APG Asset Management N.V. Has $37.50 Million Stock Holdings in Brown & Brown, Inc. $BRO

Key Points

• APG Asset Management N.V. has reduced its stake in Brown & Brown, Inc. by 14.8%, owning 325,655 shares worth approximately $37.5 million after selling 56,417 shares in the first quarter.
• Institutional investors have been active, with notable increases in stakes by Johnson Financial Group Inc. (+534.1%) and Sunbelt Securities Inc. (+581.8%) in the previous quarter.
• Analysts' ratings on Brown & Brown are mixed, with seven ratings as "Buy," seven as "Hold," and one as "Sell," while the average target price is currently set at $112.64.

APG Asset Management N.V. cut its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 14.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 325,655 shares of the financial services provider's stock after selling 56,417 shares during the quarter. APG Asset Management N.V. owned approximately 0.11% of Brown & Brown worth $37,504,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in BRO. GAMMA Investing LLC grew its holdings in shares of Brown & Brown by 13,974.9% during the first quarter. GAMMA Investing LLC now owns 1,112,758 shares of the financial services provider's stock valued at $138,427,000 after purchasing an additional 1,104,852 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in Brown & Brown by 172.5% in the 1st quarter. Handelsbanken Fonder AB now owns 1,314,434 shares of the financial services provider's stock worth $163,516,000 after buying an additional 832,100 shares in the last quarter. Balyasny Asset Management L.P. grew its holdings in Brown & Brown by 9,262.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 687,095 shares of the financial services provider's stock worth $70,097,000 after buying an additional 679,756 shares in the last quarter. Nuveen LLC bought a new position in Brown & Brown in the 1st quarter worth approximately $72,895,000. Finally, Vanguard Group Inc. grew its holdings in Brown & Brown by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider's stock worth $3,794,339,000 after buying an additional 560,980 shares in the last quarter. 71.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BRO. Truist Financial set a $120.00 price objective on Brown & Brown in a report on Wednesday, July 30th. Citigroup began coverage on Brown & Brown in a report on Wednesday, August 13th. They issued a "buy" rating and a $112.00 price objective for the company. Keefe, Bruyette & Woods decreased their price objective on Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a report on Thursday, July 31st. Wall Street Zen lowered Brown & Brown from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Finally, BMO Capital Markets decreased their price objective on Brown & Brown from $122.00 to $106.00 and set an "outperform" rating for the company in a report on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Brown & Brown presently has a consensus rating of "Hold" and a consensus target price of $112.64.

Brown & Brown Price Performance

Shares of NYSE:BRO traded up $0.11 on Wednesday, reaching $96.16. 2,119,996 shares of the company traded hands, compared to its average volume of 2,580,337. Brown & Brown, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $125.68. The company's 50 day moving average is $101.40 and its 200-day moving average is $109.84. The stock has a market capitalization of $31.72 billion, a PE ratio of 27.71, a P/E/G ratio of 2.20 and a beta of 0.78. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72.

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 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 company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the firm earned $0.93 EPS. The company's quarterly revenue was up 9.1% compared to the same quarter last year. As a group, analysts anticipate 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. Stockholders of record on Wednesday, August 13th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Wednesday, August 13th. Brown & Brown's dividend payout ratio is 17.29%.

Insiders Place Their Bets

In related news, Director Bronislaw Edmund Masojada acquired 1,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was bought at an average price of $91.44 per share, for a total transaction of $91,440.00. Following the transaction, the director owned 5,000 shares of the company's stock, valued at approximately $457,200. The trade was a 25.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul J. Krump acquired 2,678 shares of the business's stock in a transaction dated Friday, August 8th. The shares were bought at an average price of $93.31 per share, with a total value of $249,884.18. Following the transaction, the director directly owned 5,353 shares in the company, valued at approximately $499,488.43. The trade was a 100.11% increase in their position. The disclosure for this purchase can be found here. 15.59% of the stock is currently owned by corporate 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.