GAMMA Investing LLC Raises Position in Brown & Brown, Inc. (NYSE:BRO)

GAMMA Investing LLC raised its holdings in Brown & Brown, Inc. (NYSE:BRO) by 69.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,038 shares of the financial services provider’s stock after buying an additional 1,660 shares during the period. GAMMA Investing LLC’s holdings in Brown & Brown were worth $353,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BRO. Kestra Advisory Services LLC purchased a new position in Brown & Brown in the 3rd quarter valued at approximately $304,000. QRG Capital Management Inc. acquired a new position in Brown & Brown in the third quarter valued at $876,000. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Brown & Brown in the third quarter valued at about $349,000. Envestnet Asset Management Inc. boosted its holdings in shares of Brown & Brown by 145.6% in the third quarter. Envestnet Asset Management Inc. now owns 396,141 shares of the financial services provider’s stock valued at $27,666,000 after acquiring an additional 234,853 shares in the last quarter. Finally, FMR LLC boosted its holdings in shares of Brown & Brown by 81.9% in the third quarter. FMR LLC now owns 1,021,668 shares of the financial services provider’s stock valued at $71,353,000 after acquiring an additional 460,068 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insider Buying and Selling at Brown & Brown

In other news, EVP Julie Turpin sold 3,350 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $89.92, for a total transaction of $301,232.00. Following the completion of the transaction, the executive vice president now owns 23,597 shares in the company, valued at approximately $2,121,842.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 17.02% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently commented on BRO shares. Bank of America raised shares of Brown & Brown from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $91.00 to $101.00 in a report on Wednesday, May 22nd. Raymond James upped their price target on shares of Brown & Brown from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 26th. Citigroup increased their price objective on shares of Brown & Brown from $94.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Keefe, Bruyette & Woods increased their price objective on shares of Brown & Brown from $80.00 to $82.00 and gave the stock an “underperform” rating in a research report on Friday, May 3rd. Finally, Royal Bank of Canada upped their target price on shares of Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a research note on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $89.40.

Brown & Brown Stock Up 0.4 %

Shares of NYSE:BRO opened at $92.41 on Thursday. The stock has a market capitalization of $26.36 billion, a price-to-earnings ratio of 28.43, a price-to-earnings-growth ratio of 2.43 and a beta of 0.82. Brown & Brown, Inc. has a 1-year low of $65.51 and a 1-year high of $93.05. The company’s fifty day moving average is $86.61 and its two-hundred day moving average is $81.64. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.97 and a current ratio of 1.97.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.07. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Brown & Brown had a net margin of 21.09% and a return on equity of 16.43%. The company’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.84 EPS. Equities analysts anticipate that Brown & Brown, Inc. will post 3.61 EPS for the current year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Monday, May 6th were paid a dividend of $0.13 per share. The ex-dividend date was Friday, May 3rd. This represents a $0.52 annualized dividend and a yield of 0.56%. Brown & Brown’s payout ratio is 16.00%.

Brown & Brown Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.