Select Equity Group L.P. Has $780.53 Million Stake in Brown & Brown, Inc. $BRO

Key Points

• Select Equity Group L.P. has decreased its stake in Brown & Brown, Inc. by 21.4%, selling over 1.7 million shares, which leaves it with 6.27 million shares of the company.
• Recent quarterly earnings showed Brown & Brown reporting $1.03 earnings per share and a revenue of $1.29 billion, which beats analyst expectations.
• Analysts have set a consensus price target of $112.64 for Brown & Brown, with various ratings from "buy" to "hold".

Select Equity Group L.P. lowered its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 21.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,274,372 shares of the financial services provider's stock after selling 1,704,535 shares during the period. Brown & Brown comprises about 3.3% of Select Equity Group L.P.'s investment portfolio, making the stock its 6th biggest holding. Select Equity Group L.P. owned approximately 2.19% of Brown & Brown worth $780,532,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Nissay Asset Management Corp Japan ADV boosted its position in Brown & Brown by 1.7% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 31,231 shares of the financial services provider's stock valued at $3,885,000 after buying an additional 511 shares during the period. National Wealth Management Group LLC purchased a new stake in Brown & Brown during the 1st quarter valued at $422,000. NewEdge Advisors LLC boosted its position in Brown & Brown by 4.7% during the 1st quarter. NewEdge Advisors LLC now owns 18,971 shares of the financial services provider's stock valued at $2,360,000 after buying an additional 846 shares during the period. Millennium Management LLC boosted its position in Brown & Brown by 3.5% during the 1st quarter. Millennium Management LLC now owns 649,852 shares of the financial services provider's stock valued at $80,842,000 after buying an additional 22,039 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Brown & Brown by 5.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,011 shares of the financial services provider's stock valued at $2,987,000 after buying an additional 1,264 shares during the period. Hedge funds and other institutional investors own 71.01% of the company's stock.

Insider Transactions at Brown & Brown

In related news, Director Bronislaw Edmund Masojada purchased 1,000 shares of Brown & Brown stock in a transaction dated Wednesday, August 6th. The stock was purchased at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the completion of the purchase, the director directly owned 5,000 shares of the company's stock, valued at $457,200. The trade was a 25.00% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Paul J. Krump purchased 2,678 shares of Brown & Brown stock in a transaction dated Friday, August 8th. The stock was bought at an average price of $93.31 per share, with a total value of $249,884.18. Following the completion of the purchase, the director directly owned 5,353 shares of the company's stock, valued at approximately $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 15.59% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on BRO. Argus reissued a "hold" rating on shares of Brown & Brown in a research report on Thursday, July 31st. Truist Financial set a $120.00 price target on shares of Brown & Brown in a research report on Wednesday, July 30th. Wall Street Zen cut shares of Brown & Brown from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Barclays dropped their target price on shares of Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 29th. Finally, Bank of America raised shares of Brown & Brown from a "neutral" rating to a "buy" rating and raised their target price for the stock from $126.00 to $130.00 in a research report on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $112.64.

Brown & Brown Stock Down 2.0%

NYSE:BRO traded down $1.86 on Tuesday, reaching $93.49. 1,767,859 shares of the stock traded hands, compared to its average volume of 2,241,969. The company has a market capitalization of $30.84 billion, a price-to-earnings ratio of 26.94, a PEG ratio of 2.17 and a beta of 0.81. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. Brown & Brown, Inc. has a 12 month low of $90.38 and a 12 month high of $125.68. The company's fifty day simple moving average is $98.87 and its 200 day simple moving average is $108.90.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.04. The business had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. Brown & Brown's revenue was up 9.1% compared to the same quarter last year. During the same period last year, the business earned $0.93 EPS. Equities analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Wednesday, August 13th. Brown & Brown's dividend payout ratio (DPR) is currently 17.29%.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.