Voloridge Investment Management LLC Takes Position in Brown & Brown, Inc. (NYSE:BRO)

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Voloridge Investment Management LLC purchased a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 62,392 shares of the financial services provider’s stock, valued at approximately $2,250,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC increased its position in Brown & Brown by 153.8% during the third quarter. Barclays PLC now owns 280,628 shares of the financial services provider’s stock valued at $10,120,000 after acquiring an additional 170,066 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Brown & Brown in the third quarter valued at about $9,718,000. Penserra Capital Management LLC boosted its position in Brown & Brown by 6,734.8% in the third quarter. Penserra Capital Management LLC now owns 97,123 shares of the financial services provider’s stock worth $3,502,000 after purchasing an additional 95,702 shares during the last quarter. Parametric Portfolio Associates LLC boosted its position in Brown & Brown by 5.1% in the third quarter. Parametric Portfolio Associates LLC now owns 309,818 shares of the financial services provider’s stock worth $11,172,000 after purchasing an additional 15,159 shares during the last quarter. Finally, California State Teachers Retirement System boosted its position in Brown & Brown by 0.6% in the third quarter. California State Teachers Retirement System now owns 376,919 shares of the financial services provider’s stock worth $13,592,000 after purchasing an additional 2,158 shares during the last quarter. Hedge funds and other institutional investors own 69.51% of the company’s stock.

NYSE:BRO opened at $37.60 on Wednesday. Brown & Brown, Inc. has a one year low of $25.72 and a one year high of $38.37. The business has a fifty day moving average price of $37.29 and a 200-day moving average price of $35.41. The firm has a market capitalization of $10.62 billion, a price-to-earnings ratio of 30.57, a price-to-earnings-growth ratio of 2.72 and a beta of 0.69. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.97 and a quick ratio of 0.97.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.39. The business had revenue of $618.70 million during the quarter, compared to analyst estimates of $610.36 million. Brown & Brown had a return on equity of 12.39% and a net margin of 17.04%. Brown & Brown’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.38 earnings per share. On average, equities research analysts expect that Brown & Brown, Inc. will post 1.39 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 20th. Stockholders of record on Friday, November 8th were paid a $0.085 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.34 annualized dividend and a dividend yield of 0.90%. This is an increase from Brown & Brown’s previous quarterly dividend of $0.08. Brown & Brown’s dividend payout ratio (DPR) is 27.64%.

Several equities research analysts have recently commented on the stock. Barclays upped their price target on shares of Brown & Brown from $28.00 to $30.00 and gave the company an “underweight” rating in a research report on Wednesday, October 2nd. ValuEngine downgraded shares of Brown & Brown from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 2nd. Raymond James raised their price objective on shares of Brown & Brown from $38.00 to $39.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Finally, SunTrust Banks boosted their target price on shares of Brown & Brown from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. Brown & Brown currently has a consensus rating of “Hold” and an average price target of $33.50.

Brown & Brown Company 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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