UBS Asset Management Americas Inc. decreased its stake in Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 13.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 842,294 shares of the financial services provider’s stock after selling 128,624 shares during the period. UBS Asset Management Americas Inc. owned 0.30% of Brown & Brown worth $50,942,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Barclays PLC lifted its holdings in shares of Brown & Brown by 32.8% in the 3rd quarter. Barclays PLC now owns 457,286 shares of the financial services provider’s stock worth $27,656,000 after purchasing an additional 112,868 shares during the last quarter. M&G Investment Management Ltd. lifted its holdings in shares of Brown & Brown by 32.4% in the 2nd quarter. M&G Investment Management Ltd. now owns 8,143 shares of the financial services provider’s stock worth $472,000 after purchasing an additional 1,995 shares during the last quarter. Triad Investment Management lifted its holdings in shares of Brown & Brown by 13.5% in the 3rd quarter. Triad Investment Management now owns 29,898 shares of the financial services provider’s stock worth $1,808,000 after purchasing an additional 3,551 shares during the last quarter. Ieq Capital LLC increased its position in Brown & Brown by 5.7% in the 3rd quarter. Ieq Capital LLC now owns 7,039 shares of the financial services provider’s stock valued at $426,000 after acquiring an additional 378 shares during the period. Finally, Forsta AP Fonden acquired a new stake in Brown & Brown in the 2nd quarter valued at approximately $2,479,000. Institutional investors own 69.52% of the company’s stock.
Insider Activity at Brown & Brown
In other news, Director Lawrence L. Gellerstedt III acquired 3,400 shares of Brown & Brown stock in a transaction that occurred on Friday, February 10th. The stock was purchased at an average price of $57.92 per share, with a total value of $196,928.00. Following the completion of the transaction, the director now owns 16,284 shares in the company, valued at $943,169.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 16.67% of the company’s stock.
Brown & Brown Stock Performance
Brown & Brown (NYSE:BRO – Get Rating) last issued its earnings results on Tuesday, January 24th. The financial services provider reported $0.50 EPS for the quarter, topping the consensus estimate of $0.46 by $0.04. The business had revenue of $901.40 million during the quarter, compared to analysts’ expectations of $897.98 million. Brown & Brown had a return on equity of 14.88% and a net margin of 18.80%. Brown & Brown’s revenue was up 22.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.42 earnings per share. On average, sell-side analysts anticipate that Brown & Brown, Inc. will post 2.47 EPS for the current fiscal year.
Brown & Brown Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 15th. Investors of record on Friday, February 3rd were given a dividend of $0.115 per share. The ex-dividend date was Thursday, February 2nd. This represents a $0.46 dividend on an annualized basis and a yield of 0.84%. Brown & Brown’s payout ratio is 19.49%.
Wall Street Analyst Weigh In
Several analysts recently commented on BRO shares. Morgan Stanley lowered their target price on 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. Citigroup started coverage on Brown & Brown in a research report on Wednesday, December 14th. They issued a “neutral” rating and a $62.00 target price on the stock. Wells Fargo & Company lowered their target price on Brown & Brown from $60.00 to $59.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 25th. BMO Capital Markets assumed coverage on Brown & Brown in a research report on Thursday, January 19th. They set an “outperform” rating and a $67.00 price target on the stock. Finally, StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a research report on Wednesday, February 1st. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $66.30.
About Brown & Brown
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.
- Get a free copy of the StockNews.com research report on Brown & Brown (BRO)
- Here’s 2 Beaten Down Stocks to Help Your Portfolio Recovery
- What the SVB Financial Collapse Means for U.S. Banks
- MarketBeat Week in Review – 3/6 – 3/10
- 2 Offshore Drilling Stocks Set to Extract Big Profits
- Three Staples Stocks With Double-Digit Upside Ahead
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:BRO – Get Rating).
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.