Brown & Brown, Inc. $BRO Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC increased its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 46.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,573,902 shares of the financial services provider’s stock after purchasing an additional 499,902 shares during the period. Renaissance Technologies LLC’s holdings in Brown & Brown were worth $102,634,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in BRO. Darwin Wealth Management LLC purchased a new stake in Brown & Brown in the 2nd quarter valued at approximately $30,000. Basepoint Wealth LLC acquired a new position in Brown & Brown during the 4th quarter worth approximately $27,000. Union Bancaire Privee UBP SA purchased a new position in shares of Brown & Brown during the 1st quarter worth approximately $25,000. DV Equities LLC purchased a new position in shares of Brown & Brown during the 4th quarter worth approximately $33,000. Finally, Maseco LLP acquired a new stake in shares of Brown & Brown in the 4th quarter valued at approximately $60,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Trading Up 3.0%

Shares of BRO stock opened at $67.70 on Friday. The stock has a market cap of $22.95 billion, a P/E ratio of 21.77, a P/E/G ratio of 3.12 and a beta of 0.60. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $104.25. The business has a fifty day simple moving average of $62.28 and a 200-day simple moving average of $66.74.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The firm had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the prior year, the company earned $1.29 EPS. The firm’s revenue was up 35.4% on a year-over-year basis. On average, analysts forecast that Brown & Brown, Inc. will post 4.5 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th will be given a dividend of $0.165 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $0.66 annualized dividend and a yield of 1.0%. Brown & Brown’s dividend payout ratio is 21.22%.

Insiders Place Their Bets

In related news, Director H Palmer Proctor, Jr. acquired 2,000 shares of the stock in a transaction dated Tuesday, May 5th. The stock was bought at an average cost of $57.10 per share, with a total value of $114,200.00. Following the purchase, the director directly owned 47,621 shares of the company’s stock, valued at approximately $2,719,159.10. This represents a 4.38% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 13.13% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BRO. Mizuho lifted their price target on Brown & Brown from $74.00 to $81.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. Bank of America cut their price objective on Brown & Brown from $90.00 to $88.00 and set a “neutral” rating for the company in a research report on Tuesday, April 14th. The Goldman Sachs Group raised their target price on Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, July 1st. Truist Financial decreased their target price on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Finally, UBS Group reaffirmed a “neutral” rating and set a $73.00 price target (up from $65.00) on shares of Brown & Brown in a research note on Wednesday, July 8th. Five analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Brown & Brown currently has an average rating of “Hold” and a consensus target price of $78.62.

Brown & Brown Company 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.