Baird Financial Group Inc. Cuts Stake in Brown & Brown, Inc. $BRO

Key Points

• Baird Financial Group Inc. reduced its stake in Brown & Brown, Inc. by 1.7%, owning approximately 175,218 shares worth $21.8 million after selling 3,041 shares.
• Institutional investors hold about 71.01% of Brown & Brown, with multiple firms recently modifying their positions, including Bank Pictet & Cie Europe AG and Ameriprise Financial Inc.
• Brown & Brown reported earnings per share of $1.03 for the last quarter, surpassing estimates, with a year-over-year revenue increase of 9.1% to $1.29 billion.

Baird Financial Group Inc. cut its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 1.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 175,218 shares of the financial services provider's stock after selling 3,041 shares during the period. Baird Financial Group Inc. owned approximately 0.06% of Brown & Brown worth $21,797,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of BRO. Bank Pictet & Cie Europe AG purchased a new stake in shares of Brown & Brown during the fourth quarter valued at $907,000. Lido Advisors LLC boosted its position in shares of Brown & Brown by 2.6% during the fourth quarter. Lido Advisors LLC now owns 4,690 shares of the financial services provider's stock valued at $479,000 after buying an additional 120 shares during the last quarter. Aptus Capital Advisors LLC purchased a new stake in shares of Brown & Brown during the fourth quarter valued at $490,000. Ameriprise Financial Inc. boosted its position in shares of Brown & Brown by 5.0% during the fourth quarter. Ameriprise Financial Inc. now owns 589,118 shares of the financial services provider's stock valued at $60,093,000 after buying an additional 28,127 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Brown & Brown by 7.5% during the fourth quarter. BNP Paribas Financial Markets now owns 403,647 shares of the financial services provider's stock valued at $41,180,000 after buying an additional 28,053 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Bronislaw Edmund Masojada acquired 1,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were purchased at an average price of $91.44 per share, with a total value of $91,440.00. Following the completion of the purchase, the director directly owned 5,000 shares of the company's stock, valued at $457,200. This represents a 25.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul J. Krump acquired 2,678 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was bought at an average cost of $93.31 per share, for a total transaction of $249,884.18. Following 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 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 Stock Up 0.8%

NYSE BRO opened at $97.02 on Tuesday. The stock's 50-day moving average price is $100.65 and its 200-day moving average price is $109.57. 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 $90.38 and a 52 week high of $125.68. The company has a market capitalization of $32.00 billion, a P/E ratio of 27.96, a price-to-earnings-growth ratio of 2.21 and a beta of 0.80.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, topping the consensus estimate of $0.99 by $0.04. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the company earned $0.93 earnings per share. The business's revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities research analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current 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 paid a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.6%. Brown & Brown's dividend payout ratio (DPR) is 17.29%.

Wall Street Analyst Weigh In

Several research firms recently commented on BRO. Argus reaffirmed a "hold" rating on shares of Brown & Brown in a research report on Thursday, July 31st. The Goldman Sachs Group downgraded Brown & Brown from a "buy" rating to a "neutral" rating and lowered their target price for the company from $126.00 to $119.00 in a report on Tuesday, May 13th. Citigroup started coverage on Brown & Brown in a report on Wednesday, August 13th. They issued a "buy" rating and a $112.00 target price on the stock. Bank of America raised Brown & Brown from a "neutral" rating to a "buy" rating and increased their target price for the company from $126.00 to $130.00 in a report on Wednesday, July 30th. Finally, Barclays lowered their target price on Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 29th. 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 company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $112.64.

Brown & Brown Company 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.

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