Allspring Global Investments Holdings LLC Cuts Stake in Brown & Brown, Inc. $BRO

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Brown & Brown, Inc. by 8.0%, now holding approximately 3.41 million shares worth about $371.6 million.
• Brown & Brown's recent quarterly earnings report showed an EPS of $1.03, exceeding estimates and reflecting a year-over-year revenue growth of 9.1%.
• The company declared a quarterly dividend of $0.15 per share, resulting in an annualized yield of 0.6%.

Allspring Global Investments Holdings LLC lowered its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 8.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,411,227 shares of the financial services provider's stock after selling 295,700 shares during the period. Brown & Brown comprises 0.6% of Allspring Global Investments Holdings LLC's investment portfolio, making the stock its 21st biggest position. Allspring Global Investments Holdings LLC owned about 1.19% of Brown & Brown worth $371,585,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the business. Mitchell Capital Management Co. grew its stake in Brown & Brown by 69.9% during the 2nd quarter. Mitchell Capital Management Co. now owns 32,906 shares of the financial services provider's stock valued at $3,417,000 after acquiring an additional 13,534 shares in the last quarter. Board of the Pension Protection Fund lifted its holdings in shares of Brown & Brown by 22.1% in the 2nd quarter. Board of the Pension Protection Fund now owns 8,300 shares of the financial services provider's stock worth $920,000 after acquiring an additional 1,500 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Brown & Brown by 12.6% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 28,579 shares of the financial services provider's stock worth $3,176,000 after acquiring an additional 3,203 shares during the last quarter. Eastern Bank lifted its holdings in Brown & Brown by 274.5% during the 2nd quarter. Eastern Bank now owns 618 shares of the financial services provider's stock worth $69,000 after buying an additional 453 shares in the last quarter. Finally, Aberdeen Group plc lifted its holdings in Brown & Brown by 3.4% during the 2nd quarter. Aberdeen Group plc now owns 169,556 shares of the financial services provider's stock worth $18,799,000 after buying an additional 5,586 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company's stock.

Brown & Brown Stock Up 0.5%

Shares of NYSE BRO opened at $96.01 on Monday. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. Brown & Brown, Inc. has a 52 week low of $89.99 and a 52 week high of $125.68. The firm has a 50-day moving average price of $94.34 and a 200 day moving average price of $104.76. The stock has a market capitalization of $31.67 billion, a price-to-earnings ratio of 27.67, a price-to-earnings-growth ratio of 2.17 and a beta of 0.79.

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, beating the consensus estimate of $0.99 by $0.04. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The firm had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same quarter last year, the business earned $0.93 earnings per share. The business's revenue for the quarter was up 9.1% compared to the same quarter last year. Equities research analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 0.6%. The ex-dividend date was Wednesday, August 13th. Brown & Brown's dividend payout ratio (DPR) is 17.29%.

Insider Activity

In other Brown & Brown news, Director Bronislaw Edmund Masojada bought 1,000 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was purchased at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the acquisition, the director owned 5,000 shares of the company's stock, valued at $457,200. The trade was a 25.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Paul J. Krump bought 2,678 shares of the company's stock in a transaction on Friday, August 8th. The shares were acquired at an average price of $93.31 per share, with a total value of $249,884.18. Following the completion of the acquisition, the director directly owned 5,353 shares in the company, valued at $499,488.43. This represents a 100.11% increase in their position. The disclosure for this purchase can be found here. Company insiders own 15.59% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. UBS Group reduced their target price on shares of Brown & Brown from $120.00 to $106.00 and set a "neutral" rating on the stock in a report on Wednesday, October 8th. Weiss Ratings downgraded shares of Brown & Brown from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, October 8th. Barclays decreased their price target on shares of Brown & Brown from $108.00 to $102.00 and set an "equal weight" rating for the company in a research note on Wednesday, October 8th. Bank of America upgraded shares of Brown & Brown from a "neutral" rating to a "buy" rating and raised their target price for the stock from $126.00 to $130.00 in a research note on Wednesday, July 30th. Finally, Citigroup initiated coverage on shares of Brown & Brown in a research note on Wednesday, August 13th. They issued a "buy" rating and a $112.00 price objective for the company. Seven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Brown & Brown currently has a consensus rating of "Hold" and an average price target of $109.92.

Brown & Brown Profile

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.

Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BRO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.