Brown Brothers Harriman & Co. Has $41.57 Million Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Brown Brothers Harriman & Co. increased its position in Brown & Brown, Inc. (NYSE:BRO) by 19.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 464,911 shares of the financial services provider’s stock after purchasing an additional 74,477 shares during the quarter. Brown Brothers Harriman & Co. owned approximately 0.16% of Brown & Brown worth $41,568,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Brown & Brown in the 4th quarter worth $217,663,000. Congress Asset Management Co. MA acquired a new position in shares of Brown & Brown during the 4th quarter worth about $82,445,000. Royal London Asset Management Ltd. grew its position in shares of Brown & Brown by 105.1% during the 2nd quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock worth $184,930,000 after buying an additional 1,059,711 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Brown & Brown by 76.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 2,000,227 shares of the financial services provider’s stock valued at $142,236,000 after acquiring an additional 865,082 shares during the last quarter. Finally, Confluence Investment Management LLC acquired a new stake in shares of Brown & Brown in the 1st quarter valued at approximately $49,598,000. 71.01% of the stock is owned by institutional investors.

Insider Activity

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Chairman Hyatt J. Brown sold 134,640 shares of the company’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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the transaction, the chief financial officer now 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. 17.02% of the stock is currently owned by insiders.

Brown & Brown Price Performance

Shares of BRO opened at $103.13 on Monday. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.56. Brown & Brown, Inc. has a twelve month low of $66.73 and a twelve month high of $106.02. The stock has a market capitalization of $29.42 billion, a P/E ratio of 31.73, a P/E/G ratio of 2.34 and a beta of 0.83. The company has a 50 day moving average of $99.60 and a 200-day moving average of $91.28.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.05. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the firm earned $0.68 earnings per share. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, equities research analysts forecast that Brown & Brown, Inc. will post 3.68 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date of this dividend was Wednesday, August 7th. Brown & Brown’s dividend payout ratio is currently 16.00%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on BRO shares. Barclays initiated coverage on shares of Brown & Brown in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 target price for the company. Raymond James raised their price objective on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Keefe, Bruyette & Woods boosted their target price on Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research note on Friday, July 26th. Wells Fargo & Company upgraded Brown & Brown from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $94.00 to $112.00 in a report on Monday, August 12th. Finally, Citigroup lifted their price objective on Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $100.00.

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.