APG Asset Management N.V. Cuts Holdings in Brown & Brown, Inc. (NYSE:BRO)

APG Asset Management N.V. cut its holdings in Brown & Brown, Inc. (NYSE:BRO) by 3.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,910,542 shares of the financial services provider’s stock after selling 110,105 shares during the quarter. APG Asset Management N.V.’s holdings in Brown & Brown were worth $242,810,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of BRO. Oregon Public Employees Retirement Fund raised its position in shares of Brown & Brown by 0.5% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 20,339 shares of the financial services provider’s stock worth $1,819,000 after purchasing an additional 100 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Brown & Brown by 0.5% in the first quarter. State of Alaska Department of Revenue now owns 25,633 shares of the financial services provider’s stock worth $2,243,000 after acquiring an additional 125 shares during the last quarter. Studio Investment Management LLC lifted its position in shares of Brown & Brown by 2.1% in the second quarter. Studio Investment Management LLC now owns 6,417 shares of the financial services provider’s stock valued at $574,000 after acquiring an additional 130 shares in the last quarter. Simplicity Wealth LLC boosted its stake in shares of Brown & Brown by 5.6% during the second quarter. Simplicity Wealth LLC now owns 2,505 shares of the financial services provider’s stock valued at $224,000 after acquiring an additional 132 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its position in Brown & Brown by 2.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,856 shares of the financial services provider’s stock worth $613,000 after purchasing an additional 163 shares in the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on BRO. Citigroup upped their target price on shares of Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. UBS Group upped their price objective on shares of Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Raymond James lifted their target price on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Wells Fargo & Company raised Brown & Brown from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $94.00 to $112.00 in a research note on Monday, August 12th. Finally, Royal Bank of Canada lifted their price objective on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Brown & Brown currently has a consensus rating of “Moderate Buy” and an average target price of $101.67.

Brown & Brown Stock Performance

Shares of NYSE:BRO opened at $103.35 on Thursday. The business has a 50-day moving average of $101.28 and a two-hundred day moving average of $92.25. The firm has a market capitalization of $29.48 billion, a PE ratio of 31.80, a P/E/G ratio of 2.37 and a beta of 0.83. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35. Brown & Brown, Inc. has a 12 month low of $66.73 and a 12 month high of $106.02.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.05. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the company earned $0.68 EPS. The company’s revenue was up 12.5% on a year-over-year basis. As a group, research analysts forecast that Brown & Brown, Inc. will post 3.68 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were issued a dividend of $0.13 per share. The ex-dividend date was Wednesday, August 7th. This represents a $0.52 annualized dividend and a dividend yield of 0.50%. Brown & Brown’s payout ratio is 16.00%.

Insider Buying and Selling

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of the transaction, the chief financial officer now owns 88,445 shares in the company, valued at approximately $8,872,802.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The disclosure for this sale can be found here. 17.02% of the stock is owned by corporate insiders.

Brown & Brown Company Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.