Canada Pension Plan Investment Board Takes Position in Brown & Brown, Inc. $BRO

Key Points

• Canada Pension Plan Investment Board acquired 71,194 shares of Brown & Brown, valued at approximately $4.6 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 rose 30.4% year over year to $1.65 billion. The company also pays a quarterly dividend of $0.165 per share, yielding about 0.9% annually.
• Analyst sentiment remains largely neutral, with 14 Hold ratings, four Buys and one Sell; the consensus price target is $76.80 compared with the stock’s reported price of $73.32.

Canada Pension Plan Investment Board purchased a new position in Brown & Brown, Inc. (NYSE:BRO - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 71,194 shares of the financial services provider's stock, valued at approximately $4,567,000.

A number of other hedge funds have also recently made changes to their positions in BRO. ICONIQ Capital LLC grew its stake in Brown & Brown by 5.4% in the second quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider's stock valued at $234,000 after purchasing an additional 109 shares during the last quarter. Zacks Investment Management boosted its holdings in shares of Brown & Brown by 0.7% in the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider's stock valued at $1,675,000 after buying an additional 125 shares in the last quarter. Moors & Cabot Inc. boosted its holdings in shares of Brown & Brown by 2.1% in the 3rd quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider's stock valued at $638,000 after buying an additional 142 shares in the last quarter. Independent Advisor Alliance boosted its holdings in shares of Brown & Brown by 0.5% in the 4th quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider's stock valued at $2,694,000 after buying an additional 162 shares in the last quarter. Finally, Crawford Investment Counsel Inc. grew its position in shares of Brown & Brown by 0.6% in the 4th quarter. Crawford Investment Counsel Inc. now owns 28,750 shares of the financial services provider's stock worth $2,291,000 after buying an additional 170 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Stock Performance

BRO opened at $73.32 on Monday. The company has a market cap of $24.53 billion, a P/E ratio of 23.13, a price-to-earnings-growth ratio of 3.65 and a beta of 0.59. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The firm's 50-day moving average price is $69.05 and its 200-day moving average price is $65.78. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $97.49.

Brown & Brown (NYSE:BRO - Get Free Report) last released its earnings results on Monday, July 27th. The financial services provider reported $1.07 EPS for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.71 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The firm's revenue for the quarter was up 30.4% on a year-over-year basis. During the same quarter last year, the business earned $1.03 earnings per share. As a group, equities analysts anticipate that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

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

Analysts Set New Price Targets

BRO has been the subject of a number of analyst reports. Jefferies Financial Group reissued a "hold" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Truist Financial set a $90.00 price target on shares of Brown & Brown in a report on Wednesday, July 29th. Wells Fargo & Company reduced their price target 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. Citigroup lowered Brown & Brown from an "outperform" rating to a "neutral" rating and increased their price objective for the company from $70.00 to $79.00 in a report on Wednesday, July 29th. Finally, Morgan Stanley reissued an "underweight" rating and issued a $60.00 price objective (up from $56.00) on shares of Brown & Brown in a research report on Wednesday, August 19th. Four research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Brown & Brown presently has an average rating of "Hold" and a consensus price target of $76.80.

Brown & Brown 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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