QRG Capital Management Inc. Sells 20,911 Shares of Brown & Brown, Inc. $BRO

QRG Capital Management Inc. cut its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 85.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,521 shares of the financial services provider’s stock after selling 20,911 shares during the quarter. QRG Capital Management Inc.’s holdings in Brown & Brown were worth $230,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of BRO. Norges Bank bought a new position in Brown & Brown during the fourth quarter worth $516,837,000. Capital International Investors bought a new stake in Brown & Brown in the 4th quarter valued at $371,654,000. Van Lanschot Kempen Investment Management N.V. boosted its holdings in Brown & Brown by 132.8% in the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,538,584 shares of the financial services provider’s stock valued at $361,725,000 after purchasing an additional 2,589,048 shares during the period. Deutsche Bank AG boosted its holdings in Brown & Brown by 53.0% in the 4th quarter. Deutsche Bank AG now owns 3,929,461 shares of the financial services provider’s stock valued at $313,178,000 after purchasing an additional 1,361,934 shares during the period. Finally, AQR Capital Management LLC grew its position in Brown & Brown by 1,679.0% in the 3rd quarter. AQR Capital Management LLC now owns 1,204,318 shares of the financial services provider’s stock worth $112,953,000 after purchasing an additional 1,136,623 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Brown & Brown Stock Performance

NYSE BRO opened at $67.65 on Monday. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $108.23. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.52. The stock has a market cap of $22.93 billion, a P/E ratio of 21.75, a PEG ratio of 3.12 and a beta of 0.60. The company’s 50-day simple moving average is $60.05 and its 200 day simple moving average is $67.51.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The company’s revenue for the quarter was up 35.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.29 earnings per share. As a group, research analysts forecast that Brown & Brown, Inc. will post 4.51 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Monday, May 11th were issued a $0.165 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.0%. Brown & Brown’s dividend payout ratio is presently 21.22%.

Insider Activity at Brown & Brown

In related news, Director H Palmer Proctor, Jr. bought 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average price of $57.10 per share, for a total transaction of $114,200.00. Following the transaction, the director directly owned 47,621 shares of the company’s stock, valued at $2,719,159.10. This represents a 4.38% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 13.13% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BRO. Truist Financial dropped their price objective on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. UBS Group reissued a “neutral” rating and set a $73.00 target price (up from $65.00) on shares of Brown & Brown in a research report on Wednesday. Citizens Jmp lifted their target price on Brown & Brown from $70.00 to $78.00 and gave the stock a “market outperform” rating in a research report on Friday. Morgan Stanley lowered Brown & Brown from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $60.00 to $55.00 in a research note on Monday, July 6th. Finally, Weiss Ratings downgraded Brown & Brown from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, June 23rd. Five research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Brown & Brown currently has a consensus rating of “Hold” and a consensus price target of $79.06.

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.