AG2R LA Mondiale Gestion D Actifs Makes New Investment in Brown & Brown, Inc. $BRO

Key Points

• AG2R LA Mondiale Gestion D Actifs purchased 9,920 shares of Brown & Brown, Inc. (NYSE:BRO) for approximately $1,234,000 in the first quarter, reflecting growing institutional interest in the stock.
• Brown & Brown reported a quarterly EPS of $1.03 exceeding analyst expectations, with a 9.1% increase in revenue year-over-year to $1.29 billion.
• The company declared a quarterly dividend of $0.15 per share, resulting in an annualized yield of 0.6% and a payout ratio of 17.29%.

AG2R LA Mondiale Gestion D Actifs bought a new position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 9,920 shares of the financial services provider's stock, valued at approximately $1,234,000.

Several other hedge funds have also recently made changes to their positions in BRO. Bank Pictet & Cie Europe AG bought a new position in shares of Brown & Brown in the 4th quarter worth about $907,000. Focus Partners Wealth raised its position in shares of Brown & Brown by 135.0% in the 4th quarter. Focus Partners Wealth now owns 10,602 shares of the financial services provider's stock worth $1,082,000 after acquiring an additional 6,090 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Brown & Brown by 2.2% in the 4th quarter. Janus Henderson Group PLC now owns 25,739 shares of the financial services provider's stock worth $2,626,000 after acquiring an additional 544 shares in the last quarter. NorthRock Partners LLC bought a new position in shares of Brown & Brown in the 4th quarter worth about $248,000. Finally, Nomura Holdings Inc. raised its position in shares of Brown & Brown by 49.9% in 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 in the last quarter. 71.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BRO. Keefe, Bruyette & Woods lowered their price objective on Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a research report on Thursday, July 31st. Argus reissued a "hold" rating on shares of Brown & Brown in a research report on Thursday, July 31st. Truist Financial set a $120.00 target price on Brown & Brown in a research report on Wednesday, July 30th. Bank of America raised Brown & Brown from a "neutral" rating to a "buy" rating and boosted their target price for the company from $126.00 to $130.00 in a research report on Wednesday, July 30th. Finally, Barclays decreased their target price on Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 29th. Seven investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $112.64.

Brown & Brown Stock Performance

Shares of BRO opened at $93.61 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. The stock has a 50 day moving average price of $98.00 and a two-hundred day moving average price of $108.47. The firm has a market capitalization of $30.88 billion, a P/E ratio of 26.98, a P/E/G ratio of 2.14 and a beta of 0.81. Brown & Brown, Inc. has a 52 week low of $90.38 and a 52 week high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last issued 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. The firm had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.28 billion. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The company's revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.93 EPS. Equities analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

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

Insider Buying and Selling

In other Brown & Brown news, Director Bronislaw Edmund Masojada bought 1,000 shares of Brown & Brown stock in a transaction dated Wednesday, August 6th. The stock was bought at an average cost of $91.44 per share, with a total value of $91,440.00. Following the completion of the acquisition, the director directly owned 5,000 shares in the company, valued at approximately $457,200. The trade was a 25.00% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Paul J. Krump bought 2,678 shares of Brown & Brown stock in a transaction dated Friday, August 8th. The stock was acquired at an average cost of $93.31 per share, with a total value of $249,884.18. Following the completion of the acquisition, the director owned 5,353 shares of the company's stock, valued at $499,488.43. This 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.

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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