1832 Asset Management L.P. Has $19.44 Million Holdings in Brown & Brown, Inc. (NYSE:BRO)

1832 Asset Management L.P. trimmed its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 10.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 217,470 shares of the financial services provider’s stock after selling 24,868 shares during the period. 1832 Asset Management L.P. owned 0.08% of Brown & Brown worth $19,444,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. State Board of Administration of Florida Retirement System increased its stake in shares of Brown & Brown by 2.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 267,190 shares of the financial services provider’s stock valued at $23,390,000 after buying an additional 6,613 shares in the last quarter. Sei Investments Co. increased its position in Brown & Brown by 12.7% in the 1st quarter. Sei Investments Co. now owns 276,090 shares of the financial services provider’s stock valued at $24,169,000 after acquiring an additional 31,071 shares in the last quarter. Great Valley Advisor Group Inc. acquired a new position in Brown & Brown during the 2nd quarter worth $1,512,000. DekaBank Deutsche Girozentrale boosted its position in Brown & Brown by 12.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock valued at $21,855,000 after buying an additional 27,879 shares during the last quarter. Finally, Allianz Asset Management GmbH increased its stake in shares of Brown & Brown by 339.1% in the 4th quarter. Allianz Asset Management GmbH now owns 648,550 shares of the financial services provider’s stock valued at $46,118,000 after buying an additional 500,847 shares during the period. Institutional investors own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on BRO shares. Citigroup raised their price target on Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. Royal Bank of Canada raised their target price on shares of Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. UBS Group upped their price objective on shares of Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Keefe, Bruyette & Woods boosted their target price on Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research note on Friday, July 26th. Finally, Wells Fargo & Company upgraded Brown & Brown from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $94.00 to $112.00 in a report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Brown & Brown has an average rating of “Moderate Buy” and an average target price of $100.00.

Insider Activity at Brown & Brown

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO R. Andrew Watts sold 2,500 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of the sale, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at approximately $8,872,802.40. The disclosure for this sale can be found here. 17.02% of the stock is owned by company insiders.

Brown & Brown Stock Up 1.2 %

BRO stock opened at $102.21 on Tuesday. The stock has a market capitalization of $29.16 billion, a P/E ratio of 31.45, a P/E/G ratio of 2.42 and a beta of 0.83. The business has a 50-day moving average of $100.88 and a 200-day moving average of $92.04. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35. Brown & Brown, Inc. has a fifty-two week low of $66.73 and a fifty-two week high of $106.02.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.88 by $0.05. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. During the same quarter in the prior year, the company posted $0.68 earnings per share. The firm’s revenue was up 12.5% on a year-over-year basis. On average, sell-side analysts anticipate that Brown & Brown, Inc. will post 3.68 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend was Wednesday, August 7th. Brown & Brown’s payout ratio is 16.00%.

Brown & Brown Company Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.