Brown & Brown, Inc. $BRO Holdings Trimmed by National Pension Service

Key Points

• National Pension Service cut its Brown & Brown stake by 93.5% in the second quarter, selling 470,131 shares and retaining 32,463 shares worth approximately $2.08 million. Institutional investors collectively own 71.01% of the company.
• Analysts maintain a consensus “Hold” rating on BRO, with an average price target of $76.80. Ratings include 14 Holds, four Buys and one Sell.
• Brown & Brown shares opened at $66.28, while the company’s latest quarter showed revenue growth of 30.4% year over year, despite narrowly missing consensus estimates for both earnings and revenue. The company also paid a quarterly dividend of $0.165 per share.

National Pension Service reduced its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 93.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 32,463 shares of the financial services provider's stock after selling 470,131 shares during the quarter. National Pension Service's holdings in Brown & Brown were worth $2,083,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of BRO. Darwin Wealth Management LLC acquired a new position in Brown & Brown during the second quarter valued at $30,000. Basepoint Wealth LLC acquired a new stake in Brown & Brown during the 4th quarter worth about $27,000. Union Bancaire Privee UBP SA acquired a new stake in Brown & Brown during the 1st quarter worth about $25,000. DV Equities LLC purchased a new position in Brown & Brown during the 4th quarter valued at about $33,000. Finally, Allied Private Wealth LLC purchased a new position in Brown & Brown during the 2nd quarter valued at about $35,000. Hedge funds and other institutional investors own 71.01% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price target on shares of Brown & Brown from $62.00 to $70.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 1st. JPMorgan Chase & Co. upped their price objective on shares of Brown & Brown from $78.00 to $80.00 and gave the company a "neutral" rating in a research note on Monday, August 3rd. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Wells Fargo & Company decreased their target price on shares of Brown & Brown from $69.00 to $68.00 and set an "equal weight" rating for the company in a research note on Thursday, July 9th. Finally, Citizens Jmp boosted their price target on shares of Brown & Brown from $70.00 to $78.00 and gave the company a "market outperform" rating in a report on Friday, July 10th. Four investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $76.80.

Brown & Brown Stock Up 0.1%

Shares of BRO stock opened at $66.28 on Monday. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $96.55. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The firm has a market cap of $22.18 billion, a PE ratio of 20.91, a price-to-earnings-growth ratio of 2.03 and a beta of 0.58. The stock has a 50 day moving average of $70.20 and a 200-day moving average of $65.86.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.71 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The company's revenue was up 30.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.03 EPS. On average, equities analysts predict that Brown & Brown, Inc. will post 4.5 EPS for the current year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were issued a dividend of $0.165 per share. The ex-dividend date was Wednesday, August 12th. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. Brown & Brown's payout ratio is presently 20.82%.

Brown & Brown Company Profile

Brown & Brown, Inc is an independent insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk by providing insurance products and related advisory services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialty insurance programs. Brown & Brown also operates wholesale brokerage and managing general agency businesses, which provide specialized coverage and market access to retail insurance agents and brokers.

Founded in 1939 by J.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.