Point72 Asset Management L.P. Sells 186,128 Shares of Brown & Brown, Inc. (NYSE:BRO)

Point72 Asset Management L.P. decreased its position in Brown & Brown, Inc. (NYSE:BRO) by 25.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 540,534 shares of the financial services provider’s stock after selling 186,128 shares during the quarter. Point72 Asset Management L.P. owned 0.19% of Brown & Brown worth $48,329,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of BRO. Crewe Advisors LLC lifted its holdings in shares of Brown & Brown by 330.4% in the 2nd quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 228 shares during the last quarter. Headlands Technologies LLC bought a new stake in Brown & Brown in the first quarter worth $32,000. Alaska Permanent Fund Corp purchased a new stake in Brown & Brown during the first quarter valued at about $36,000. First PREMIER Bank purchased a new stake in Brown & Brown during the first quarter valued at about $40,000. Finally, Intelligent Financial Strategies bought a new position in shares of Brown & Brown during the first quarter valued at about $45,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Trading Down 0.0 %

NYSE:BRO opened at $103.35 on Thursday. The company has a 50-day moving average price of $101.28 and a 200-day moving average price of $92.25. The stock has a market cap of $29.48 billion, a price-to-earnings ratio of 31.80, a P/E/G ratio of 2.37 and a beta of 0.83. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.56. Brown & Brown, Inc. has a 12 month low of $66.73 and a 12 month high of $106.02.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data 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. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the business posted $0.68 earnings per share. Brown & Brown’s quarterly revenue was up 12.5% compared to the same quarter last year. Equities analysts predict that Brown & Brown, Inc. will post 3.68 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were paid a $0.13 dividend. The ex-dividend date was Wednesday, August 7th. This represents a $0.52 annualized dividend and a yield of 0.50%. Brown & Brown’s payout ratio is 16.00%.

Analyst Upgrades and Downgrades

BRO has been the subject of several analyst reports. Raymond James increased their target price on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Citigroup increased their price objective on Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. StockNews.com raised shares of Brown & Brown from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. Argus began coverage on shares of Brown & Brown in a research report on Tuesday. They set a “buy” rating and a $120.00 price target for the company. Finally, Royal Bank of Canada raised their price target on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Brown & Brown has a consensus rating of “Moderate Buy” and an average price target of $101.67.

Insider Buying and Selling

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

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.