Allianz Asset Management GmbH Raises Stock Position in Brown & Brown, Inc. $BRO

Allianz Asset Management GmbH increased its stake in Brown & Brown, Inc. (NYSE:BRO) by 1.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 291,886 shares of the financial services provider’s stock after purchasing an additional 5,434 shares during the quarter. Allianz Asset Management GmbH’s holdings in Brown & Brown were worth $32,361,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. New York State Teachers Retirement System boosted its holdings in Brown & Brown by 1.1% in the second quarter. New York State Teachers Retirement System now owns 210,275 shares of the financial services provider’s stock worth $23,313,000 after purchasing an additional 2,247 shares during the last quarter. Ritholtz Wealth Management boosted its stake in shares of Brown & Brown by 33.4% during the 2nd quarter. Ritholtz Wealth Management now owns 2,738 shares of the financial services provider’s stock worth $304,000 after acquiring an additional 686 shares during the last quarter. Harbour Investments Inc. boosted its stake in shares of Brown & Brown by 1,215.2% during the 2nd quarter. Harbour Investments Inc. now owns 1,210 shares of the financial services provider’s stock worth $134,000 after acquiring an additional 1,118 shares during the last quarter. Equitable Trust Co. boosted its stake in shares of Brown & Brown by 56.3% during the 2nd quarter. Equitable Trust Co. now owns 13,258 shares of the financial services provider’s stock worth $1,470,000 after acquiring an additional 4,776 shares during the last quarter. Finally, Axxcess Wealth Management LLC boosted its stake in shares of Brown & Brown by 3.6% during the 2nd quarter. Axxcess Wealth Management LLC now owns 4,405 shares of the financial services provider’s stock worth $488,000 after acquiring an additional 152 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insiders Place Their Bets

In related news, Director Paul J. Krump purchased 2,678 shares of Brown & Brown stock in a transaction on Friday, August 8th. The shares were bought at an average cost of $93.31 per share, for a total transaction of $249,884.18. Following the acquisition, the director owned 5,353 shares in the company, valued at approximately $499,488.43. The trade was a 100.11% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of Brown & Brown stock in a transaction dated Wednesday, August 6th. The stock was acquired at an average price of $91.44 per share, for a total transaction of $91,440.00. Following the completion of the acquisition, the director owned 5,000 shares in the company, valued at approximately $457,200. The trade was a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 17.02% of the company’s stock.

Brown & Brown Stock Up 0.4%

Shares of BRO stock opened at $87.79 on Friday. The company has a market capitalization of $28.96 billion, a price-to-earnings ratio of 25.30, a PEG ratio of 1.98 and a beta of 0.79. Brown & Brown, Inc. has a one year low of $87.26 and a one year high of $125.68. The company’s fifty day moving average price is $94.26 and its 200-day moving average price is $103.77. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. Brown & Brown’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.93 EPS. Sell-side analysts expect that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Wednesday, August 13th. Brown & Brown’s payout ratio is currently 17.29%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Raymond James Financial reiterated an “outperform” rating and set a $120.00 price target (down previously from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. Argus reiterated a “hold” rating on shares of Brown & Brown in a research note on Thursday, July 31st. Wells Fargo & Company dropped their price target on shares of Brown & Brown from $101.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Bank of America upgraded shares of Brown & Brown from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $126.00 to $130.00 in a research note on Wednesday, July 30th. Finally, Wall Street Zen upgraded shares of Brown & Brown from a “sell” rating to a “hold” rating in a research report on Saturday, September 20th. Seven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $109.92.

Brown & Brown Company Profile

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.