22,738 Shares in Brown & Brown, Inc. $BRO Acquired by Northwestern Mutual Wealth Management Co.

Key Points

• Northwestern Mutual Wealth Management acquired 22,738 Brown & Brown shares worth approximately $1.46 million during the second quarter. Institutional investors collectively own 71.01% of the company.
• Brown & Brown’s latest quarterly results narrowly missed expectations, with EPS of $1.07 versus $1.08 forecast and revenue of $1.65 billion versus $1.71 billion expected. Revenue still increased 30.4% year over year.
• Analyst sentiment remains cautious: the stock has a consensus “Hold” rating and an average price target of $76.80, while shares recently opened at $73.35. The company also pays a quarterly dividend of $0.165, yielding about 0.9% annually.

Northwestern Mutual Wealth Management Co. acquired a new position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 22,738 shares of the financial services provider's stock, valued at approximately $1,459,000.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Brown & Brown during the 2nd quarter worth about $1,418,571,000. Norges Bank bought a new position in shares of Brown & Brown in the 4th quarter valued at about $516,837,000. Capital International Investors bought a new position in shares of Brown & Brown in the 4th quarter valued at about $371,654,000. Deutsche Bank AG acquired a new stake in shares of Brown & Brown during the 2nd quarter worth approximately $266,941,000. Finally, Van Lanschot Kempen Investment Management N.V. grew its position in shares of Brown & Brown by 132.8% during the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,538,584 shares of the financial services provider's stock worth $361,725,000 after buying an additional 2,589,048 shares during the period. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Stock Performance

Shares of NYSE:BRO opened at $73.35 on Wednesday. The firm's 50 day simple moving average is $68.25 and its 200 day simple moving average is $65.76. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $97.49. The company has a market capitalization of $24.54 billion, a price-to-earnings ratio of 23.14, a P/E/G ratio of 3.72 and a beta of 0.59. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the firm posted $1.03 EPS. The firm's revenue for the quarter was up 30.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Brown & Brown, Inc. will post 4.5 earnings per share for the current year.

Brown & Brown Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were issued a $0.165 dividend. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $0.66 annualized dividend and a dividend yield of 0.9%. Brown & Brown's payout ratio is 20.82%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on BRO shares. Keefe, Bruyette & Woods increased their price objective on shares of Brown & Brown from $72.00 to $74.00 and gave the company a "market perform" rating in a report on Wednesday, July 8th. Mizuho lifted their target price on shares of Brown & Brown from $81.00 to $86.00 and gave the stock an "outperform" rating in a report on Wednesday, July 29th. Jefferies Financial Group reiterated a "hold" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Truist Financial set a $90.00 price target on Brown & Brown in a research note on Wednesday, July 29th. Finally, Raymond James Financial restated an "outperform" rating on shares of Brown & Brown in a research report on Friday, June 26th. Four research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $76.80.

Brown & Brown Company 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.

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