Point72 Asset Management L.P. Buys 47,003 Shares of Brown & Brown, Inc. (NYSE:BRO)

Point72 Asset Management L.P. increased its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 10.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 493,658 shares of the financial services provider's stock after purchasing an additional 47,003 shares during the quarter. Point72 Asset Management L.P. owned about 0.17% of Brown & Brown worth $50,363,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Port Capital LLC grew its holdings in Brown & Brown by 1.0% during the 4th quarter. Port Capital LLC now owns 240,332 shares of the financial services provider's stock valued at $24,519,000 after buying an additional 2,423 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Brown & Brown by 12.0% in the fourth quarter. Quantinno Capital Management LP now owns 72,090 shares of the financial services provider's stock worth $7,355,000 after buying an additional 7,703 shares in the last quarter. Mufg Securities Americas Inc. bought a new position in shares of Brown & Brown in the fourth quarter valued at approximately $357,000. Nissay Asset Management Corp Japan ADV grew its stake in Brown & Brown by 0.5% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 30,720 shares of the financial services provider's stock valued at $3,161,000 after acquiring an additional 144 shares in the last quarter. Finally, Nomura Holdings Inc. increased its holdings in Brown & Brown by 49.9% during the 4th quarter. Nomura Holdings Inc. now owns 19,460 shares of the financial services provider's stock worth $1,985,000 after acquiring an additional 6,474 shares during the period. 71.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the stock. Edward Jones assumed coverage on shares of Brown & Brown in a report on Wednesday, April 16th. They issued a "buy" rating for the company. Truist Financial dropped their price objective on Brown & Brown from $138.00 to $130.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Keefe, Bruyette & Woods reduced their target price on Brown & Brown from $102.00 to $100.00 and set an "underperform" rating for the company in a research report on Monday, May 5th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $128.00 price target on shares of Brown & Brown in a report on Tuesday, March 25th. Finally, Jefferies Financial Group lifted their price target on Brown & Brown from $105.00 to $109.00 and gave the company a "hold" rating in a research report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $116.85.

Brown & Brown Price Performance

BRO traded up $0.18 during midday trading on Monday, hitting $111.95. The stock had a trading volume of 1,523,232 shares, compared to its average volume of 1,475,109. Brown & Brown, Inc. has a 1 year low of $85.97 and a 1 year high of $125.68. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.79 and a current ratio of 1.79. The business has a fifty day moving average of $116.16 and a 200 day moving average of $111.14. The company has a market cap of $32.09 billion, a P/E ratio of 32.36, a price-to-earnings-growth ratio of 2.93 and a beta of 0.87.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.30 by ($0.01). The business had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.41 billion. Brown & Brown had a net margin of 20.68% and a return on equity of 17.81%. Brown & Brown's revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the company posted $1.14 EPS. As a group, equities analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 21st. Shareholders of record on Monday, May 12th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, May 12th. This represents a $0.60 annualized dividend and a yield of 0.54%. Brown & Brown's payout ratio is 16.71%.

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.