Brown & Brown, Inc. Announces Quarterly Cash Dividend

Eloi Lecerf
Julho 15, 2017

(NYSE:BRO) from a hold rating to a sell rating in a research note released on Tuesday, June 27th.

A number of other research firms also recently weighed in on BRO. Zacks Investment Research upgraded Brown & Brown from a sell rating to a hold rating in a research report on Tuesday, March 14th. Wells Fargo & Company restated a "hold" rating on shares of Brown & Brown in a research report on Tuesday, April 18th. Royal Bank Of Canada restated a "hold" rating on shares of Brown & Brown in a report on Monday, May 8th. SunTrust Banks, Inc. reaffirmed a "hold" rating and issued a $46.00 price objective (up from $44.00) on shares of Brown & Brown in a research note on Friday, May 19th. Finally, Citigroup Inc. dropped their price target on shares of Brown & Brown from $47.00 to $45.00 and set a neutral rating on the stock in a research note on Friday, April 7th. Brown & Brown now has a consensus rating of "Hold" and an average price target of $42.57.

Brown & Brown (NYSE BRO) traded up 0.05% during mid-day trading on Friday, reaching $43.10. Moreover, Ami Asset Management Corp has 0.97% invested in the company for 169,112 shares. The company's 50-day moving average price is $43.19 and its 200-day moving average price is $43.24. The company has a market cap of $6.04 billion, a P/E ratio of 23.04 and a beta of 0.77. (NYSE:BRO) will be issuing its quarterly earnings data after the market closes on Monday, July 17th. (NYSE:BRO) today announced that the Board of Directors has declared a regular quarterly cash dividend of $0.1350 per share. The firm had revenue of $465.10 million during the quarter, compared to analyst estimates of $443.76 million.

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Among 14 analysts covering Brown & Brown (NYSE:BRO), 0 have Buy rating, 2 Sell and 12 Hold. Brown & Brown's quarterly revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.44 earnings per share. Equities research analysts predict that Brown & Brown, Inc. will post $1.84 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY WARNING: This news story was posted by Markets Daily and is the property of of Markets Daily. If you are viewing this article on another website, it was stolen and republished in violation of USA & worldwide copyright & trademark legislation. The legal version of this article can be accessed at https://transcriptdaily.com/2017/07/13/fenimore-asset-management-inc-sells-3741-shares-of-brown-brown-inc-nysebro.html. Investors of record on Wednesday, August 9th will be issued a dividend of $0.135 per share. This dividend represents a yeild of $1.26 which is the dividend as a percentage of the current share price. Brown & Brown presently has an average rating of "Hold" and a consensus price target of $42.57.

In related news, EVP Anthony T. Strianese sold 24,562 shares of the firm's stock in a transaction dated Friday, April 21st. The stock was sold at an average price of $42.24, for a total value of $1,037,498.88. The transaction was disclosed in a filing with the SEC, which is available at this link. As per Tuesday, February 16, the company rating was initiated by Citigroup. Norges Bank acquired a new stake in Brown & Brown during the fourth quarter worth about $55,514,000. Amalgamated Bank now owns 18,441 shares of the financial services provider's stock worth $769,000 after buying an additional 256 shares during the last quarter. Brown & Brown accounts for about 2.6% of Fenimore Asset Management Inc.'s portfolio, making the stock its 12th largest position. Confluence Investment Management LLC now owns 488,295 shares of the financial services provider's stock valued at $21,031,000 after buying an additional 6,382 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Brown & Brown by 1.5% in the first quarter. Vanguard Group Inc. now owns 10,758,271 shares of the financial services provider's stock valued at $448,836,000 after buying an additional 745,912 shares in the last quarter. Credit Suisse AG increased its stake in Brown & Brown by 3.8% in the first quarter. BlackRock Inc. now owns 9,491,726 shares of the financial services provider's stock worth $395,994,000 after buying an additional 9,331,437 shares during the last quarter. Moreover, First Quadrant Ltd Partnership Ca has 0.02% invested in Brown & Brown, Inc. Paloma Partners Management Co now owns 58,587 shares of the financial services provider's stock worth $2,444,000 after buying an additional 44,439 shares in the last quarter. Institutional investors and hedge funds own 72.53% of the company's stock.

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