Brown & Brown, Inc. $BRO Shares Sold by Baird Financial Group Inc.

Key Points

• Baird Financial Group reduced its Brown & Brown stake by 12% in the second quarter, selling 24,527 shares and retaining 179,480 shares valued at approximately $11.5 million. Institutional investors collectively own 71.01% of the company.
• Brown & Brown reported quarterly earnings of $1.07 per share, slightly below the $1.08 analyst consensus, while revenue of $1.65 billion also missed estimates. However, revenue increased 30.4% year over year.
• The company paid a quarterly dividend of $0.165 per share, equivalent to an annualized $0.66 dividend and a 1.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $76.80.

Baird Financial Group Inc. reduced its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 12.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 179,480 shares of the financial services provider's stock after selling 24,527 shares during the period. Baird Financial Group Inc. owned 0.05% of Brown & Brown worth $11,514,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in BRO. Union Bancaire Privee UBP SA acquired a new position in shares of Brown & Brown in the 1st quarter worth approximately $25,000. Basepoint Wealth LLC acquired a new position in Brown & Brown in the fourth quarter worth approximately $27,000. Darwin Wealth Management LLC bought a new position in shares of Brown & Brown in the second quarter valued at $30,000. DV Equities LLC acquired a new stake in shares of Brown & Brown during the 4th quarter valued at $33,000. Finally, Continuum Advisory LLC bought a new stake in shares of Brown & Brown during the 2nd quarter worth $34,000. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Stock Up 0.1%

BRO opened at $66.28 on Monday. The company has a market capitalization of $22.18 billion, a PE ratio of 20.91, a price-to-earnings-growth ratio of 2.03 and a beta of 0.58. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $96.55. The business has a 50-day moving average of $70.20 and a 200-day moving average of $65.86.

Brown & Brown (NYSE:BRO - Get Free Report) last released 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). The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The firm's revenue for the quarter was up 30.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.03 EPS. Equities research analysts forecast that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were given a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 1.0%. The ex-dividend date was Wednesday, August 12th. Brown & Brown's dividend payout ratio (DPR) is currently 20.82%.

Analyst Ratings Changes

BRO has been the topic of a number of recent analyst reports. Citigroup lowered Brown & Brown from an "outperform" rating to a "neutral" rating and boosted their target price for the stock from $70.00 to $79.00 in a research report on Wednesday, July 29th. Morgan Stanley reaffirmed an "underweight" rating and set a $60.00 price objective (up from $56.00) on shares of Brown & Brown in a research note on Wednesday, August 19th. The Goldman Sachs Group lifted their target price on shares of Brown & Brown from $62.00 to $70.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 1st. Weiss Ratings upgraded shares of Brown & Brown from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, August 19th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Four research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $76.80.

Brown & Brown Profile

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

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialty insurance programs. Brown & Brown also operates wholesale brokerage and managing general agency businesses, which provide specialized coverage and market access to retail insurance agents and brokers.

Founded in 1939 by J.

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