AlphaCore Capital LLC Acquires Shares of 1,940 Brown & Brown, Inc. (NYSE:BRO)

AlphaCore Capital LLC bought a new position in shares of Brown & Brown, Inc. (NYSE:BRO) during the 3rd quarter, HoldingsChannel reports. The fund bought 1,940 shares of the financial services provider’s stock, valued at approximately $201,000.

Other large investors have also made changes to their positions in the company. Oregon Public Employees Retirement Fund increased its position in Brown & Brown by 0.5% during the second quarter. Oregon Public Employees Retirement Fund now owns 20,339 shares of the financial services provider’s stock worth $1,819,000 after purchasing an additional 100 shares during the last quarter. Trust Point Inc. raised its position in shares of Brown & Brown by 4.3% during the 3rd quarter. Trust Point Inc. now owns 2,519 shares of the financial services provider’s stock valued at $261,000 after buying an additional 103 shares during the period. Creative Planning raised its position in shares of Brown & Brown by 0.4% during the 3rd quarter. Creative Planning now owns 29,892 shares of the financial services provider’s stock valued at $3,097,000 after buying an additional 112 shares during the period. Crossmark Global Holdings Inc. lifted its holdings in Brown & Brown by 0.5% in the third quarter. Crossmark Global Holdings Inc. now owns 22,929 shares of the financial services provider’s stock valued at $2,375,000 after acquiring an additional 113 shares during the last quarter. Finally, Anchor Investment Management LLC grew its position in Brown & Brown by 4.0% in the second quarter. Anchor Investment Management LLC now owns 3,286 shares of the financial services provider’s stock worth $294,000 after acquiring an additional 125 shares during the period. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BRO has been the topic of several recent analyst reports. Jefferies Financial Group upped their price target on Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Wells Fargo & Company lifted their price target on shares of Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Keefe, Bruyette & Woods upped their price objective on shares of Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a report on Friday, July 26th. Barclays lifted their target price on shares of Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, Royal Bank of Canada upped their price target on Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $107.42.

Insiders Place Their Bets

In other news, Chairman Hyatt J. Brown sold 134,640 shares of the firm’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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 17.02% of the stock is owned by company insiders.

Brown & Brown Stock Performance

Shares of Brown & Brown stock opened at $112.05 on Friday. The business has a 50-day simple moving average of $105.98 and a 200-day simple moving average of $98.63. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73. Brown & Brown, Inc. has a one year low of $69.13 and a one year high of $114.08. The company has a market cap of $32.04 billion, a PE ratio of 30.53, a P/E/G ratio of 2.55 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the business posted $0.71 EPS. The firm’s revenue was up 11.0% on a year-over-year basis. On average, equities research analysts forecast that Brown & Brown, Inc. will post 3.74 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were paid a $0.15 dividend. The ex-dividend date was Wednesday, November 6th. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 0.54%. Brown & Brown’s dividend payout ratio (DPR) is currently 16.35%.

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.