ABN Amro Investment Solutions Takes $49.58 Million Position in Brown & Brown, Inc. $BRO

ABN Amro Investment Solutions acquired a new position in Brown & Brown, Inc. (NYSE:BRO) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 447,209 shares of the financial services provider’s stock, valued at approximately $49,582,000. Brown & Brown makes up approximately 1.0% of ABN Amro Investment Solutions’ holdings, making the stock its 27th largest position. ABN Amro Investment Solutions owned approximately 0.14% of Brown & Brown as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Bares Capital Management Inc. bought a new stake in shares of Brown & Brown in the 1st quarter worth about $26,000. SouthState Corp lifted its stake in Brown & Brown by 188.6% in the first quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 166 shares during the last quarter. ST Germain D J Co. Inc. boosted its position in shares of Brown & Brown by 298.5% during the second quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $30,000 after buying an additional 200 shares during the period. Motco purchased a new position in shares of Brown & Brown during the second quarter valued at approximately $32,000. Finally, Bruce G. Allen Investments LLC grew its stake in shares of Brown & Brown by 1,129.6% during the second quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider’s stock valued at $37,000 after buying an additional 305 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Trading Up 0.2%

Shares of Brown & Brown stock opened at $80.19 on Thursday. The stock has a market cap of $27.38 billion, a PE ratio of 24.01, a price-to-earnings-growth ratio of 1.70 and a beta of 0.77. The firm has a fifty day moving average price of $89.33 and a 200 day moving average price of $99.32. Brown & Brown, Inc. has a 1 year low of $76.17 and a 1 year high of $125.68. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.10 and a quick ratio of 6.72.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, October 27th. The financial services provider reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.15. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the firm earned $0.91 EPS. The business’s quarterly revenue was up 35.4% on a year-over-year basis. Equities research analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 12th. Stockholders of record on Wednesday, November 5th were paid a $0.165 dividend. This is an increase from Brown & Brown’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Wednesday, November 5th. Brown & Brown’s payout ratio is 19.76%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. BMO Capital Markets cut their price target on shares of Brown & Brown from $122.00 to $106.00 and set an “outperform” rating on the stock in a report on Wednesday, July 30th. Wall Street Zen upgraded shares of Brown & Brown from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Raymond James Financial reiterated an “outperform” rating on shares of Brown & Brown in a research note on Monday, November 3rd. Weiss Ratings downgraded shares of Brown & Brown from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Finally, Citigroup cut Brown & Brown from a “buy” rating to a “neutral” rating in a research report on Monday, November 3rd. Five investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $105.23.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.