter. State of Michigan Retirement System now owns 63,451 shares of the financial services provider’s stock valued at $3,838,000 after buying an additional 200 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its position in Brown & Brown by 7.5% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 30,532 shares of the financial services provider’s stock valued at $1,846,000 after buying an additional 2,134 shares in the last quarter. Finally, Whittier Trust Co. lifted its position in Brown & Brown by 2.7% during the third quarter. Whittier Trust Co. now owns 88,644 shares of the financial services provider’s stock valued at $5,360,000 after buying an additional 2,289 shares in the last quarter. 69.52% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Trading Down 0.1 %

BRO opened at $61.18 on Wednesday. The stock has a market capitalization of $17.33 billion, a PE ratio of 27.68 and a beta of 0.74. The firm’s fifty day moving average price is $57.90 and its 200 day moving average price is $60.58. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.89 and a quick ratio of 1.89. Brown & Brown, Inc. has a 12-month low of $52.91 and a 12-month high of $74.00.

Brown & Brown (NYSE:BRO – Get Rating) last released its earnings results on Monday, October 24th. The financial services provider reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.10). Brown & Brown had a net margin of 18.42% and a return on equity of 14.67%. The business had revenue of $927.60 million for the quarter, compared to the consensus estimate of $943.59 million. During the same quarter in the previous year, the firm earned $0.58 EPS. The firm’s revenue for the quarter was up 20.4% on a year-over-year basis. As a group, research analysts expect that Brown & Brown, Inc. will post 2.24 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. StockNews.com cut shares of Brown & Brown from a “buy” rating to a “hold” rating in a research report on Friday, October 28th. Morgan Stanley reduced their target price on shares of Brown & Brown from $69.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 22nd. Raymond James reduced their target price on shares of Brown & Brown from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 26th. Wells Fargo & Company reduced their target price on shares of Brown & Brown from $66.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 26th. Finally, UBS Group reduced their target price on shares of Brown & Brown to $62.00 in a research report on Friday, November 4th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $66.33.

Brown & Brown Company Profile

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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.