Cambridge Investment Research Advisors Inc. lessened its position in Brown & Brown, Inc. (NYSE:BRO) by 9.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,708 shares of the financial services provider’s stock after selling 850 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Brown & Brown were worth $332,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of BRO. IFP Advisors Inc increased its holdings in Brown & Brown by 9.8% in the 2nd quarter. IFP Advisors Inc now owns 2,823 shares of the financial services provider’s stock worth $122,000 after purchasing an additional 251 shares in the last quarter. Mosaic Family Wealth LLC increased its holdings in Brown & Brown by 5.9% in the 2nd quarter. Mosaic Family Wealth LLC now owns 4,208 shares of the financial services provider’s stock worth $181,000 after purchasing an additional 235 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Brown & Brown by 10.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,322 shares of the financial services provider’s stock worth $186,000 after purchasing an additional 405 shares in the last quarter. Hartford Investment Management Co. acquired a new position in Brown & Brown in the 2nd quarter worth about $211,000. Finally, Pzena Investment Management LLC increased its holdings in Brown & Brown by 2.8% in the 2nd quarter. Pzena Investment Management LLC now owns 5,087 shares of the financial services provider’s stock worth $219,000 after purchasing an additional 138 shares in the last quarter. 72.18% of the stock is owned by institutional investors and hedge funds.

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Shares of Brown & Brown, Inc. (BRO) opened at 46.42 on Friday. The firm has a 50 day moving average price of $44.77 and a 200-day moving average price of $43.44. Brown & Brown, Inc. has a 52-week low of $36.05 and a 52-week high of $48.32. The company has a market cap of $6.50 billion, a price-to-earnings ratio of 24.82 and a beta of 0.77.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, July 17th. The financial services provider reported $0.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.02. The firm had revenue of $466.30 million for the quarter, compared to the consensus estimate of $465.48 million. Brown & Brown had a return on equity of 11.10% and a net margin of 14.52%. The company’s quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.47 earnings per share. Equities research analysts anticipate that Brown & Brown, Inc. will post $1.85 earnings per share for the current year.

In other news, EVP Anthony T. Strianese sold 10,000 shares of Brown & Brown stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $44.59, for a total value of $445,900.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 16.98% of the stock is currently owned by insiders.

A number of equities analysts have issued reports on the company. BidaskClub raised Brown & Brown from a “sell” rating to a “hold” rating in a report on Wednesday, August 16th. Wells Fargo & Company reaffirmed a “hold” rating on shares of Brown & Brown in a report on Tuesday, August 15th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $43.00 target price on shares of Brown & Brown in a report on Friday, August 18th. Zacks Investment Research cut Brown & Brown from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $44.00 price target on shares of Brown & Brown in a research report on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. Brown & Brown presently has a consensus rating of “Hold” and a consensus target price of $43.43.

Brown & Brown Company Profile

Brown & Brown, Inc is a diversified insurance agency, wholesale brokerage, insurance programs and service company. The Company markets and sells insurance products and services, in the property, casualty and employee benefits areas. It provides its customers with non-investment insurance contracts, as well as other customized risk management products and services.

Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

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