Resona Asset Management Co. Ltd. Grows Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Key Points

• Resona Asset Management Co. Ltd. increased its position in Brown & Brown, Inc. by 5.6%, now holding 107,499 shares valued at approximately $13.33 million.
• Brown & Brown reported a quarterly earnings per share of $1.03, surpassing analysts' expectations of $0.99, with year-over-year revenue growth of 9.1%.
• The company declared a quarterly dividend of $0.15 per share, resulting in an annual yield of 0.6%, with a payout ratio of 17.29%.

Resona Asset Management Co. Ltd. boosted its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 5.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 107,499 shares of the financial services provider's stock after acquiring an additional 5,737 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Brown & Brown were worth $13,332,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of BRO. Bank Pictet & Cie Europe AG purchased a new position in Brown & Brown during the 4th quarter valued at about $907,000. Rockefeller Capital Management L.P. raised its holdings in Brown & Brown by 10.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 20,811 shares of the financial services provider's stock worth $2,123,000 after buying an additional 1,986 shares during the last quarter. Mariner LLC raised its holdings in Brown & Brown by 5.9% in the fourth quarter. Mariner LLC now owns 60,382 shares of the financial services provider's stock worth $6,160,000 after buying an additional 3,361 shares during the last quarter. Canada Post Corp Registered Pension Plan purchased a new position in Brown & Brown in the fourth quarter worth about $348,000. Finally, Aware Super Pty Ltd as trustee of Aware Super purchased a new position in Brown & Brown in the fourth quarter worth about $1,189,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

Shares of BRO traded up $0.22 during mid-day trading on Friday, reaching $95.35. The stock had a trading volume of 3,943,622 shares, compared to its average volume of 3,787,552. The firm has a market cap of $31.45 billion, a price-to-earnings ratio of 27.48, a PEG ratio of 2.16 and a beta of 0.78. Brown & Brown, Inc. has a 12 month low of $90.38 and a 12 month high of $125.68. The business has a fifty day moving average of $103.09 and a 200 day moving average of $110.38. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, topping 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%. The company's revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.93 earnings per share. Equities analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th will be given a dividend of $0.15 per share. The ex-dividend date is Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. Brown & Brown's dividend payout ratio is currently 17.29%.

Insiders Place Their Bets

In related news, Director Paul J. Krump bought 2,678 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average price of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the transaction, the director owned 5,353 shares in the company, valued at $499,488.43. The trade was a 100.11% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The shares were bought at an average price of $91.44 per share, with a total value of $91,440.00. Following the transaction, the director owned 5,000 shares of the company's stock, valued at $457,200. The trade was a 25.00% increase in their position. The disclosure for this purchase can be found here. 17.02% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

BRO has been the subject of several research reports. Argus reissued a "hold" rating on shares of Brown & Brown in a report on Thursday, July 31st. Raymond James Financial reissued an "outperform" rating and set a $120.00 price objective (down from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. Wells Fargo & Company cut shares of Brown & Brown from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $104.00 to $101.00 in a report on Wednesday. Bank of America raised shares of Brown & Brown from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $126.00 to $130.00 in a report on Wednesday, July 30th. Finally, Citigroup assumed coverage on shares of Brown & Brown in a report on Wednesday. They set a "buy" rating and a $112.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $112.93.

Brown & Brown Profile

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.