Dimensional Fund Advisors LP lessened its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 1.2% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,552,982 shares of the financial services provider’s stock after selling 18,411 shares during the period. Dimensional Fund Advisors LP owned 0.55% of Brown & Brown worth $82,529,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also made changes to their positions in BRO. Rockefeller Capital Management L.P. lifted its stake in Brown & Brown by 363.6% in the second quarter. Rockefeller Capital Management L.P. now owns 510 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 400 shares during the last quarter. SkyView Investment Advisors LLC increased its position in shares of Brown & Brown by 413.3% during the first quarter. SkyView Investment Advisors LLC now owns 580 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 467 shares during the period. FFT Wealth Management LLC purchased a new position in shares of Brown & Brown during the second quarter worth approximately $28,000. Ameritas Investment Company LLC purchased a new position in shares of Brown & Brown during the first quarter worth approximately $34,000. Finally, Tobam purchased a new position in shares of Brown & Brown during the second quarter worth approximately $42,000. 70.56% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Stephen M. Boyd sold 7,050 shares of the business’s stock in a transaction on Wednesday, August 25th. The shares were sold at an average price of $58.03, for a total transaction of $409,111.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director H Palmer Proctor, Jr. bought 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 29th. The shares were acquired at an average price of $54.98 per share, with a total value of $109,960.00. The disclosure for this purchase can be found here. Insiders own 17.02% of the company’s stock.
Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Sunday, July 25th. The financial services provider reported $0.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.09. Brown & Brown had a net margin of 19.95% and a return on equity of 15.19%. The business had revenue of $727.30 million during the quarter, compared to the consensus estimate of $687.84 million. Equities analysts forecast that Brown & Brown, Inc. will post 2.08 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 18th. Stockholders of record on Wednesday, August 11th were paid a dividend of $0.0925 per share. The ex-dividend date of this dividend was Tuesday, August 10th. This represents a $0.37 annualized dividend and a dividend yield of 0.60%. Brown & Brown’s payout ratio is currently 22.16%.
Several brokerages recently issued reports on BRO. Morgan Stanley lifted their price objective on shares of Brown & Brown from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Monday, August 16th. Wolfe Research began coverage on shares of Brown & Brown in a report on Monday, August 16th. They set a “peer perform” rating and a $61.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $54.67.
Brown & Brown Profile
Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance programs 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.
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