Tower Research Capital LLC TRC Lowers Holdings in Brown & Brown, Inc. (NYSE:BRO)

Tower Research Capital LLC TRC lessened its stake in Brown & Brown, Inc. (NYSE:BRO) by 61.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,714 shares of the financial services provider’s stock after selling 5,925 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Brown & Brown were worth $213,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Xponance Inc. boosted its position in Brown & Brown by 2.8% in the 1st quarter. Xponance Inc. now owns 32,845 shares of the financial services provider’s stock worth $1,886,000 after purchasing an additional 886 shares in the last quarter. First Trust Advisors LP grew its position in Brown & Brown by 96.8% during the fourth quarter. First Trust Advisors LP now owns 276,500 shares of the financial services provider’s stock valued at $15,755,000 after buying an additional 136,030 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Brown & Brown by 26.6% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,551 shares of the financial services provider’s stock valued at $1,237,000 after buying an additional 4,526 shares in the last quarter. CoreCap Advisors LLC acquired a new position in shares of Brown & Brown in the fourth quarter worth about $55,000. Finally, Glenview Trust co boosted its stake in shares of Brown & Brown by 4.2% during the 1st quarter. Glenview Trust co now owns 9,988 shares of the financial services provider’s stock worth $574,000 after acquiring an additional 398 shares in the last quarter. Hedge funds and other institutional investors own 69.90% of the company’s stock.

Brown & Brown Stock Performance

NYSE BRO opened at $73.07 on Monday. Brown & Brown, Inc. has a fifty-two week low of $52.82 and a fifty-two week high of $73.52. The firm has a market capitalization of $20.72 billion, a P/E ratio of 28.32 and a beta of 0.76. The stock’s fifty day moving average is $69.60 and its two-hundred day moving average is $63.54. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.78 and a current ratio of 2.78.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.08. Brown & Brown had a net margin of 18.34% and a return on equity of 15.19%. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $997.51 million. During the same period last year, the business earned $0.51 earnings per share. Brown & Brown’s revenue was up 24.9% compared to the same quarter last year. On average, research analysts anticipate that Brown & Brown, Inc. will post 2.69 earnings per share for the current year.

Brown & Brown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 16th. Investors of record on Wednesday, August 9th were given a $0.115 dividend. The ex-dividend date was Tuesday, August 8th. This represents a $0.46 annualized dividend and a yield of 0.63%. Brown & Brown’s payout ratio is 17.83%.

Insiders Place Their Bets

In other Brown & Brown news, Director Bronislaw Edmund Masojada purchased 4,000 shares of the firm’s stock in a transaction dated Wednesday, June 21st. The shares were acquired at an average price of $65.78 per share, with a total value of $263,120.00. Following the purchase, the director now directly owns 4,000 shares in the company, valued at approximately $263,120. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 17.02% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BRO. Royal Bank of Canada lifted their price target on Brown & Brown from $72.00 to $77.00 in a research note on Wednesday, July 26th. Wells Fargo & Company increased their target price on Brown & Brown from $62.00 to $70.00 in a research report on Wednesday, July 26th. Citigroup boosted their price target on shares of Brown & Brown from $72.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th. Truist Financial increased their price objective on shares of Brown & Brown from $82.00 to $85.00 in a report on Wednesday, July 26th. Finally, StockNews.com assumed coverage on shares of Brown & Brown in a research note on Thursday, August 17th. They set a “buy” rating for the company. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $72.70.

Brown & Brown 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.