Madison Asset Management LLC Purchases 320,512 Shares of Brown & Brown, Inc. $BRO

Madison Asset Management LLC grew its position in Brown & Brown, Inc. (NYSE:BRO) by 16.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,307,622 shares of the financial services provider’s stock after purchasing an additional 320,512 shares during the period. Brown & Brown makes up approximately 1.9% of Madison Asset Management LLC’s investment portfolio, making the stock its 7th largest holding. Madison Asset Management LLC owned 0.68% of Brown & Brown worth $150,480,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of BRO. ICONIQ Capital LLC raised its position in Brown & Brown by 5.4% in the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock valued at $234,000 after buying an additional 109 shares during the last quarter. Zacks Investment Management boosted its position in Brown & Brown by 0.7% during the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider’s stock worth $1,675,000 after acquiring an additional 125 shares during the last quarter. Private Trust Co. NA grew its stake in shares of Brown & Brown by 13.1% during the 4th quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider’s stock worth $91,000 after acquiring an additional 133 shares in the last quarter. Moors & Cabot Inc. grew its stake in shares of Brown & Brown by 2.1% during the 3rd quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider’s stock worth $638,000 after acquiring an additional 142 shares in the last quarter. Finally, Independent Advisor Alliance raised its holdings in shares of Brown & Brown by 0.5% in the fourth quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider’s stock valued at $2,694,000 after purchasing an additional 162 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Brown & Brown

In other news, Director H Palmer Proctor, Jr. acquired 2,000 shares of the stock in a transaction dated Tuesday, May 5th. The shares were bought at an average cost of $57.10 per share, for a total transaction of $114,200.00. Following the purchase, the director directly owned 47,621 shares of the company’s stock, valued at approximately $2,719,159.10. This trade represents a 4.38% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 13.13% of the stock is owned by corporate insiders.

Brown & Brown Trading Down 0.5%

Shares of Brown & Brown stock opened at $68.97 on Tuesday. The stock has a market cap of $23.38 billion, a P/E ratio of 22.18, a P/E/G ratio of 3.20 and a beta of 0.60. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $104.25. The business’s 50 day moving average is $61.41 and its 200-day moving average is $67.01.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. The business had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The firm’s revenue was up 35.4% on a year-over-year basis. During the same period last year, the business earned $1.29 earnings per share. Equities research analysts predict that Brown & Brown, Inc. will post 4.5 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Monday, May 11th were given a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, May 11th. Brown & Brown’s dividend payout ratio (DPR) is 21.22%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BRO. Royal Bank Of Canada cut their price objective on shares of Brown & Brown from $76.00 to $72.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 29th. Wells Fargo & Company decreased their target price on shares of Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating for the company in a research report on Thursday, July 9th. Weiss Ratings lowered shares of Brown & Brown from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, June 23rd. Citigroup reissued an “outperform” rating on shares of Brown & Brown in a research report on Friday, July 10th. Finally, Morgan Stanley downgraded shares of Brown & Brown from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $60.00 to $55.00 in a research note on Monday, July 6th. Five equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $78.62.

Brown & Brown Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.