Xcel Wealth Management LLC Purchases Shares of 4,736 Brown & Brown, Inc. (NYSE:BRO)

Xcel Wealth Management LLC purchased a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) during the third quarter, Holdings Channel reports. The firm purchased 4,736 shares of the financial services provider’s stock, valued at approximately $214,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. NN Investment Partners Holdings N.V. raised its position in Brown & Brown by 4.0% during the second quarter. NN Investment Partners Holdings N.V. now owns 4,513,151 shares of the financial services provider’s stock valued at $183,954,000 after purchasing an additional 175,440 shares in the last quarter. APG Asset Management N.V. grew its stake in shares of Brown & Brown by 1.4% during the second quarter. APG Asset Management N.V. now owns 3,857,044 shares of the financial services provider’s stock valued at $139,975,000 after buying an additional 53,300 shares during the last quarter. Clarkston Capital Partners LLC grew its stake in shares of Brown & Brown by 0.8% in the second quarter. Clarkston Capital Partners LLC now owns 3,739,168 shares of the financial services provider’s stock worth $152,408,000 after purchasing an additional 29,705 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Brown & Brown by 2.4% in the second quarter. Bank of New York Mellon Corp now owns 2,811,278 shares of the financial services provider’s stock worth $114,587,000 after purchasing an additional 66,218 shares during the last quarter. Finally, California Public Employees Retirement System grew its stake in shares of Brown & Brown by 2.5% in the second quarter. California Public Employees Retirement System now owns 2,009,528 shares of the financial services provider’s stock worth $81,908,000 after purchasing an additional 48,868 shares during the last quarter. Institutional investors and hedge funds own 71.20% of the company’s stock.

Several analysts recently issued reports on BRO shares. Credit Suisse Group raised their target price on Brown & Brown from $46.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday. Deutsche Bank Aktiengesellschaft raised their target price on Brown & Brown from $43.00 to $47.00 and gave the stock a “hold” rating in a research note on Tuesday. Morgan Stanley raised their target price on Brown & Brown from $47.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Zacks Investment Research raised Brown & Brown from a “hold” rating to a “strong-buy” rating and set a $51.00 target price on the stock in a research note on Friday. Finally, Royal Bank of Canada raised their target price on Brown & Brown from $38.00 to $44.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 29th. They noted that the move was a valuation call. Seven analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $46.25.

Brown & Brown stock traded down $0.14 during trading hours on Friday, hitting $43.32. 24,246 shares of the stock traded hands, compared to its average volume of 1,374,942. The firm’s 50-day moving average price is $45.66 and its two-hundred day moving average price is $42.55. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.44. The company has a market cap of $12.29 billion, a PE ratio of 28.09 and a beta of 0.68. Brown & Brown, Inc. has a one year low of $30.70 and a one year high of $48.69.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Saturday, October 31st. The financial services provider reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.09. The business had revenue of $674.00 million for the quarter, compared to analysts’ expectations of $645.46 million. Brown & Brown had a return on equity of 12.54% and a net margin of 17.69%. The business’s revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.39 EPS. On average, sell-side analysts expect that Brown & Brown, Inc. will post 1.54 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 18th. Stockholders of record on Wednesday, November 4th will be issued a dividend of $0.093 per share. This represents a $0.37 annualized dividend and a dividend yield of 0.86%. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Tuesday, November 3rd. Brown & Brown’s dividend payout ratio (DPR) is presently 24.29%.

Brown & Brown Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, England, Canada, Bermuda, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers commercial packages, group medical, workers' compensation, property risk, and general liability insurance products; and group and individual life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control survey and analysis, consultancy, and claims processing services.

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Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

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