Brown & Brown unveils $100mn share buyback
New York-listed broker Brown & Brown has told investors that it will look to repurchase up to $100mn of stock over the next 12 months.
The predominantly retail broker's shares were trading at almost $27 earlier this year, but they have fallen as low as $17 in recent weeks and were changing hands at $20 when the market closed yesterday (19 October).
Stifel Nicolaus analyst Meyer Shields welcomed the move. "We expect investors to react positively to the announcement, especially...
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