Arizona State Retirement System trimmed its stake in Brown & Brown, Inc. (NYSE:BRO) by 1.0% in the first quarter, HoldingsChannel reports. The firm owned 166,699 shares of the financial services provider’s stock after selling 1,644 shares during the quarter. Arizona State Retirement System’s holdings in Brown & Brown were worth $4,919,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc grew its stake in Brown & Brown by 2.2% in the third quarter. Vanguard Group Inc now owns 24,202,436 shares of the financial services provider’s stock valued at $715,666,000 after purchasing an additional 525,399 shares in the last quarter. BlackRock Inc. grew its stake in Brown & Brown by 4.0% in the fourth quarter. BlackRock Inc. now owns 21,351,938 shares of the financial services provider’s stock valued at $588,460,000 after purchasing an additional 828,759 shares in the last quarter. Clarkston Capital Partners LLC grew its stake in Brown & Brown by 1.0% in the first quarter. Clarkston Capital Partners LLC now owns 4,899,516 shares of the financial services provider’s stock valued at $144,585,000 after purchasing an additional 47,381 shares in the last quarter. APG Asset Management N.V. grew its stake in Brown & Brown by 39.5% in the fourth quarter. APG Asset Management N.V. now owns 4,501,200 shares of the financial services provider’s stock valued at $108,519,000 after purchasing an additional 1,273,500 shares in the last quarter. Finally, Fenimore Asset Management Inc. grew its stake in Brown & Brown by 5.3% in the first quarter. Fenimore Asset Management Inc. now owns 2,973,331 shares of the financial services provider’s stock valued at $87,743,000 after purchasing an additional 149,028 shares in the last quarter. Hedge funds and other institutional investors own 72.31% of the company’s stock.
BRO has been the subject of a number of analyst reports. Zacks Investment Research downgraded Brown & Brown from a “hold” rating to a “sell” rating in a research note on Tuesday, February 26th. Wells Fargo & Co reaffirmed a “hold” rating and issued a $28.00 price objective on shares of Brown & Brown in a research report on Sunday, April 21st. Finally, SunTrust Banks raised their price objective on Brown & Brown to $36.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $29.56.
Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, April 22nd. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.05. Brown & Brown had a return on equity of 12.47% and a net margin of 17.23%. The company had revenue of $617.50 million during the quarter, compared to analysts’ expectations of $600.51 million. During the same period last year, the firm posted $0.33 earnings per share. The business’s revenue was up 23.4% on a year-over-year basis. As a group, equities research analysts anticipate that Brown & Brown, Inc. will post 1.36 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Wednesday, May 8th will be given a $0.08 dividend. The ex-dividend date is Tuesday, May 7th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.99%. Brown & Brown’s payout ratio is 26.02%.
In related news, EVP Robert W. Lloyd sold 10,601 shares of Brown & Brown stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $29.29, for a total transaction of $310,503.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Anthony T. Strianese sold 35,000 shares of Brown & Brown stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $29.17, for a total value of $1,020,950.00. The disclosure for this sale can be found here. Company insiders own 16.69% of the company’s stock.
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Brown & Brown Profile
Brown & Brown, Inc markets and sells insurance products and services in the United States, England, Canada, Bermuda, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers commercial packages, group medical, workers' compensation, property risk, and general liability insurance products; and group and individual life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control survey and analysis, consultancy, and claims processing services.
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