Brown & Brown, Inc. $BRO Shares Acquired by ABN Amro Investment Solutions

Key Points

• ABN Amro Investment Solutions boosted its Brown & Brown stake by 6.4% in the fourth quarter, holding 461,567 shares valued at about $36.8 million. Overall, roughly 71.01% of BRO shares are owned by hedge funds and other institutional investors.
• Brown & Brown beat quarterly earnings expectations, reporting $1.39 EPS on revenue of $1.90 billion versus analysts’ estimates of $1.36 EPS and $1.89 billion in revenue. Revenue jumped 35.4% year over year, and analysts expect full-year EPS of 4.51.
• The stock has been under pressure, opening at $57.42 and trading well below its 50-day and 200-day moving averages. Analyst sentiment remains cautious overall, with an average rating of Hold and an average price target of $80.73.

ABN Amro Investment Solutions increased its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 6.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 461,567 shares of the financial services provider's stock after purchasing an additional 27,870 shares during the quarter. ABN Amro Investment Solutions owned approximately 0.14% of Brown & Brown worth $36,787,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in BRO. AQR Capital Management LLC increased its position in shares of Brown & Brown by 38.3% during the first quarter. AQR Capital Management LLC now owns 33,444 shares of the financial services provider's stock worth $4,132,000 after purchasing an additional 9,264 shares in the last quarter. Focus Partners Wealth increased its position in shares of Brown & Brown by 5.2% during the first quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider's stock worth $1,387,000 after purchasing an additional 547 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Brown & Brown by 1,824.7% during the second quarter. Arrowstreet Capital Limited Partnership now owns 53,103 shares of the financial services provider's stock worth $5,888,000 after purchasing an additional 50,344 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Brown & Brown by 27.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the financial services provider's stock worth $116,000 after purchasing an additional 223 shares in the last quarter. Finally, Cary Street Partners Financial LLC increased its position in shares of Brown & Brown by 60.9% during the second quarter. Cary Street Partners Financial LLC now owns 933 shares of the financial services provider's stock worth $103,000 after purchasing an additional 353 shares in the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BRO has been the subject of several research reports. Mizuho dropped their price target on Brown & Brown from $85.00 to $84.00 and set an "outperform" rating for the company in a research report on Monday, April 13th. Truist Financial dropped their target price on Brown & Brown from $100.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Argus upgraded Brown & Brown to a "hold" rating in a report on Tuesday, January 27th. Barclays dropped their target price on Brown & Brown from $80.00 to $72.00 and set an "equal weight" rating for the company in a report on Wednesday, April 8th. Finally, JPMorgan Chase & Co. dropped their target price on Brown & Brown from $91.00 to $85.00 and set a "neutral" rating for the company in a report on Thursday, April 9th. Four equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat, Brown & Brown has an average rating of "Hold" and an average target price of $80.73.

Brown & Brown Stock Down 1.2%

Shares of NYSE:BRO opened at $57.42 on Thursday. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.52. The business has a fifty day moving average of $64.09 and a two-hundred day moving average of $72.35. The stock has a market cap of $19.46 billion, a P/E ratio of 18.46, a PEG ratio of 2.68 and a beta of 0.66. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $113.83.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. The business had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.89 billion. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The company's revenue was up 35.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.29 EPS. On average, research analysts expect that Brown & Brown, Inc. will post 4.51 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Monday, May 11th were issued a dividend of $0.165 per share. The ex-dividend date was Monday, May 11th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.1%. Brown & Brown's dividend payout ratio is currently 21.22%.

Insider Buying and Selling at Brown & Brown

In other Brown & Brown news, Director H Palmer Proctor, Jr. purchased 2,000 shares of the stock in a transaction dated Tuesday, May 5th. The stock was acquired at an average cost of $57.10 per share, for a total transaction of $114,200.00. Following the acquisition, the director owned 47,621 shares in the company, valued at $2,719,159.10. This trade represents a 4.38% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 13.13% of the company's stock.

About Brown & Brown

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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