Rakuten Investment Management Inc. Takes Position in Brown & Brown, Inc. $BRO

Rakuten Investment Management Inc. bought a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 241,414 shares of the financial services provider’s stock, valued at approximately $22,642,000. Rakuten Investment Management Inc. owned about 0.07% of Brown & Brown as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in shares of Brown & Brown by 10.8% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 152,138 shares of the financial services provider’s stock worth $14,269,000 after acquiring an additional 14,868 shares during the last quarter. Vest Financial LLC increased its stake in Brown & Brown by 15.6% in the third quarter. Vest Financial LLC now owns 533,491 shares of the financial services provider’s stock worth $50,036,000 after purchasing an additional 72,052 shares during the period. Jackson Thornton Wealth Management LLC bought a new stake in shares of Brown & Brown during the third quarter worth $337,000. Arkadios Wealth Advisors boosted its stake in shares of Brown & Brown by 24.4% during the third quarter. Arkadios Wealth Advisors now owns 6,727 shares of the financial services provider’s stock valued at $631,000 after purchasing an additional 1,321 shares during the period. Finally, Verdence Capital Advisors LLC bought a new position in Brown & Brown in the 3rd quarter worth about $382,000. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Stock Down 1.1%

Shares of Brown & Brown stock opened at $79.12 on Wednesday. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.62. The company has a market cap of $27.01 billion, a P/E ratio of 23.69, a PEG ratio of 1.87 and a beta of 0.81. The firm’s 50 day moving average price is $79.98 and its 200-day moving average price is $88.92. Brown & Brown, Inc. has a 52-week low of $76.17 and a 52-week high of $125.68.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, October 27th. The financial services provider reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.15. The company had revenue of $1.55 billion during 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%. Brown & Brown’s revenue was up 35.4% compared to the same quarter last year. During the same period last year, the firm earned $0.91 earnings per share. On average, sell-side analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Wells Fargo & Company dropped their price objective on Brown & Brown from $92.00 to $84.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 13th. Truist Financial dropped their price target on Brown & Brown from $114.00 to $105.00 and set a “buy” rating on the stock in a research report on Thursday, January 15th. Mizuho set a $89.00 price objective on Brown & Brown and gave the company a “neutral” rating in a report on Monday, December 15th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Brown & Brown in a research note on Tuesday, December 30th. Finally, Morgan Stanley cut their target price on shares of Brown & Brown from $95.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Monday, November 17th. Four equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $98.67.

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.