Allstate Corp Buys Shares of 7,738 Brown & Brown, Inc. (NYSE:BRO)

Allstate Corp purchased a new position in shares of Brown & Brown, Inc. (NYSE:BRO) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,738 shares of the financial services provider’s stock, valued at approximately $789,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Kohmann Bosshard Financial Services LLC acquired a new position in Brown & Brown during the 4th quarter worth about $28,000. Y.D. More Investments Ltd lifted its position in shares of Brown & Brown by 122.7% during the fourth quarter. Y.D. More Investments Ltd now owns 294 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 162 shares in the last quarter. R Squared Ltd purchased a new position in shares of Brown & Brown in the fourth quarter valued at approximately $31,000. SBI Securities Co. Ltd. purchased a new position in shares of Brown & Brown in the fourth quarter valued at approximately $37,000. Finally, Versant Capital Management Inc grew its holdings in shares of Brown & Brown by 130.7% in the fourth quarter. Versant Capital Management Inc now owns 413 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 234 shares in the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

Shares of BRO opened at $124.53 on Tuesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.79 and a quick ratio of 1.79. Brown & Brown, Inc. has a 1-year low of $80.33 and a 1-year high of $124.97. The stock has a market cap of $35.61 billion, a PE ratio of 35.99, a price-to-earnings-growth ratio of 2.93 and a beta of 0.86. The firm has a fifty day moving average price of $113.71 and a 200 day moving average price of $108.52.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, January 27th. The financial services provider reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.10. Brown & Brown had a return on equity of 17.81% and a net margin of 20.68%. As a group, sell-side analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Wednesday, February 5th were given a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, February 5th. This represents a $0.60 annualized dividend and a yield of 0.48%. Brown & Brown’s dividend payout ratio (DPR) is 17.34%.

Wall Street Analyst Weigh In

BRO has been the subject of several recent research reports. Bank of America raised their price target on shares of Brown & Brown from $116.00 to $117.00 and gave the company a “neutral” rating in a research report on Tuesday, January 28th. Keefe, Bruyette & Woods decreased their target price on Brown & Brown from $99.00 to $97.00 and set an “underperform” rating for the company in a report on Friday, January 10th. Morgan Stanley restated an “equal weight” rating and set a $128.00 price target on shares of Brown & Brown in a report on Tuesday, March 25th. Wells Fargo & Company lifted their price objective on Brown & Brown from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Finally, Royal Bank of Canada boosted their price objective on Brown & Brown from $118.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $112.67.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program 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.