Vancity Investment Management Ltd Has $5.07 Million Stake in Brown & Brown, Inc. $BRO

Vancity Investment Management Ltd cut its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 56.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 79,052 shares of the financial services provider’s stock after selling 104,243 shares during the period. Vancity Investment Management Ltd’s holdings in Brown & Brown were worth $5,071,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Union Bancaire Privee UBP SA acquired a new position in shares of Brown & Brown in the first quarter worth $25,000. Basepoint Wealth LLC acquired a new stake in Brown & Brown during the fourth quarter valued at $27,000. Darwin Wealth Management LLC acquired a new stake in Brown & Brown during the second quarter valued at $30,000. DV Equities LLC purchased a new position in Brown & Brown in the fourth quarter valued at about $33,000. Finally, Continuum Advisory LLC purchased a new position in Brown & Brown in the second quarter valued at about $34,000. 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 weighed in on the company. BMO Capital Markets raised their price target on Brown & Brown from $73.00 to $74.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 29th. Raymond James Financial reissued an “outperform” rating on shares of Brown & Brown in a research note on Friday, June 26th. Citigroup downgraded Brown & Brown from an “outperform” rating to a “neutral” rating and increased their price objective for the stock from $70.00 to $79.00 in a report on Wednesday, July 29th. Morgan Stanley reaffirmed an “underweight” rating and set a $60.00 price objective (up from $56.00) on shares of Brown & Brown in a research report on Wednesday, August 19th. Finally, The Goldman Sachs Group lifted their target price on shares of Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. Four investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and an average target price of $76.80.

Brown & Brown Price Performance

NYSE BRO opened at $71.42 on Monday. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $96.55. The stock’s 50-day moving average is $70.13 and its two-hundred day moving average is $65.91. The firm has a market cap of $23.90 billion, a P/E ratio of 22.53, a price-to-earnings-growth ratio of 2.20 and a beta of 0.58. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The business’s revenue was up 30.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.03 EPS. On average, analysts anticipate that Brown & Brown, Inc. will post 4.5 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th were issued a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 0.9%. The ex-dividend date was Wednesday, August 12th. Brown & Brown’s payout ratio is 20.82%.

Brown & Brown Company 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.