Brown & Brown, Inc. $BRO Shares Sold by Vancity Investment Management Ltd

Key Points

• Vancity Investment Management cut its Brown & Brown stake by 56.9% in the second quarter, selling 104,243 shares and retaining 79,052 shares valued at approximately $5.1 million. Institutional investors collectively own 71.01% of the company.
• Brown & Brown reported quarterly EPS of $1.07, slightly below the $1.08 analyst consensus, while revenue of $1.65 billion also missed estimates but increased 30.4% year over year.
• The stock opened at $71.42, while analysts maintain a consensus “Hold” rating with an average price target of $76.80. The company also pays a quarterly dividend of $0.165, equivalent to a 0.9% annual yield.

Vancity Investment Management Ltd lessened its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 56.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 79,052 shares of the financial services provider's stock after selling 104,243 shares during the period. Vancity Investment Management Ltd's holdings in Brown & Brown were worth $5,071,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in BRO. Darwin Wealth Management LLC acquired a new position in Brown & Brown in the 2nd quarter worth $30,000. Basepoint Wealth LLC acquired a new stake in shares of Brown & Brown during the fourth quarter valued at about $27,000. Union Bancaire Privee UBP SA acquired a new stake in shares of Brown & Brown during the first quarter valued at about $25,000. DV Equities LLC purchased a new stake in shares of Brown & Brown during the fourth quarter worth about $33,000. Finally, Allied Private Wealth LLC purchased a new stake in shares of Brown & Brown during the second quarter worth about $35,000. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Stock Performance

Shares of NYSE BRO opened at $71.42 on Monday. The company has a market cap of $23.90 billion, a price-to-earnings ratio of 22.53, a price-to-earnings-growth ratio of 2.20 and a beta of 0.58. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $96.55. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58. The stock's 50 day simple moving average is $70.13 and its 200 day simple moving average is $65.91.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (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 analyst estimates of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The company's revenue for the quarter was up 30.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.03 earnings per share. Equities research analysts expect that Brown & Brown, Inc. will post 4.5 EPS for the current year.

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were issued a $0.165 dividend. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $0.66 annualized dividend and a dividend yield of 0.9%. Brown & Brown's dividend payout ratio is currently 20.82%.

Analysts Set New Price Targets

BRO has been the topic of a number of recent analyst reports. Wells Fargo & Company cut their target price on Brown & Brown from $69.00 to $68.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 9th. Royal Bank Of Canada reissued a "sector perform" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Mizuho lifted their price target on shares of Brown & Brown from $81.00 to $86.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 29th. Citizens Jmp upped their price target on shares of Brown & Brown from $70.00 to $78.00 and gave the company a "market outperform" rating in a report on Friday, July 10th. Finally, BMO Capital Markets increased their price objective on shares of Brown & Brown from $73.00 to $74.00 and gave the company a "market perform" rating in a research note on Wednesday, July 29th. Four investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Brown & Brown has a consensus rating of "Hold" and an average price target of $76.80.

About Brown & Brown

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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