Allianz Asset Management GmbH Has $13.92 Million Position in Brown & Brown, Inc. (BRO)
Allianz Asset Management GmbH cut its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 31.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 288,922 shares of the financial services provider’s stock after selling 131,723 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.21% of Brown & Brown worth $13,923,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. Aperio Group LLC increased its holdings in shares of Brown & Brown by 19.8% in the 2nd quarter. Aperio Group LLC now owns 18,869 shares of the financial services provider’s stock valued at $813,000 after acquiring an additional 3,119 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Brown & Brown by 5.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 83,762 shares of the financial services provider’s stock valued at $3,607,000 after acquiring an additional 4,652 shares during the last quarter. Bessemer Group Inc. bought a new stake in shares of Brown & Brown in the 2nd quarter valued at approximately $409,000. IFP Advisors Inc increased its holdings in shares of Brown & Brown by 9.8% in the 2nd quarter. IFP Advisors Inc now owns 2,823 shares of the financial services provider’s stock valued at $122,000 after acquiring an additional 251 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Brown & Brown in the 2nd quarter valued at approximately $3,708,000. Institutional investors own 71.96% of the company’s stock.
In other news, Director Richard Silas sold 50,000 shares of the business’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $0.83, for a total value of $41,500.00. Also, insider Michael Waldkirch sold 75,000 shares of the business’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $0.75, for a total value of $56,250.00. Insiders have sold a total of 163,000 shares of company stock valued at $126,250 in the last quarter. 16.98% of the stock is currently owned by insiders.
Shares of Brown & Brown, Inc. (BRO) traded down $0.20 during mid-day trading on Friday, reaching $51.05. The company’s stock had a trading volume of 494,400 shares, compared to its average volume of 581,553. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.35. Brown & Brown, Inc. has a one year low of $41.10 and a one year high of $52.42. The firm has a market cap of $7,144.44, a price-to-earnings ratio of 27.41, a PEG ratio of 2.74 and a beta of 0.80.
Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, October 16th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.04. Brown & Brown had a return on equity of 10.99% and a net margin of 14.66%. The company had revenue of $475.60 million during the quarter, compared to analyst estimates of $475.13 million. During the same quarter in the previous year, the firm posted $0.50 EPS. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. analysts predict that Brown & Brown, Inc. will post 1.87 EPS for the current year.
A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $45.00 price target on shares of Brown & Brown in a report on Monday, October 16th. Citigroup lowered Brown & Brown from a “neutral” rating to a “sell” rating and set a $47.00 price objective for the company. in a research report on Wednesday, November 8th. Wells Fargo & Company set a $45.00 price objective on Brown & Brown and gave the company a “hold” rating in a research report on Monday, October 16th. Zacks Investment Research upgraded Brown & Brown from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a research report on Wednesday, November 1st. Finally, Barclays boosted their price objective on Brown & Brown from $39.00 to $43.00 and gave the company an “underweight” rating in a research report on Monday, October 16th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $46.13.
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Brown & Brown 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.
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