Seven Grand Managers LLC Cuts Holdings in Brown & Brown, Inc. $BRO

Seven Grand Managers LLC reduced its position in Brown & Brown, Inc. (NYSE:BRO) by 50.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 187,500 shares of the financial services provider’s stock after selling 187,500 shares during the quarter. Brown & Brown comprises about 1.1% of Seven Grand Managers LLC’s investment portfolio, making the stock its 26th biggest position. Seven Grand Managers LLC’s holdings in Brown & Brown were worth $14,944,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. ICONIQ Capital LLC raised its position in Brown & Brown by 5.4% in the second quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock valued at $234,000 after purchasing an additional 109 shares during the period. Zacks Investment Management increased its position in shares of Brown & Brown by 0.7% during the third quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider’s stock worth $1,675,000 after acquiring an additional 125 shares during the last quarter. Private Trust Co. NA increased its position in shares of Brown & Brown by 13.1% during the fourth quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider’s stock worth $91,000 after acquiring an additional 133 shares during the last quarter. Moment Partners LLC grew its stake in Brown & Brown by 3.0% in the third quarter. Moment Partners LLC now owns 4,632 shares of the financial services provider’s stock worth $434,000 after purchasing an additional 136 shares in the last quarter. Finally, Moors & Cabot Inc. grew its stake in Brown & Brown by 2.1% in the third quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider’s stock worth $638,000 after purchasing an additional 142 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

Shares of NYSE:BRO opened at $56.78 on Thursday. The company’s fifty day moving average is $63.01 and its two-hundred day moving average is $71.63. 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 12-month low of $53.81 and a 12-month high of $113.83. The company has a market cap of $19.25 billion, a P/E ratio of 18.26, a price-to-earnings-growth ratio of 2.64 and a beta of 0.66.

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

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Monday, May 11th were paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Monday, May 11th. Brown & Brown’s payout ratio is 21.22%.

Insider Transactions at Brown & Brown

In other news, Director H Palmer Proctor, Jr. bought 2,000 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were 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 in the company, valued at $2,719,159.10. This trade represents a 4.38% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 13.13% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BRO shares. JPMorgan Chase & Co. decreased their target price on Brown & Brown from $91.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Truist Financial reduced their price objective on Brown & Brown from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. The Goldman Sachs Group dropped their target price on Brown & Brown from $82.00 to $73.00 and set a “neutral” rating on the stock in a report on Wednesday, April 8th. Morgan Stanley dropped their target price on Brown & Brown from $65.00 to $60.00 and set an “equal weight” rating on the stock in a report on Thursday, May 21st. Finally, Mizuho dropped their target price on Brown & Brown from $85.00 to $84.00 and set an “outperform” rating on the stock in a report on Monday, April 13th. Five research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $79.44.

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.