AXQ Capital LP Buys New Holdings in Brown & Brown, Inc. (NYSE:BRO)

AXQ Capital LP bought a new stake in Brown & Brown, Inc. (NYSE:BRO) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 11,992 shares of the financial services provider’s stock, valued at approximately $1,223,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BRO. Quest Partners LLC acquired a new position in Brown & Brown in the third quarter valued at $688,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Brown & Brown in the third quarter valued at about $646,000. PNC Financial Services Group Inc. raised its position in Brown & Brown by 9.8% in the third quarter. PNC Financial Services Group Inc. now owns 46,666 shares of the financial services provider’s stock valued at $4,835,000 after purchasing an additional 4,146 shares during the period. Commerce Bank raised its position in Brown & Brown by 4.6% in the third quarter. Commerce Bank now owns 9,887 shares of the financial services provider’s stock valued at $1,024,000 after purchasing an additional 438 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Brown & Brown in the third quarter valued at about $3,552,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Price Performance

Shares of NYSE:BRO opened at $118.38 on Friday. The firm’s 50 day moving average is $111.55 and its two-hundred day moving average is $107.67. Brown & Brown, Inc. has a 52 week low of $80.33 and a 52 week high of $121.25. The firm has a market capitalization of $33.85 billion, a P/E ratio of 34.21, a PEG ratio of 2.93 and a beta of 0.86. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.56.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.86 EPS for the quarter, beating the consensus estimate of $0.76 by $0.10. Brown & Brown had a net margin of 20.68% and a return on equity of 17.81%. Analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Wednesday, February 5th were paid a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, February 5th. This represents a $0.60 annualized dividend and a dividend yield of 0.51%. Brown & Brown’s payout ratio is currently 17.34%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BRO shares. Keefe, Bruyette & Woods dropped their target price on Brown & Brown from $99.00 to $97.00 and set an “underperform” rating on the stock in a research report on Friday, January 10th. Wells Fargo & Company lifted their target price on Brown & Brown from $115.00 to $125.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Bank of America upped their price objective on Brown & Brown from $116.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. Royal Bank of Canada upped their price target on Brown & Brown from $118.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, January 29th. Finally, Morgan Stanley initiated coverage on shares of Brown & Brown in a report on Thursday, December 5th. They issued an “overweight” rating and a $134.00 price objective for the company. 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. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $113.17.

Brown & Brown Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.