Brown & Brown, Inc. $BRO Shares Newly Acquired by Sage Private Wealth Group LLC

Sage Private Wealth Group LLC purchased a new stake in Brown & Brown, Inc. (NYSE:BRO) during the third quarter, according to its most recent filing with the SEC. The firm purchased 7,613 shares of the financial services provider’s stock, valued at approximately $464,000.

A number of other hedge funds have also modified their holdings of the company. Equitable Trust Co. boosted its stake in Brown & Brown by 1.7% during the 1st quarter. Equitable Trust Co. now owns 10,901 shares of the financial services provider’s stock worth $711,000 after acquiring an additional 182 shares during the last quarter. CX Institutional grew its holdings in Brown & Brown by 3.1% during the third quarter. CX Institutional now owns 6,242 shares of the financial services provider’s stock valued at $380,000 after purchasing an additional 189 shares during the period. Financial Enhancement Group LLC grew its holdings in Brown & Brown by 3.0% during the first quarter. Financial Enhancement Group LLC now owns 8,969 shares of the financial services provider’s stock valued at $607,000 after purchasing an additional 261 shares during the period. Patton Fund Management Inc. increased its stake in Brown & Brown by 10.6% in the first quarter. Patton Fund Management Inc. now owns 3,123 shares of the financial services provider’s stock valued at $204,000 after purchasing an additional 299 shares in the last quarter. Finally, Cetera Investment Advisers increased its stake in Brown & Brown by 0.9% in the first quarter. Cetera Investment Advisers now owns 36,804 shares of the financial services provider’s stock valued at $2,400,000 after purchasing an additional 311 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Brown & Brown Trading Down 0.4%

NYSE BRO opened at $70.63 on Thursday. The firm has a market cap of $23.63 billion, a P/E ratio of 22.28, a P/E/G ratio of 2.21 and a beta of 0.60. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. The stock’s 50-day moving average is $67.15 and its 200-day moving average is $65.02. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $90.46.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter last year, the firm earned $1.03 EPS. The company’s revenue for the quarter was up 30.4% on a year-over-year basis. Sell-side analysts anticipate that Brown & Brown, Inc. will post 4.49 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 11th. Shareholders of record on Wednesday, November 4th will be issued a dividend of $0.18 per share. This is an increase from Brown & Brown’s previous quarterly dividend of $0.1650. The ex-dividend date is Wednesday, November 4th. This represents a $0.72 annualized dividend and a yield of 1.0%. Brown & Brown’s dividend payout ratio is 20.82%.

Analysts Set New Price Targets

BRO has been the topic of several analyst reports. UBS Group reiterated a “neutral” rating and issued a $73.00 target price (up from $65.00) on shares of Brown & Brown in a report on Wednesday, July 8th. The Goldman Sachs Group lifted their price target on shares of Brown & Brown from $62.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. Citizens Jmp decreased their price target on shares of Brown & Brown from $78.00 to $75.00 and set a “market outperform” rating for the company in a report on Monday, October 12th. Oppenheimer initiated coverage on shares of Brown & Brown in a report on Wednesday, October 7th. They issued an “outperform” rating and a $73.00 price target for the company. Finally, Barclays lowered their price objective on shares of Brown & Brown from $76.00 to $71.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 7th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $76.00.

About Brown & Brown

Brown & Brown, Inc is an insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities, individuals and other organizations identify, manage and transfer risk by arranging insurance coverage and providing related advisory services.

Its operations include retail insurance brokerage, national programs, wholesale brokerage and services. Brown & Brown offers property and casualty insurance, employee benefits, personal insurance, surety and other specialized coverage.