Nordea Investment Management AB Sells 124,906 Shares of Brown & Brown, Inc. $BRO

Nordea Investment Management AB reduced its stake in Brown & Brown, Inc. (NYSE:BRO) by 19.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 514,958 shares of the financial services provider’s stock after selling 124,906 shares during the quarter. Nordea Investment Management AB owned 0.18% of Brown & Brown worth $56,429,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Bares Capital Management Inc. bought a new stake in Brown & Brown in the 1st quarter valued at $26,000. ST Germain D J Co. Inc. lifted its position in Brown & Brown by 298.5% in the 2nd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 200 shares in the last quarter. Optimum Investment Advisors bought a new stake in Brown & Brown in the 1st quarter valued at $31,000. SouthState Corp lifted its position in Brown & Brown by 188.6% in the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 166 shares in the last quarter. Finally, Bruce G. Allen Investments LLC lifted its position in Brown & Brown by 1,129.6% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 305 shares in the last quarter. 71.01% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Bronislaw Edmund Masojada acquired 1,000 shares of the stock in a transaction dated Wednesday, August 6th. The shares were bought at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the purchase, the director directly owned 5,000 shares of the company’s stock, valued at approximately $457,200. This trade represents a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul J. Krump acquired 2,678 shares of the stock in a transaction dated Friday, August 8th. The shares were purchased at an average price of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the purchase, the director directly owned 5,353 shares in the company, valued at $499,488.43. The trade was a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.02% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently commented on BRO. Wall Street Zen raised shares of Brown & Brown from a “sell” rating to a “hold” rating in a research report on Saturday, September 20th. Keefe, Bruyette & Woods lowered their price target on shares of Brown & Brown from $104.00 to $87.00 and set an “underperform” rating on the stock in a research note on Thursday, July 31st. Barclays lowered their price target on shares of Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Truist Financial set a $120.00 price target on shares of Brown & Brown in a research note on Wednesday, July 30th. Finally, Bank of America upgraded shares of Brown & Brown from a “neutral” rating to a “buy” rating and lifted their price target for the company from $126.00 to $130.00 in a research note on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Brown & Brown has an average rating of “Hold” and a consensus price target of $109.92.

Brown & Brown Stock Up 0.4%

Brown & Brown stock opened at $87.79 on Friday. The firm has a market capitalization of $28.96 billion, a PE ratio of 25.30, a P/E/G ratio of 1.98 and a beta of 0.79. The company’s 50-day moving average is $94.26 and its 200-day moving average is $103.77. Brown & Brown, Inc. has a fifty-two week low of $87.26 and a fifty-two week high of $125.68. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.04. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. Brown & Brown’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.93 EPS. Sell-side analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were paid a dividend of $0.15 per share. The ex-dividend date was Wednesday, August 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.7%. Brown & Brown’s payout ratio is currently 17.29%.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.