Federated Hermes Inc. Cuts Position in Brown & Brown, Inc. (NYSE:BRO)

Federated Hermes Inc. cut its stake in Brown & Brown, Inc. (NYSE:BRO) by 8.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 206,474 shares of the financial services provider’s stock after selling 18,668 shares during the period. Federated Hermes Inc. owned about 0.07% of Brown & Brown worth $14,682,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fortitude Family Office LLC purchased a new position in Brown & Brown in the fourth quarter worth $31,000. Park Place Capital Corp boosted its position in Brown & Brown by 166.5% during the fourth quarter. Park Place Capital Corp now owns 509 shares of the financial services provider’s stock valued at $36,000 after buying an additional 318 shares during the period. Livforsakringsbolaget Skandia Omsesidigt boosted its position in Brown & Brown by 174.0% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 548 shares of the financial services provider’s stock valued at $39,000 after buying an additional 348 shares during the period. GPS Wealth Strategies Group LLC boosted its position in Brown & Brown by 150.6% during the third quarter. GPS Wealth Strategies Group LLC now owns 589 shares of the financial services provider’s stock valued at $41,000 after buying an additional 354 shares during the period. Finally, Mendota Financial Group LLC purchased a new stake in Brown & Brown during the fourth quarter valued at about $42,000. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Chairman Hyatt J. Brown sold 144,323 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $85.96, for a total value of $12,406,005.08. Following the completion of the transaction, the chairman now directly owns 37,460,605 shares of the company’s stock, valued at $3,220,113,605.80. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 16.43% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Raymond James upped their price target on shares of Brown & Brown from $90.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, March 26th. Truist Financial upped their price target on shares of Brown & Brown from $85.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, January 24th. Royal Bank of Canada upped their price target on shares of Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a research report on Wednesday, March 20th. Keefe, Bruyette & Woods upped their price objective on shares of Brown & Brown from $75.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday, April 10th. Finally, Bank of America downgraded shares of Brown & Brown from a “neutral” rating to an “underperform” rating and upped their price objective for the company from $80.00 to $86.00 in a research note on Wednesday, March 13th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $86.80.

Brown & Brown Price Performance

BRO stock opened at $82.51 on Tuesday. Brown & Brown, Inc. has a 1 year low of $60.00 and a 1 year high of $87.99. The company has a market cap of $23.54 billion, a P/E ratio of 26.96, a PEG ratio of 2.47 and a beta of 0.78. The firm has a 50-day moving average of $84.23 and a 200 day moving average of $76.82. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.95 and a quick ratio of 1.95.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Tuesday, January 23rd. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. Brown & Brown had a net margin of 20.44% and a return on equity of 15.46%. The company had revenue of $1.03 billion during the quarter. During the same period in the previous year, the company earned $0.50 earnings per share. On average, sell-side analysts forecast that Brown & Brown, Inc. will post 3.55 EPS for the current year.

About Brown & Brown

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.