SG Americas Securities LLC lessened its stake in Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 81.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,159 shares of the financial services provider’s stock after selling 55,918 shares during the period. SG Americas Securities LLC’s holdings in Brown & Brown were worth $951,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of BRO. Invesco Ltd. lifted its stake in shares of Brown & Brown by 37.2% in the 4th quarter. Invesco Ltd. now owns 2,922,912 shares of the financial services provider’s stock valued at $205,422,000 after acquiring an additional 792,133 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its position in Brown & Brown by 227.0% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 664,800 shares of the financial services provider’s stock valued at $46,722,000 after purchasing an additional 461,500 shares during the last quarter. Geode Capital Management LLC raised its position in Brown & Brown by 9.1% during the 4th quarter. Geode Capital Management LLC now owns 4,873,604 shares of the financial services provider’s stock valued at $341,895,000 after purchasing an additional 405,556 shares during the last quarter. Acadian Asset Management LLC raised its position in Brown & Brown by 4,167.5% during the 4th quarter. Acadian Asset Management LLC now owns 361,204 shares of the financial services provider’s stock valued at $25,370,000 after purchasing an additional 352,740 shares during the last quarter. Finally, Select Equity Group L.P. raised its position in Brown & Brown by 1.6% during the 4th quarter. Select Equity Group L.P. now owns 18,275,989 shares of the financial services provider’s stock valued at $1,284,437,000 after purchasing an additional 290,645 shares during the last quarter. Institutional investors own 72.29% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have commented on BRO shares. Morgan Stanley lowered their price target on Brown & Brown from $70.00 to $64.00 and set an “equal weight” rating for the company in a research report on Monday, May 23rd. Wells Fargo & Company reduced their target price on Brown & Brown to $66.00 and set an “outperform” rating on the stock in a report on Wednesday, July 27th. Truist Financial reduced their target price on Brown & Brown from $82.00 to $75.00 in a report on Monday, July 18th. UBS Group initiated coverage on Brown & Brown in a report on Monday, April 18th. They set a “neutral” rating and a $76.00 target price on the stock. Finally, Jefferies Financial Group reduced their target price on Brown & Brown from $82.00 to $70.00 and set a “buy” rating on the stock in a report on Tuesday, July 12th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $68.89.
Brown & Brown Stock Performance
Brown & Brown (NYSE:BRO – Get Rating) last released its quarterly earnings data on Monday, July 25th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.02. The business had revenue of $838.70 million for the quarter, compared to analysts’ expectations of $803.46 million. Brown & Brown had a return on equity of 15.36% and a net margin of 18.86%. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.49 EPS. On average, equities research analysts predict that Brown & Brown, Inc. will post 2.28 earnings per share for the current fiscal year.
Brown & Brown Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 17th. Investors of record on Wednesday, August 10th will be given a $0.102 dividend. The ex-dividend date of this dividend is Tuesday, August 9th. This represents a $0.41 annualized dividend and a yield of 0.63%. Brown & Brown’s dividend payout ratio (DPR) is presently 18.98%.
Insider Activity at Brown & Brown
In other Brown & Brown news, Director Hugh M. Brown acquired 824 shares of the stock in a transaction that occurred on Thursday, May 5th. The shares were acquired at an average cost of $59.66 per share, with a total value of $49,159.84. Following the transaction, the director now owns 49,452 shares of the company’s stock, valued at approximately $2,950,306.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Lawrence L. Gellerstedt III purchased 1,670 shares of the stock in a transaction dated Tuesday, May 3rd. The shares were purchased at an average cost of $59.99 per share, with a total value of $100,183.30. Following the acquisition, the director now directly owns 7,727 shares of the company’s stock, valued at $463,542.73. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Hugh M. Brown purchased 824 shares of the stock in a transaction dated Thursday, May 5th. The shares were purchased at an average cost of $59.66 per share, for a total transaction of $49,159.84. Following the completion of the acquisition, the director now directly owns 49,452 shares in the company, valued at $2,950,306.32. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 4,294 shares of company stock valued at $248,253. 17.02% of the stock is owned by corporate insiders.
Brown & Brown Profile
Brown & Brown, Inc markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services.
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