1832 Asset Management L.P. Sells 36,865 Shares of Brown & Brown, Inc. $BRO

Key Points

• 1832 Asset Management L.P. reduced its stake in Brown & Brown, Inc. by 20.5%, selling 36,865 shares and ending up with 142,763 shares worth approximately $17.76 million.
• Brown & Brown reported earnings of $1.03 EPS for the last quarter, exceeding analysts' estimates and showing a revenue increase of 9.1% year-over-year.
• The company recently announced a quarterly dividend of $0.15 per share, which reflects an annualized yield of 0.6% and a payout ratio of 17.29%.

1832 Asset Management L.P. lessened its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 20.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 142,763 shares of the financial services provider's stock after selling 36,865 shares during the quarter. 1832 Asset Management L.P.'s holdings in Brown & Brown were worth $17,760,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Capital Investment Advisors LLC bought a new position in Brown & Brown in the 1st quarter valued at $1,929,000. GW&K Investment Management LLC raised its position in Brown & Brown by 104.4% in the 1st quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 214 shares during the last quarter. Fifth Third Bancorp raised its position in Brown & Brown by 7.1% in the 1st quarter. Fifth Third Bancorp now owns 6,807 shares of the financial services provider's stock valued at $847,000 after purchasing an additional 450 shares during the last quarter. Tandem Investment Advisors Inc. raised its position in Brown & Brown by 2.5% in the 1st quarter. Tandem Investment Advisors Inc. now owns 764,709 shares of the financial services provider's stock valued at $95,130,000 after purchasing an additional 18,677 shares during the last quarter. Finally, FORA Capital LLC bought a new position in Brown & Brown in the 4th quarter valued at $580,000. Institutional investors own 71.01% of the company's stock.

Brown & Brown Trading Up 0.2%

BRO stock opened at $96.6060 on Friday. The company has a market cap of $31.86 billion, a P/E ratio of 27.84, a PEG ratio of 2.20 and a beta of 0.78. Brown & Brown, Inc. has a twelve month low of $90.38 and a twelve month high of $125.68. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. The business has a fifty day moving average of $102.09 and a 200-day moving average of $110.10.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.99 by $0.04. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The business had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same period in the previous year, the firm earned $0.93 earnings per share. The firm's quarterly revenue was up 9.1% compared to the same quarter last year. As a group, equities research analysts expect that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. Brown & Brown's payout ratio is 17.29%.

Insiders Place Their Bets

In related news, Director Bronislaw Edmund Masojada acquired 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was acquired at an average cost of $91.44 per share, with a total value of $91,440.00. Following the completion of the purchase, the director directly owned 5,000 shares in the company, valued at approximately $457,200. This trade represents a 25.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul J. Krump acquired 2,678 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average cost of $93.31 per share, with a total value of $249,884.18. Following the completion of the purchase, the director owned 5,353 shares of the company's stock, valued at $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.02% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BRO. Raymond James Financial reiterated an "outperform" rating and issued a $120.00 price objective (down previously from $125.00) on shares of Brown & Brown in a research report on Monday, August 4th. Wall Street Zen downgraded Brown & Brown from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Morgan Stanley dropped their target price on Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating for the company in a research report on Monday, August 18th. The Goldman Sachs Group downgraded Brown & Brown from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $126.00 to $119.00 in a research report on Tuesday, May 13th. Finally, Citigroup began coverage on Brown & Brown in a research report on Wednesday, August 13th. They set a "buy" rating and a $112.00 target price for the company. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Brown & Brown has a consensus rating of "Hold" and a consensus price target of $112.64.

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.

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