Brown & Brown, Inc. $BRO Shares Bought by Renaissance Technologies LLC

Key Points

• Renaissance Technologies boosted its stake in Brown & Brown by 46.5% in the first quarter, buying nearly 500,000 additional shares and ending with about 1.57 million shares valued at roughly $102.6 million.
• Brown & Brown reported better-than-expected quarterly results, with EPS of $1.39 versus the $1.36 estimate and revenue of $1.90 billion slightly ahead of forecasts. Revenue rose 35.4% year over year.
• The company also declared a quarterly dividend of $0.165 per share, payable August 19, representing an annualized yield of about 1.0% and a payout ratio of 21.22%.

Renaissance Technologies LLC lifted its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 46.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,573,902 shares of the financial services provider's stock after buying an additional 499,902 shares during the quarter. Renaissance Technologies LLC owned about 0.46% of Brown & Brown worth $102,634,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Norges Bank acquired a new stake in Brown & Brown during the 4th quarter worth $516,837,000. Capital International Investors purchased a new position in shares of Brown & Brown during the fourth quarter worth about $371,654,000. Van Lanschot Kempen Investment Management N.V. grew its holdings in shares of Brown & Brown by 132.8% during the fourth quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,538,584 shares of the financial services provider's stock worth $361,725,000 after purchasing an additional 2,589,048 shares during the last quarter. Deutsche Bank AG increased its position in shares of Brown & Brown by 53.0% during the fourth quarter. Deutsche Bank AG now owns 3,929,461 shares of the financial services provider's stock worth $313,178,000 after purchasing an additional 1,361,934 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Brown & Brown by 1,679.0% during the third quarter. AQR Capital Management LLC now owns 1,204,318 shares of the financial services provider's stock worth $112,953,000 after purchasing an additional 1,136,623 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Insider Buying and Selling at Brown & Brown

In related news, Director H Palmer Proctor, Jr. bought 2,000 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were acquired at an average price of $57.10 per share, with a total value of $114,200.00. Following the completion of the acquisition, the director owned 47,621 shares in the company, valued at approximately $2,719,159.10. This trade represents a 4.38% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 13.13% of the company's stock.

Brown & Brown Price Performance

Shares of NYSE:BRO opened at $67.70 on Friday. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $104.25. The stock has a market capitalization of $22.95 billion, a price-to-earnings ratio of 21.77, a PEG ratio of 3.12 and a beta of 0.60. The company has a 50-day simple moving average of $62.28 and a 200-day simple moving average of $66.74. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.64 and a current 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. The firm had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.89 billion. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The business's revenue was up 35.4% on a year-over-year basis. During the same quarter last year, the company posted $1.29 earnings per share. On average, analysts predict that Brown & Brown, Inc. will post 4.5 EPS for the current year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th will be paid a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, August 12th. Brown & Brown's dividend payout ratio (DPR) is 21.22%.

Analyst Upgrades and Downgrades

BRO has been the subject of a number of research analyst reports. Truist Financial decreased their target price on Brown & Brown from $100.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, April 29th. Weiss Ratings lowered Brown & Brown from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, June 23rd. Raymond James Financial reaffirmed an "outperform" rating on shares of Brown & Brown in a research report on Friday, June 26th. Keefe, Bruyette & Woods boosted their price objective on Brown & Brown from $72.00 to $74.00 and gave the company a "market perform" rating in a research note on Wednesday, July 8th. Finally, Bank of America decreased their price objective on Brown & Brown from $90.00 to $88.00 and set a "neutral" rating for the company in a report on Tuesday, April 14th. Five investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $78.62.

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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