Delta Global Management LP Acquires Shares of 26,028 Brown & Brown, Inc. $BRO

Key Points

• Delta Global Management LP acquired a new position of 26,028 shares (≈$2.44 million) of Brown & Brown (BRO) in the third quarter, according to its SEC filing.
• BRO is largely held by institutions (71.01% ownership); analysts' consensus is a "Hold" with an average price target of $90.29 amid mixed recent revisions, while the stock trades near $69.19—below its 50‑ and 200‑day moving averages and well under its 52‑week high.

Delta Global Management LP acquired a new position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 26,028 shares of the financial services provider's stock, valued at approximately $2,441,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Western Wealth Management LLC lifted its holdings in shares of Brown & Brown by 6.0% during the second quarter. Western Wealth Management LLC now owns 1,902 shares of the financial services provider's stock worth $211,000 after purchasing an additional 108 shares during the period. ICONIQ Capital LLC increased its stake in Brown & Brown by 5.4% in the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider's stock valued at $234,000 after buying an additional 109 shares during the period. Kingsview Wealth Management LLC increased its stake in Brown & Brown by 2.2% in the 2nd quarter. Kingsview Wealth Management LLC now owns 5,267 shares of the financial services provider's stock valued at $584,000 after buying an additional 114 shares during the period. Zacks Investment Management raised its position in Brown & Brown by 0.7% during the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider's stock worth $1,675,000 after buying an additional 125 shares during the last quarter. Finally, Freedom Day Solutions LLC raised its position in Brown & Brown by 0.7% during the 3rd quarter. Freedom Day Solutions LLC now owns 18,632 shares of the financial services provider's stock worth $1,747,000 after buying an additional 129 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BRO has been the topic of several analyst reports. Mizuho raised shares of Brown & Brown from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $84.00 to $85.00 in a report on Friday, February 27th. Keefe, Bruyette & Woods raised shares of Brown & Brown from an "underperform" rating to a "market perform" rating and cut their price target for the stock from $80.00 to $73.00 in a report on Thursday, January 29th. Morgan Stanley reduced their price objective on shares of Brown & Brown from $85.00 to $78.00 and set an "equal weight" rating for the company in a research report on Thursday, January 29th. UBS Group reaffirmed a "neutral" rating and issued a $81.00 price objective (down from $90.00) on shares of Brown & Brown in a report on Thursday, January 29th. Finally, Barclays dropped their target price on Brown & Brown from $82.00 to $80.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 11th. Four investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $90.29.

Brown & Brown Stock Performance

NYSE:BRO opened at $69.19 on Tuesday. The firm's fifty day simple moving average is $73.25 and its 200-day simple moving average is $81.38. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.55. The stock has a market cap of $23.55 billion, a PE ratio of 21.62, a price-to-earnings-growth ratio of 1.83 and a beta of 0.79. Brown & Brown, Inc. has a fifty-two week low of $65.68 and a fifty-two week high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings data on Monday, January 26th. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.91 by $0.02. The firm had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.65 billion. Brown & Brown had a net margin of 17.84% and a return on equity of 12.93%. The business's revenue for the quarter was up 35.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.86 earnings per share. Analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 11th. Stockholders of record on Wednesday, February 4th were paid a dividend of $0.165 per share. The ex-dividend date of this dividend was Wednesday, February 4th. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. Brown & Brown's payout ratio is 20.63%.

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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