1832 Asset Management L.P. Has $19.44 Million Stake in Brown & Brown, Inc. (NYSE:BRO)

1832 Asset Management L.P. cut its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 10.3% during the second quarter, Holdings Channel reports. The fund owned 217,470 shares of the financial services provider’s stock after selling 24,868 shares during the quarter. 1832 Asset Management L.P.’s holdings in Brown & Brown were worth $19,444,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in BRO. Gilbert & Cook Inc. increased its holdings in shares of Brown & Brown by 6.3% in the fourth quarter. Gilbert & Cook Inc. now owns 10,889 shares of the financial services provider’s stock valued at $774,000 after purchasing an additional 646 shares during the last quarter. Brown Advisory Inc. boosted its holdings in shares of Brown & Brown by 22.1% during the 4th quarter. Brown Advisory Inc. now owns 5,199 shares of the financial services provider’s stock worth $370,000 after buying an additional 942 shares during the period. UBS Group AG grew its stake in Brown & Brown by 20.8% in the 4th quarter. UBS Group AG now owns 460,797 shares of the financial services provider’s stock valued at $32,767,000 after buying an additional 79,237 shares during the last quarter. US Bancorp DE raised its holdings in Brown & Brown by 41.2% in the 4th quarter. US Bancorp DE now owns 40,441 shares of the financial services provider’s stock valued at $2,876,000 after acquiring an additional 11,810 shares during the period. Finally, Hsbc Holdings PLC raised its holdings in Brown & Brown by 19.2% in the 4th quarter. Hsbc Holdings PLC now owns 385,413 shares of the financial services provider’s stock valued at $27,365,000 after acquiring an additional 62,020 shares during the period. 71.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the transaction, the chief financial officer now owns 88,445 shares in the company, valued at $8,872,802.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, 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 value of $14,071,226.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total transaction of $250,800.00. Following the sale, the chief financial officer now directly owns 88,445 shares in the company, valued at approximately $8,872,802.40. The disclosure for this sale can be found here. 17.02% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. UBS Group boosted their price objective on Brown & Brown from $91.00 to $94.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Royal Bank of Canada boosted their price target on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Raymond James increased their price objective on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Keefe, Bruyette & Woods lifted their target price on Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a report on Friday, July 26th. Finally, Truist Financial upped their price target on shares of Brown & Brown from $104.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, Brown & Brown presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.00.

Brown & Brown Price Performance

BRO stock opened at $102.21 on Tuesday. The company’s 50-day moving average price is $100.88 and its two-hundred day moving average price is $92.04. The firm has a market cap of $29.16 billion, a P/E ratio of 31.45, a P/E/G ratio of 2.42 and a beta of 0.83. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.56. Brown & Brown, Inc. has a 12 month low of $66.73 and a 12 month high of $106.02.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the firm posted $0.68 earnings per share. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, analysts anticipate that Brown & Brown, Inc. will post 3.68 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.51%. Brown & Brown’s dividend payout ratio (DPR) is currently 16.00%.

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.