Brown & Brown, Inc. (NYSE:BRO) Stock Position Increased by Intech Investment Management LLC

Intech Investment Management LLC lifted its position in Brown & Brown, Inc. (NYSE:BRO) by 0.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 435,392 shares of the financial services provider’s stock after buying an additional 3,172 shares during the period. Intech Investment Management LLC owned approximately 0.15% of Brown & Brown worth $38,928,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of BRO. Norges Bank purchased a new position in shares of Brown & Brown during the fourth quarter valued at $217,663,000. Congress Asset Management Co. MA purchased a new position in shares of Brown & Brown during the fourth quarter valued at $82,445,000. Royal London Asset Management Ltd. grew its holdings in shares of Brown & Brown by 105.1% during the second quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock valued at $184,930,000 after buying an additional 1,059,711 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Brown & Brown by 76.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 2,000,227 shares of the financial services provider’s stock valued at $142,236,000 after buying an additional 865,082 shares in the last quarter. Finally, Confluence Investment Management LLC purchased a new position in shares of Brown & Brown during the first quarter valued at $49,598,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO R. Andrew Watts sold 2,500 shares of the firm’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 completion of the sale, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at approximately $8,872,802.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction on 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 this link. Also, CFO R. Andrew Watts sold 2,500 shares of the firm’s stock in a transaction 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 $8,872,802.40. The disclosure for this sale can be found here. 17.02% of the stock is owned by corporate insiders.

Brown & Brown Trading Down 1.0 %

Shares of BRO opened at $101.45 on Friday. Brown & Brown, Inc. has a 12-month low of $66.73 and a 12-month high of $106.02. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $28.94 billion, a price-to-earnings ratio of 31.22, a P/E/G ratio of 2.37 and a beta of 0.83. The stock’s 50-day moving average price is $100.56 and its 200 day moving average price is $91.71.

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

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were given 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 yield of 0.51%. Brown & Brown’s dividend payout ratio (DPR) is presently 16.00%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BRO. Truist Financial boosted their target price on Brown & Brown from $104.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Barclays began coverage on Brown & Brown in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 price target for the company. Keefe, Bruyette & Woods boosted their price target on Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a research report on Friday, July 26th. Wells Fargo & Company raised Brown & Brown from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $94.00 to $112.00 in a research report on Monday, August 12th. Finally, Citigroup boosted their price target on Brown & Brown from $94.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $100.00.

About Brown & Brown

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.