KLP Kapitalforvaltning AS Takes Position in Brown & Brown, Inc. (NYSE:BRO)

KLP Kapitalforvaltning AS bought a new position in shares of Brown & Brown, Inc. (NYSE:BRO) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 81,100 shares of the financial services provider’s stock, valued at approximately $8,274,000.

Other hedge funds have also recently modified their holdings of the company. Brooklyn Investment Group purchased a new stake in Brown & Brown during the 3rd quarter worth approximately $26,000. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Brown & Brown in the fourth quarter worth approximately $28,000. Y.D. More Investments Ltd increased 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 acquired a new position in Brown & Brown in the 4th quarter valued at $31,000. Finally, SBI Securities Co. Ltd. purchased a new position in Brown & Brown in the 4th quarter valued at $37,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on BRO shares. Keefe, Bruyette & Woods dropped their target price on shares of Brown & Brown from $99.00 to $97.00 and set an “underperform” rating for the company in a report on Friday, January 10th. Royal Bank of Canada upped their price objective on shares of Brown & Brown from $118.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, January 29th. Morgan Stanley began coverage on shares of Brown & Brown in a research note on Thursday, December 5th. They issued an “overweight” rating and a $134.00 target price on the stock. Wells Fargo & Company upped their price target on Brown & Brown from $115.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Finally, Bank of America increased their price target on Brown & Brown from $116.00 to $117.00 and gave the company a “neutral” rating in a report on Tuesday, January 28th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Brown & Brown presently has an average rating of “Hold” and a consensus price target of $113.17.

Brown & Brown Stock Performance

Shares of Brown & Brown stock opened at $121.02 on Tuesday. The firm has a market cap of $34.60 billion, a PE ratio of 34.98, a price-to-earnings-growth ratio of 2.93 and a beta of 0.86. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.56. Brown & Brown, Inc. has a 52 week low of $80.33 and a 52 week high of $121.30. The business’s fifty day simple moving average is $111.92 and its 200-day simple moving average is $107.82.

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

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Wednesday, February 5th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date of this dividend was Wednesday, February 5th. Brown & Brown’s payout ratio is 17.34%.

About Brown & Brown

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.