Brown & Brown, Inc. $BRO Shares Bought by Nisa Investment Advisors LLC

Key Points

• Nisa Investment Advisors increased its Brown & Brown stake by 711.8% in the third quarter, adding 368,068 shares for a total holding of 419,775 shares worth approximately $28.2 million. Institutional investors collectively own 71.01% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $76 price target. Ratings range from Morgan Stanley’s “Underweight” to Keefe, Bruyette & Woods’ “Outperform.”
• Brown & Brown shares opened at $70.85, while the company’s latest quarterly results slightly missed expectations, reporting $1.07 in EPS versus a $1.08 estimate and $1.65 billion in revenue versus $1.71 billion expected.

Nisa Investment Advisors LLC raised its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 711.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 419,775 shares of the financial services provider's stock after buying an additional 368,068 shares during the quarter. Nisa Investment Advisors LLC owned about 0.13% of Brown & Brown worth $28,179,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Brown & Brown during the 2nd quarter valued at approximately $1,418,571,000. Principal Financial Group Inc. grew its holdings in shares of Brown & Brown by 1.6% in the first quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider's stock valued at $1,017,847,000 after purchasing an additional 246,172 shares in the last quarter. Deutsche Bank AG purchased a new position in shares of Brown & Brown in the second quarter valued at $266,941,000. Bank of America Corp DE grew its holdings in shares of Brown & Brown by 45.2% in the first quarter. Bank of America Corp DE now owns 3,623,179 shares of the financial services provider's stock valued at $236,268,000 after purchasing an additional 1,128,417 shares in the last quarter. Finally, Royal Bank of Canada increased its position in Brown & Brown by 5.1% in the first quarter. Royal Bank of Canada now owns 3,569,784 shares of the financial services provider's stock worth $232,786,000 after purchasing an additional 173,320 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Morgan Stanley decreased their price target on shares of Brown & Brown from $60.00 to $55.00 and set an "underweight" rating on the stock in a research note on Tuesday, October 6th. Citigroup reiterated a "market outperform" rating on shares of Brown & Brown in a research report on Monday, October 12th. Royal Bank Of Canada reissued a "sector perform" rating on shares of Brown & Brown in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods raised shares of Brown & Brown from an "underperform" rating to an "outperform" rating and set a $77.00 price objective for the company in a research note on Monday, October 12th. Finally, Wells Fargo & Company reduced their target price on shares of Brown & Brown from $69.00 to $68.00 and set an "equal weight" rating on the stock in a report on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $76.00.

Brown & Brown Stock Up 2.4%

NYSE BRO opened at $70.85 on Wednesday. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. Brown & Brown, Inc. has a 52 week low of $53.81 and a 52 week high of $90.46. The firm has a market capitalization of $23.71 billion, a price-to-earnings ratio of 22.35, a PEG ratio of 2.15 and a beta of 0.60. The company has a fifty day moving average of $67.15 and a two-hundred day moving average of $64.99.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 EPS for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). The firm had revenue of $1.65 billion for the quarter, compared to analysts' expectations 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 for the quarter was up 30.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.03 earnings per share. On average, analysts predict that Brown & Brown, Inc. will post 4.49 earnings per share for the current year.

Brown & Brown Profile

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

Its operations include retail insurance brokerage, national programs, wholesale brokerage and services. Brown & Brown offers property and casualty insurance, employee benefits, personal insurance, surety and other specialized coverage.

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