Intech Investment Management LLC Sells 82,410 Shares of Brown & Brown, Inc. $BRO

Intech Investment Management LLC trimmed its stake in Brown & Brown, Inc. (NYSE:BRO) by 28.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 204,705 shares of the financial services provider’s stock after selling 82,410 shares during the period. Intech Investment Management LLC owned 0.06% of Brown & Brown worth $22,696,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Thoroughbred Financial Services LLC bought a new stake in Brown & Brown during the second quarter worth about $1,046,000. Creative Planning grew its holdings in shares of Brown & Brown by 5.1% during the second quarter. Creative Planning now owns 70,198 shares of the financial services provider’s stock valued at $7,783,000 after buying an additional 3,433 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Brown & Brown by 26.7% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 68,738 shares of the financial services provider’s stock valued at $7,621,000 after acquiring an additional 14,465 shares in the last quarter. Foundations Investment Advisors LLC purchased a new position in Brown & Brown in the 2nd quarter worth approximately $272,000. Finally, ABN Amro Investment Solutions bought a new position in Brown & Brown in the 2nd quarter valued at approximately $49,582,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Up 0.8%

BRO stock opened at $80.70 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.10 and a quick ratio of 6.72. The firm has a market capitalization of $27.55 billion, a P/E ratio of 24.16, a P/E/G ratio of 1.70 and a beta of 0.77. Brown & Brown, Inc. has a 52-week low of $76.17 and a 52-week high of $125.68. The company’s 50 day simple moving average is $88.74 and its 200-day simple moving average is $98.95.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, October 27th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.15. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The company’s revenue was up 35.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.91 EPS. As a group, equities research analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th were paid a dividend of $0.165 per share. This is a boost from Brown & Brown’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, November 5th. This represents a $0.66 annualized dividend and a yield of 0.8%. Brown & Brown’s dividend payout ratio (DPR) is presently 19.76%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BRO. Barclays decreased their target price on Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 8th. Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a report on Monday, November 3rd. Argus reiterated a “hold” rating on shares of Brown & Brown in a research note on Thursday, July 31st. Wells Fargo & Company dropped their price target on Brown & Brown from $98.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 29th. Finally, Bank of America reiterated a “neutral” rating and set a $97.00 price objective (down previously from $135.00) on shares of Brown & Brown in a research report on Monday, November 3rd. Five research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $105.23.

About Brown & Brown

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.