Victory Capital Management Inc. Sells 340,860 Shares of Brown & Brown Inc. (BRO)
Victory Capital Management Inc. lowered its position in Brown & Brown Inc. (NYSE:BRO) by 20.2% during the third quarter, according to its most recent disclosure with the SEC. The firm owned 1,349,651 shares of the company’s stock after selling 340,860 shares during the period. Victory Capital Management Inc.’s holdings in Brown & Brown were worth $50,896,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Oakbrook Investments LLC acquired a new stake in Brown & Brown during the second quarter worth $217,000. Hermes Investment Management Ltd. raised its stake in Brown & Brown by 22.5% in the second quarter. Hermes Investment Management Ltd. now owns 878,196 shares of the company’s stock worth $32,906,000 after buying an additional 161,314 shares during the last quarter. LS Investment Advisors LLC raised its stake in Brown & Brown by 74.7% in the second quarter. LS Investment Advisors LLC now owns 6,993 shares of the company’s stock worth $262,000 after buying an additional 2,991 shares during the last quarter. Clarkston Capital Partners LLC raised its stake in Brown & Brown by 9.9% in the second quarter. Clarkston Capital Partners LLC now owns 2,153,130 shares of the company’s stock worth $80,678,000 after buying an additional 194,275 shares during the last quarter. Finally, IBM Retirement Fund raised its stake in Brown & Brown by 1.4% in the second quarter. IBM Retirement Fund now owns 11,756 shares of the company’s stock worth $440,000 after buying an additional 168 shares during the last quarter. Institutional investors and hedge funds own 72.39% of the company’s stock.
Brown & Brown Inc. (NYSE:BRO) traded up 0.44% on Wednesday, reaching $43.14. 24,392 shares of the company’s stock traded hands. The company has a market cap of $6.05 billion, a PE ratio of 23.72 and a beta of 0.67. The firm’s 50 day moving average price is $38.56 and its 200 day moving average price is $37.15. Brown & Brown Inc. has a 12 month low of $28.41 and a 12 month high of $43.36.
Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Thursday, October 20th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.49 by $0.03. The firm had revenue of $462.30 million for the quarter, compared to the consensus estimate of $455.56 million. Brown & Brown had a net margin of 14.84% and a return on equity of 11.80%. The business’s revenue was up 7.0% compared to the same quarter last year. During the same period last year, the firm posted $0.47 earnings per share. On average, equities analysts expect that Brown & Brown Inc. will post $1.83 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 9th. Stockholders of record on Friday, October 28th were issued a $0.135 dividend. This is a boost from Brown & Brown’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Wednesday, October 26th. This represents a $0.54 annualized dividend and a dividend yield of 1.26%. Brown & Brown’s dividend payout ratio (DPR) is currently 29.67%.
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A number of equities research analysts have recently commented on BRO shares. BMO Capital Markets lowered shares of Brown & Brown from a “market perform” rating to an “underperform” rating and reduced their price objective for the company from $39.00 to $37.00 in a research note on Friday, November 4th. Deutsche Bank AG lowered shares of Brown & Brown from a “buy” rating to a “hold” rating and set a $40.00 price objective on the stock. in a research note on Monday, October 24th. Citigroup Inc. upped their price objective on shares of Brown & Brown from $38.00 to $41.00 and gave the company a “neutral” rating in a research note on Tuesday, October 11th. Finally, Barclays PLC upped their price objective on shares of Brown & Brown from $31.00 to $33.00 and gave the company an “underweight” rating in a research note on Friday, September 30th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $35.92.
In other news, EVP Richard Freebourn sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 23rd. The shares were sold at an average price of $42.90, for a total value of $1,072,500.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Robert W. Lloyd sold 2,971 shares of the firm’s stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $37.32, for a total transaction of $110,877.72. The disclosure for this sale can be found here. 17.49% of the stock is currently owned by insiders.
Brown & Brown Company Profile
Brown & Brown, Inc is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services in the property, casualty and employee benefits areas. It provides customers with non-investment insurance contracts, as well as other targeted, customized risk management products and services.
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