Amundi Grows Stock Position in Brown & Brown, Inc. $BRO

Key Points

• Amundi increased its Brown & Brown stake by 4.2% in the first quarter, bringing its holdings to 592,073 shares valued at approximately $38.6 million. Institutional investors collectively own 71.01% of the company.
• Analyst sentiment remains mixed, with Brown & Brown carrying a consensus “Hold” rating and an average price target of $79.06. Recent targets range from $74 to $86, while Weiss Ratings downgraded the stock to “sell.”
• Brown & Brown reported quarterly EPS of $1.07, slightly below estimates, while revenue rose 30.4% year over year to $1.65 billion. The company also declared a quarterly dividend of $0.165 per share, representing a 0.9% yield.

Amundi increased its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 4.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 592,073 shares of the financial services provider's stock after buying an additional 23,967 shares during the quarter. Amundi owned about 0.17% of Brown & Brown worth $38,609,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. ICONIQ Capital LLC lifted its holdings in shares of Brown & Brown by 5.4% in the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider's stock worth $234,000 after acquiring an additional 109 shares during the last quarter. Zacks Investment Management grew its holdings in Brown & Brown by 0.7% during the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider's stock valued at $1,675,000 after purchasing an additional 125 shares during the last quarter. Private Trust Co. NA grew its holdings in Brown & Brown by 13.1% during the 4th quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider's stock valued at $91,000 after purchasing an additional 133 shares during the last quarter. Moors & Cabot Inc. raised its position in Brown & Brown by 2.1% in the 3rd quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider's stock worth $638,000 after purchasing an additional 142 shares during the period. Finally, Independent Advisor Alliance raised its position in Brown & Brown by 0.5% in the 4th quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider's stock worth $2,694,000 after purchasing an additional 162 shares during the period. 71.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on BRO shares. Keefe, Bruyette & Woods boosted their target price on Brown & Brown from $72.00 to $74.00 and gave the company a "market perform" rating in a research report on Wednesday, July 8th. Citizens Jmp raised their price target on Brown & Brown from $70.00 to $78.00 and gave the stock a "market outperform" rating in a research note on Friday, July 10th. Citigroup cut Brown & Brown from an "outperform" rating to a "neutral" rating and boosted their price objective for the company from $70.00 to $79.00 in a report on Wednesday. Mizuho upped their price objective on Brown & Brown from $81.00 to $86.00 and gave the company an "outperform" rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings lowered Brown & Brown from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, June 23rd. Four analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Brown & Brown currently has an average rating of "Hold" and a consensus price target of $79.06.

Brown & Brown Trading Up 0.1%

Shares of NYSE BRO opened at $70.50 on Monday. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $98.30. The firm has a market cap of $23.59 billion, a PE ratio of 22.24, a price-to-earnings-growth ratio of 3.52 and a beta of 0.59. The business has a fifty day simple moving average of $63.65 and a two-hundred day simple moving average of $66.37. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings results 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 return on equity of 13.17% and a net margin of 17.75%.The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the previous year, the company posted $1.03 EPS. Brown & Brown's quarterly revenue was up 30.4% compared to the same quarter last year. Analysts expect that Brown & Brown, Inc. will post 4.49 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th will be issued a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, August 12th. Brown & Brown's dividend payout ratio (DPR) is presently 20.82%.

Insider Buying and Selling

In related news, Director H Palmer Proctor, Jr. bought 2,000 shares of the stock in a transaction on Tuesday, May 5th. The stock was bought at an average price of $57.10 per share, for a total transaction of $114,200.00. Following the completion of the acquisition, the director directly owned 47,621 shares in the company, valued at approximately $2,719,159.10. This represents a 4.38% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 13.13% of the stock is owned by company insiders.

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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