Brown & Brown, Inc. $BRO Shares Acquired by Y Intercept Hong Kong Ltd

Key Points

• Y Intercept Hong Kong Ltd dramatically increased its Brown & Brown stake by 849.3% in the fourth quarter, ending with 111,925 shares valued at about $8.92 million.
• Brown & Brown continues to attract institutional interest, with several other hedge funds and asset managers also boosting positions; 71.01% of the stock is owned by institutions and hedge funds.
• The company recently posted solid quarterly results, beating EPS and revenue estimates, while analysts now have a consensus Hold rating with an average price target of $78.44.

Y Intercept Hong Kong Ltd lifted its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 849.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 111,925 shares of the financial services provider's stock after acquiring an additional 100,135 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Brown & Brown were worth $8,920,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in BRO. AQR Capital Management LLC increased its stake 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 acquiring an additional 9,264 shares during the period. Focus Partners Wealth grew its position in 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 buying an additional 547 shares during the period. Arrowstreet Capital Limited Partnership grew its position in 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 buying an additional 50,344 shares during the period. EverSource Wealth Advisors LLC grew its position in 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 buying an additional 223 shares during the period. Finally, Cary Street Partners Financial LLC grew its position in 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 buying an additional 353 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BRO. Truist Financial lowered their target price on shares of Brown & Brown from $100.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Wells Fargo & Company lowered their target price on shares of Brown & Brown from $72.00 to $69.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 29th. UBS Group lowered their target price on shares of Brown & Brown from $81.00 to $65.00 and set a "neutral" rating on the stock in a research report on Tuesday. Royal Bank Of Canada lowered their target price on shares of Brown & Brown from $76.00 to $72.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 29th. Finally, Morgan Stanley lowered their target price on shares of Brown & Brown from $65.00 to $60.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 21st. Five analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $78.44.

Insider Activity 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 shares were acquired at an average cost of $57.10 per share, for a total transaction of $114,200.00. Following the completion of the transaction, the director directly owned 47,621 shares of the company's stock, valued at $2,719,159.10. This trade represents a 4.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 13.13% of the stock is owned by corporate insiders.

Brown & Brown Stock Up 0.0%

BRO stock opened at $59.96 on Friday. The company's 50 day simple moving average is $61.11 and its 200-day simple moving average is $69.85. The firm has a market capitalization of $20.32 billion, a PE ratio of 19.28, a P/E/G ratio of 2.76 and a beta of 0.63. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $111.10. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.64 and a quick ratio of 1.64.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.89 billion. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The company's quarterly revenue was up 35.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.29 earnings per share. Equities analysts expect that Brown & Brown, Inc. will post 4.51 earnings per share for the current fiscal 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 given a $0.165 dividend. The ex-dividend date was Monday, May 11th. This represents a $0.66 annualized dividend and a dividend yield of 1.1%. Brown & Brown's dividend payout ratio is currently 21.22%.

Brown & Brown 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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