Brown & Brown, Inc. $BRO Shares Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. increased its stake in Brown & Brown, Inc. by 51.5% in Q2, owning 952,423 shares valued at approximately $105.6 million.
• Brown & Brown reported a quarterly EPS of $1.03, surpassing analysts' estimates of $0.99, with a revenue of $1.29 billion.
• The company recently announced a $0.15 quarterly dividend, representing a 0.7% yield, with a payout ratio of 17.29%.

Assenagon Asset Management S.A. lifted its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 51.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 952,423 shares of the financial services provider's stock after acquiring an additional 323,733 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.33% of Brown & Brown worth $105,595,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Phillips Wealth Planners LLC lifted its stake in shares of Brown & Brown by 3.4% during the first quarter. Phillips Wealth Planners LLC now owns 2,659 shares of the financial services provider's stock worth $316,000 after buying an additional 88 shares during the period. SBI Securities Co. Ltd. increased its holdings in Brown & Brown by 26.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 454 shares of the financial services provider's stock valued at $56,000 after purchasing an additional 96 shares during the last quarter. Gateway Investment Advisers LLC boosted its position in Brown & Brown by 2.3% in the 1st quarter. Gateway Investment Advisers LLC now owns 4,312 shares of the financial services provider's stock valued at $536,000 after buying an additional 97 shares during the period. Graypoint LLC boosted its position in Brown & Brown by 3.3% in the 1st quarter. Graypoint LLC now owns 3,208 shares of the financial services provider's stock valued at $399,000 after buying an additional 103 shares during the period. Finally, NorthRock Partners LLC increased its holdings in shares of Brown & Brown by 4.2% in the 1st quarter. NorthRock Partners LLC now owns 2,530 shares of the financial services provider's stock valued at $315,000 after acquiring an additional 103 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BRO has been the topic of a number of recent analyst reports. Wells Fargo & Company lowered shares of Brown & Brown from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $104.00 to $101.00 in a research note on Wednesday, August 13th. BMO Capital Markets decreased their price target on shares of Brown & Brown from $122.00 to $106.00 and set an "outperform" rating for the company in a research report on Wednesday, July 30th. Keefe, Bruyette & Woods cut their price objective on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating on the stock in a report on Thursday, July 31st. Wall Street Zen upgraded Brown & Brown from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Citigroup started coverage on shares of Brown & Brown in a research note on Wednesday, August 13th. They set a "buy" rating and a $112.00 price objective on the stock. Seven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $112.64.

Insider Activity at Brown & Brown

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

Brown & Brown Price Performance

Brown & Brown stock traded down $0.54 on Tuesday, reaching $92.07. The company's stock had a trading volume of 725,493 shares, compared to its average volume of 2,566,260. The company has a market cap of $30.37 billion, a price-to-earnings ratio of 26.53, a PEG ratio of 2.07 and a beta of 0.80. 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 business's fifty day moving average price is $96.10 and its 200 day moving average price is $107.26. Brown & Brown, Inc. has a twelve month low of $89.99 and a twelve month high of $125.68.

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

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.7%. Brown & Brown's dividend payout ratio (DPR) is currently 17.29%.

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.