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

Key Points

• Assenagon Asset Management increased its Brown & Brown stake by 6,588.6% in the second quarter, reaching 289,013 shares valued at approximately $18.54 million. Institutional investors collectively own 71.01% of BRO.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $76.47. Recent actions included Morgan Stanley downgrading the stock to “underweight,” while Mizuho raised its target to $86 and maintained an “outperform” rating.
• Brown & Brown reported quarterly revenue of $1.65 billion, up 30.4% year over year, but narrowly missed earnings expectations with $1.07 per share versus $1.08 expected. The company also declared a quarterly dividend of $0.165 per share, representing a 0.9% annualized yield.

Assenagon Asset Management S.A. raised its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 6,588.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 289,013 shares of the financial services provider's stock after purchasing an additional 284,692 shares during the period. Assenagon Asset Management S.A. owned about 0.09% of Brown & Brown worth $18,540,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. AQR Capital Management LLC lifted its position in shares of Brown & Brown by 38.3% in the first quarter. AQR Capital Management LLC now owns 33,444 shares of the financial services provider's stock valued at $4,132,000 after acquiring an additional 9,264 shares in the last quarter. Focus Partners Wealth increased its position in Brown & Brown by 5.2% during the 1st 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 Brown & Brown by 1,824.7% during the 2nd 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 raised its stake in Brown & Brown by 27.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the financial services provider's stock valued at $116,000 after purchasing an additional 223 shares during the last quarter. Finally, Cary Street Partners Financial LLC raised its stake in Brown & Brown by 60.9% in the 2nd quarter. Cary Street Partners Financial LLC now owns 933 shares of the financial services provider's stock valued at $103,000 after purchasing an additional 353 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BRO has been the topic of a number of recent research reports. Jefferies Financial Group restated a "hold" rating on shares of Brown & Brown in a report on Wednesday, July 29th. Morgan Stanley cut Brown & Brown from an "equal weight" rating to an "underweight" rating and decreased their price objective for the stock from $60.00 to $55.00 in a report on Monday, July 6th. Wells Fargo & Company reduced their target price on Brown & Brown from $69.00 to $68.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 9th. Raymond James Financial reissued an "outperform" rating on shares of Brown & Brown in a research note on Friday, June 26th. Finally, Mizuho lifted their price target on Brown & Brown from $81.00 to $86.00 and gave the company an "outperform" rating in a report on Wednesday, July 29th. Four research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $76.47.

Brown & Brown Stock Performance

Shares of BRO stock opened at $71.37 on Monday. The company's fifty day simple moving average is $65.08 and its 200-day simple moving average is $66.07. Brown & Brown, Inc. has a 52 week low of $53.81 and a 52 week high of $98.30. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58. The company has a market cap of $23.88 billion, a PE ratio of 22.51, a P/E/G ratio of 3.56 and a beta of 0.59.

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

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th will be paid a dividend of $0.165 per share. The ex-dividend date is Wednesday, August 12th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.9%. Brown & Brown's dividend payout ratio (DPR) is currently 20.82%.

Brown & Brown Company Profile

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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