Legacy Wealth Asset Management LLC Has $342,000 Position in Brown & Brown, Inc. (NYSE:BRO)

Legacy Wealth Asset Management LLC boosted its position in Brown & Brown, Inc. (NYSE:BRO) by 15.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,907 shares of the financial services provider’s stock after purchasing an additional 528 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Brown & Brown were worth $342,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of BRO. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Brown & Brown in the 3rd quarter worth about $371,000. Trexquant Investment LP acquired a new stake in shares of Brown & Brown in the third quarter valued at about $752,000. Qube Research & Technologies Ltd acquired a new stake in shares of Brown & Brown in the third quarter valued at about $6,403,000. Bank of Nova Scotia increased its stake in shares of Brown & Brown by 14.3% in the third quarter. Bank of Nova Scotia now owns 21,989 shares of the financial services provider’s stock valued at $1,536,000 after buying an additional 2,752 shares during the period. Finally, Glenmede Trust Co. NA increased its stake in shares of Brown & Brown by 38.9% in the third quarter. Glenmede Trust Co. NA now owns 18,627 shares of the financial services provider’s stock valued at $1,301,000 after buying an additional 5,219 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on BRO shares. StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a research note on Thursday. Wells Fargo & Company increased their price target on Brown & Brown from $84.00 to $85.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 24th. Raymond James upped their target price on Brown & Brown from $90.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, March 26th. Keefe, Bruyette & Woods upped their target price on Brown & Brown from $80.00 to $82.00 and gave the company an “underperform” rating in a research report on Friday, May 3rd. Finally, Royal Bank of Canada upped their target price on Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a research report on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $89.40.

Brown & Brown Stock Up 0.4 %

Shares of NYSE:BRO opened at $90.04 on Friday. The business’s 50 day simple moving average is $88.59 and its two-hundred day simple moving average is $82.88. The firm has a market cap of $25.68 billion, a P/E ratio of 27.70, a PEG ratio of 2.37 and a beta of 0.82. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.97 and a current ratio of 1.97. Brown & Brown, Inc. has a 52-week low of $66.73 and a 52-week high of $93.75.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.07. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.22 billion. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The company’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.84 earnings per share. As a group, research analysts forecast that Brown & Brown, Inc. will post 3.61 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Monday, May 6th were issued a $0.13 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $0.52 annualized dividend and a yield of 0.58%. Brown & Brown’s payout ratio is currently 16.00%.

Insiders Place Their Bets

In other Brown & Brown news, EVP Julie Turpin sold 3,350 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $89.92, for a total value of $301,232.00. Following the transaction, the executive vice president now owns 23,597 shares in the company, valued at $2,121,842.24. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 16.43% of the company’s stock.

Brown & Brown Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.