DRW Securities LLC Buys Shares of 3,678 Brown & Brown, Inc. (NYSE:BRO)

DRW Securities LLC purchased a new position in shares of Brown & Brown, Inc. (NYSE:BRO) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,678 shares of the financial services provider’s stock, valued at approximately $329,000.

Other institutional investors have also modified their holdings of the company. State Board of Administration of Florida Retirement System raised its holdings in Brown & Brown by 2.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 267,190 shares of the financial services provider’s stock worth $23,390,000 after buying an additional 6,613 shares during the period. Sei Investments Co. lifted its position in Brown & Brown by 12.7% in the 1st quarter. Sei Investments Co. now owns 276,090 shares of the financial services provider’s stock valued at $24,169,000 after acquiring an additional 31,071 shares in the last quarter. Great Valley Advisor Group Inc. acquired a new position in Brown & Brown in the 2nd quarter worth $1,512,000. DekaBank Deutsche Girozentrale boosted its stake in Brown & Brown by 12.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock worth $21,855,000 after purchasing an additional 27,879 shares during the period. Finally, Allianz Asset Management GmbH increased its holdings in Brown & Brown by 339.1% during the 4th quarter. Allianz Asset Management GmbH now owns 648,550 shares of the financial services provider’s stock worth $46,118,000 after purchasing an additional 500,847 shares in the last quarter. Institutional investors own 71.01% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. StockNews.com raised Brown & Brown from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Barclays began coverage on shares of Brown & Brown in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 price target for the company. Citigroup raised their target price on shares of Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Keefe, Bruyette & Woods increased their price objective on shares of Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a research note on Friday, July 26th. Finally, UBS Group lifted their target price on Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Brown & Brown presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.00.

Brown & Brown Trading Up 1.2 %

Brown & Brown stock opened at $102.21 on Tuesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.35 and a current ratio of 2.35. The stock has a 50-day simple moving average of $100.88 and a 200 day simple moving average of $92.04. The stock has a market capitalization of $29.16 billion, a P/E ratio of 31.45, a PEG ratio of 2.42 and a beta of 0.83. Brown & Brown, Inc. has a 52 week low of $66.73 and a 52 week high of $106.02.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.05. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.14 billion. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The company’s revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.68 earnings per share. Analysts expect that Brown & Brown, Inc. will post 3.68 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date was Wednesday, August 7th. Brown & Brown’s dividend payout ratio is currently 16.00%.

Insiders Place Their Bets

In related news, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of the sale, the chief financial officer now directly owns 88,445 shares in the company, valued at $8,872,802.40. The sale was disclosed in a filing with the SEC, which is available at this link. In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO R. Andrew Watts sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total transaction of $250,800.00. Following the sale, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at approximately $8,872,802.40. The disclosure for this sale can be found here. Company insiders own 17.02% of the company’s stock.

Brown & Brown Company 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.