Brown & Brown, Inc. (NYSE:BRO) Shares Bought by Heron Bay Capital Management

Heron Bay Capital Management raised its position in Brown & Brown, Inc. (NYSE:BRO) by 0.3% in the second quarter, Holdings Channel.com reports. The institutional investor owned 110,599 shares of the financial services provider’s stock after purchasing an additional 366 shares during the period. Brown & Brown comprises approximately 2.1% of Heron Bay Capital Management’s holdings, making the stock its 20th largest position. Heron Bay Capital Management’s holdings in Brown & Brown were worth $9,889,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BRO. State Board of Administration of Florida Retirement System increased its stake in Brown & Brown by 2.5% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 267,190 shares of the financial services provider’s stock valued at $23,390,000 after buying an additional 6,613 shares during the period. Sei Investments Co. increased its stake in shares of Brown & Brown by 12.7% during the first quarter. Sei Investments Co. now owns 276,090 shares of the financial services provider’s stock worth $24,169,000 after acquiring an additional 31,071 shares during the period. Great Valley Advisor Group Inc. purchased a new position in Brown & Brown during the second quarter worth about $1,512,000. DekaBank Deutsche Girozentrale boosted its holdings in Brown & Brown by 12.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock valued at $21,855,000 after purchasing an additional 27,879 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its position in Brown & Brown by 339.1% during the 4th quarter. Allianz Asset Management GmbH now owns 648,550 shares of the financial services provider’s stock worth $46,118,000 after purchasing an additional 500,847 shares during the period. 71.01% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO R. Andrew Watts sold 2,500 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of the transaction, the chief financial officer now directly owns 88,445 shares in the company, valued at $8,872,802.40. The disclosure for this sale can be found here. Insiders own 17.02% of the company’s stock.

Brown & Brown Price Performance

Shares of NYSE:BRO opened at $101.01 on Friday. The company has a market cap of $28.81 billion, a P/E ratio of 31.08, a P/E/G ratio of 2.42 and a beta of 0.83. The business has a fifty day simple moving average of $100.70 and a 200-day simple moving average of $91.88. Brown & Brown, Inc. has a 52 week low of $66.73 and a 52 week high of $106.02. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.56.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.05. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the company posted $0.68 EPS. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. Equities research analysts forecast that Brown & Brown, Inc. will post 3.68 EPS for the current year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were paid a dividend of $0.13 per share. The ex-dividend date was Wednesday, August 7th. This represents a $0.52 annualized dividend and a dividend yield of 0.51%. Brown & Brown’s dividend payout ratio is presently 16.00%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on BRO shares. Barclays initiated coverage on Brown & Brown in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 price target for the company. Royal Bank of Canada boosted their target price on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. UBS Group raised their price objective on shares of Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Wells Fargo & Company upgraded shares of Brown & Brown from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $94.00 to $112.00 in a research report on Monday, August 12th. Finally, Citigroup boosted their price target on Brown & Brown from $94.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $100.00.

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.