1832 Asset Management L.P. Has $14.71 Million Stock Position in Brown & Brown, Inc. $BRO

1832 Asset Management L.P. trimmed its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 7.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 132,634 shares of the financial services provider’s stock after selling 10,129 shares during the period. 1832 Asset Management L.P.’s holdings in Brown & Brown were worth $14,705,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BRO. Bares Capital Management Inc. bought a new stake in Brown & Brown in the first quarter valued at about $26,000. SouthState Corp grew its position in shares of Brown & Brown by 188.6% during the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock worth $32,000 after buying an additional 166 shares during the period. ST Germain D J Co. Inc. increased its stake in shares of Brown & Brown by 298.5% in the 2nd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 200 shares during the last quarter. Motco acquired a new stake in shares of Brown & Brown in the 2nd quarter valued at approximately $32,000. Finally, Bruce G. Allen Investments LLC raised its position in shares of Brown & Brown by 1,129.6% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 305 shares during the period. 71.01% of the stock is owned by institutional investors.

Brown & Brown Stock Performance

Shares of NYSE:BRO opened at $79.57 on Friday. The company’s 50 day moving average price is $85.23 and its two-hundred day moving average price is $96.02. Brown & Brown, Inc. has a 12-month low of $76.17 and a 12-month high of $125.68. The firm has a market cap of $27.17 billion, a PE ratio of 23.82, a PEG ratio of 1.86 and a beta of 0.82. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.62.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, October 27th. The financial services provider reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. Brown & Brown had a return on equity of 13.64% and a net margin of 18.23%.The company’s revenue was up 35.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.91 EPS. Equities research analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 12th. Stockholders of record on Wednesday, November 5th were issued a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 0.8%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.15. The ex-dividend date was Wednesday, November 5th. Brown & Brown’s dividend payout ratio (DPR) is currently 19.76%.

Analyst Upgrades and Downgrades

BRO has been the topic of several research analyst reports. Citigroup downgraded Brown & Brown from a “buy” rating to a “neutral” rating in a research note on Monday, November 3rd. Barclays lowered their price target on Brown & Brown from $102.00 to $84.00 and set an “equal weight” rating for the company in a report on Thursday, November 20th. Truist Financial dropped their price target on Brown & Brown from $120.00 to $114.00 and set a “buy” rating on the stock in a research report on Wednesday, October 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of Brown & Brown in a research report on Tuesday. Finally, Morgan Stanley lowered their target price on Brown & Brown from $95.00 to $85.00 and set an “equal weight” rating for the company in a research note on Monday, November 17th. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $102.69.

Brown & Brown Profile

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.