Brown & Brown, Inc. $BRO Shares Sold by Numerai GP LLC

Numerai GP LLC lessened its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 29.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 21,456 shares of the financial services provider’s stock after selling 8,975 shares during the quarter. Numerai GP LLC’s holdings in Brown & Brown were worth $2,012,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Capital World Investors increased its position in Brown & Brown by 81.1% in the 3rd quarter. Capital World Investors now owns 17,479,389 shares of the financial services provider’s stock valued at $1,639,392,000 after acquiring an additional 7,827,992 shares during the period. Vanguard Group Inc. boosted its position in Brown & Brown by 16.8% during the 2nd quarter. Vanguard Group Inc. now owns 35,625,322 shares of the financial services provider’s stock worth $3,949,779,000 after acquiring an additional 5,124,203 shares during the period. Norges Bank bought a new position in shares of Brown & Brown in the second quarter worth $433,740,000. Principal Financial Group Inc. grew its stake in shares of Brown & Brown by 13.4% in the third quarter. Principal Financial Group Inc. now owns 15,416,190 shares of the financial services provider’s stock worth $1,445,888,000 after purchasing an additional 1,821,229 shares in the last quarter. Finally, Boston Partners acquired a new position in shares of Brown & Brown during the second quarter valued at $171,163,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Mizuho upgraded shares of Brown & Brown from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $84.00 to $85.00 in a research note on Friday, February 27th. Barclays decreased their target price on shares of Brown & Brown from $82.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 11th. Truist Financial lowered their target price on shares of Brown & Brown from $105.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, January 28th. BMO Capital Markets dropped their price target on shares of Brown & Brown from $88.00 to $81.00 and set a “market perform” rating on the stock in a research report on Thursday, January 29th. Finally, Morgan Stanley reduced their price target on shares of Brown & Brown from $85.00 to $78.00 and set an “equal weight” rating for the company in a research note on Thursday, January 29th. Four investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Brown & Brown has an average rating of “Hold” and an average price target of $90.29.

Brown & Brown Stock Up 1.4%

BRO opened at $69.19 on Tuesday. Brown & Brown, Inc. has a one year low of $65.68 and a one year high of $125.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.66 and a current ratio of 1.66. The stock’s fifty day moving average is $73.25 and its 200-day moving average is $81.38. The company has a market capitalization of $23.55 billion, a PE ratio of 21.62, a P/E/G ratio of 1.83 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, January 26th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.02. The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Brown & Brown had a return on equity of 12.93% and a net margin of 17.84%.The company’s quarterly revenue was up 35.7% on a year-over-year basis. During the same quarter last year, the business posted $0.86 earnings per share. On average, equities analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 11th. Shareholders of record on Wednesday, February 4th were given a $0.165 dividend. The ex-dividend date was Wednesday, February 4th. This represents a $0.66 annualized dividend and a yield of 1.0%. Brown & Brown’s payout ratio is 20.63%.

Brown & Brown Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.