Assenagon Asset Management S.A. Lowers Stock Position in Brown & Brown, Inc. $BRO

Assenagon Asset Management S.A. cut its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 90.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 86,213 shares of the financial services provider’s stock after selling 866,210 shares during the period. Assenagon Asset Management S.A.’s holdings in Brown & Brown were worth $8,086,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in Brown & Brown by 4.4% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 5,102 shares of the financial services provider’s stock valued at $635,000 after acquiring an additional 217 shares in the last quarter. Norinchukin Bank The lifted its stake in shares of Brown & Brown by 14.0% during the 1st quarter. Norinchukin Bank The now owns 11,364 shares of the financial services provider’s stock worth $1,414,000 after purchasing an additional 1,398 shares during the last quarter. Compound Planning Inc. boosted its position in Brown & Brown by 18.3% during the first quarter. Compound Planning Inc. now owns 9,815 shares of the financial services provider’s stock valued at $1,221,000 after purchasing an additional 1,516 shares in the last quarter. Sprott Inc. purchased a new position in Brown & Brown in the first quarter valued at about $244,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Brown & Brown by 2.5% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 21,438 shares of the financial services provider’s stock valued at $2,667,000 after purchasing an additional 517 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Down 0.9%

Brown & Brown stock opened at $80.31 on Friday. The business’s 50-day simple moving average is $82.00 and its two-hundred day simple moving average is $93.46. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.10 and a current ratio of 2.10. The company has a market cap of $27.42 billion, a PE ratio of 24.04, a PEG ratio of 1.88 and a beta of 0.82. Brown & Brown, Inc. has a fifty-two week low of $76.17 and a fifty-two week high of $125.68.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, topping 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 quarter in the previous year, the company posted $0.91 earnings per share. Equities analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Increases Dividend

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

Analyst Upgrades and Downgrades

Several research firms have commented on BRO. Keefe, Bruyette & Woods decreased their price target on shares of Brown & Brown from $92.00 to $79.00 and set an “underperform” rating for the company in a research report on Tuesday, November 4th. JPMorgan Chase & Co. assumed coverage on shares of Brown & Brown in a research report on Thursday. They set a “neutral” rating and a $91.00 target price for the company. Truist Financial lowered their target price on shares of Brown & Brown from $120.00 to $114.00 and set a “buy” rating for the company in a research note on Wednesday, October 29th. Citigroup downgraded Brown & Brown from a “buy” rating to a “neutral” rating in a research report on Monday, November 3rd. Finally, Raymond James Financial reiterated an “outperform” rating on shares of Brown & Brown in a report on Monday, November 3rd. Five equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $101.00.

Brown & Brown Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.