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

Key Points

• Assenagon Asset Management increased its Brown & Brown stake by 440% in the third quarter, acquiring 1.27 million additional shares. It now owns 1.56 million shares, valued at approximately $105 million, while institutional investors collectively hold 71.01% of the company.
• Brown & Brown shares opened at $69.42, up 2.1%, with a market capitalization of $23.23 billion. The company recently reported quarterly EPS of $1.07, slightly below estimates, while revenue rose 30.4% year over year to $1.65 billion.
• The company paid a quarterly dividend of $0.165 per share, equivalent to an annualized $0.66 dividend and a 1.0% yield. Analysts have a consensus “Hold” rating and an average price target of $76.00.

Assenagon Asset Management S.A. boosted its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 440.0% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,560,791 shares of the financial services provider's stock after purchasing an additional 1,271,778 shares during the period. Assenagon Asset Management S.A. owned about 0.47% of Brown & Brown worth $105,020,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Union Bancaire Privee UBP SA bought a new stake in Brown & Brown in the first quarter worth $25,000. Allied Private Wealth LLC acquired a new stake in Brown & Brown in the 2nd quarter worth approximately $35,000. Continuum Advisory LLC acquired a new stake in Brown & Brown in the 2nd quarter worth approximately $34,000. Johnson Financial Group Inc. bought a new stake in Brown & Brown during the second quarter worth approximately $37,000. Finally, Elevation Wealth Partners LLC boosted its position in Brown & Brown by 175.1% during the third quarter. Elevation Wealth Partners LLC now owns 619 shares of the financial services provider's stock worth $40,000 after purchasing an additional 394 shares during the period. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Stock Up 2.1%

Brown & Brown stock opened at $69.42 on Friday. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $90.46. 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 company has a 50 day moving average of $67.21 and a 200-day moving average of $64.92. The stock has a market capitalization of $23.23 billion, a PE ratio of 15.31, a price-to-earnings-growth ratio of 2.12 and a beta of 0.60.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%. Brown & Brown's revenue was up 30.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.03 earnings per share. On average, equities research analysts anticipate that Brown & Brown, Inc. will post 4.49 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were paid a dividend of $0.1650 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Wednesday, August 12th. Brown & Brown's dividend payout ratio (DPR) is currently 20.82%.

Wall Street Analysts Forecast Growth

BRO has been the subject of a number of research reports. Oppenheimer started coverage on shares of Brown & Brown in a report on Wednesday, October 7th. They issued an "outperform" rating and a $73.00 price target for the company. The Goldman Sachs Group boosted their price objective on shares of Brown & Brown from $62.00 to $70.00 and gave the stock a "neutral" rating in a report on Wednesday, July 1st. Truist Financial set a $90.00 price objective on shares of Brown & Brown in a research report on Wednesday, July 29th. JPMorgan Chase & Co. upped their price objective on shares of Brown & Brown from $80.00 to $83.00 and gave the company a "neutral" rating in a research report on Thursday, October 1st. Finally, Morgan Stanley reduced their target price on shares of Brown & Brown from $60.00 to $55.00 and set an "underweight" rating for the company in a research note on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Brown & Brown has a consensus rating of "Hold" and a consensus target price of $76.00.

Brown & Brown Company Profile

Brown & Brown, Inc is an independent insurance brokerage, risk management and employee benefits firm headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk through insurance placement, risk consulting and related services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialized insurance programs. Brown & Brown also operates wholesale brokerage businesses that provide coverage solutions and access to insurance markets for retail agents and brokers, including products designed for specialty and hard-to-place risks.

Founded in 1939 by J.

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.