Brown & Brown (NYSE:BRO) Sets New 1-Year High at $38.17

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Shares of Brown & Brown, Inc. (NYSE:BRO) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $38.17 and last traded at $38.15, with a volume of 678578 shares trading hands. The stock had previously closed at $37.84.

Several equities analysts recently issued reports on the stock. ValuEngine lowered shares of Brown & Brown from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 2nd. SunTrust Banks lifted their price objective on shares of Brown & Brown from $40.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. They noted that the move was a valuation call. Morgan Stanley lifted their price objective on shares of Brown & Brown from $30.00 to $33.00 and gave the company an “underweight” rating in a report on Thursday, July 25th. Raymond James lifted their price objective on shares of Brown & Brown from $38.00 to $39.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Finally, Barclays lifted their price objective on shares of Brown & Brown from $28.00 to $30.00 and gave the company an “underweight” rating in a report on Wednesday, October 2nd. Three research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $33.50.

The company’s fifty day simple moving average is $36.51 and its 200-day simple moving average is $34.81. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $10.65 billion, a PE ratio of 30.94, a price-to-earnings-growth ratio of 2.71 and a beta of 0.69.

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, hitting the Thomson Reuters’ consensus estimate of $0.39. Brown & Brown had a net margin of 17.04% and a return on equity of 12.39%. The business had revenue of $618.70 million for the quarter, compared to analyst estimates of $610.36 million. During the same period in the previous year, the company earned $0.38 earnings per share. The business’s revenue for the quarter was up 16.5% on a year-over-year basis. As a group, equities research analysts anticipate that Brown & Brown, Inc. will post 1.39 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Friday, November 8th will be issued a $0.085 dividend. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.08. This represents a $0.34 annualized dividend and a yield of 0.89%. The ex-dividend date is Thursday, November 7th. Brown & Brown’s payout ratio is currently 27.64%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Brown & Brown by 0.5% during the second quarter. Vanguard Group Inc. now owns 25,323,901 shares of the financial services provider’s stock valued at $848,351,000 after buying an additional 116,551 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Brown & Brown by 0.7% during the second quarter. BlackRock Inc. now owns 21,812,309 shares of the financial services provider’s stock valued at $730,712,000 after buying an additional 160,163 shares during the last quarter. NN Investment Partners Holdings N.V. grew its holdings in shares of Brown & Brown by 3.6% during the second quarter. NN Investment Partners Holdings N.V. now owns 4,226,161 shares of the financial services provider’s stock valued at $141,576,000 after buying an additional 145,025 shares during the last quarter. Citadel Advisors LLC grew its holdings in shares of Brown & Brown by 0.8% during the second quarter. Citadel Advisors LLC now owns 2,892,282 shares of the financial services provider’s stock valued at $96,892,000 after buying an additional 22,206 shares during the last quarter. Finally, Scout Investments Inc. grew its holdings in shares of Brown & Brown by 669.0% during the third quarter. Scout Investments Inc. now owns 1,930,315 shares of the financial services provider’s stock valued at $69,607,000 after buying an additional 1,679,315 shares during the last quarter. 71.19% of the stock is currently owned by institutional investors and hedge funds.

Brown & Brown Company Profile (NYSE:BRO)

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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