Deutsche Bank AG Lowers Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Key Points

• Deutsche Bank AG reduced its holdings in Brown & Brown, Inc. by 28.2%, now owning approximately 1,028,081 shares valued at $127,893,000.
• Brown & Brown announced a quarterly dividend of $0.15 per share, representing a yield of 0.6%, with the ex-dividend date on August 13th.
• Analysts have downgraded Brown & Brown's target price, with Barclays setting it at $108.00, while others indicated a consensus rating of "Hold."

Deutsche Bank AG reduced its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 28.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,028,081 shares of the financial services provider's stock after selling 403,481 shares during the period. Deutsche Bank AG owned about 0.36% of Brown & Brown worth $127,893,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Capital Investment Advisors LLC purchased a new position in Brown & Brown in the 1st quarter worth approximately $1,929,000. GW&K Investment Management LLC boosted its holdings in Brown & Brown by 104.4% in the first quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock worth $52,000 after acquiring an additional 214 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of Brown & Brown by 7.1% in the first quarter. Fifth Third Bancorp now owns 6,807 shares of the financial services provider's stock worth $847,000 after purchasing an additional 450 shares during the last quarter. Tandem Investment Advisors Inc. raised its stake in shares of Brown & Brown by 2.5% in the first quarter. Tandem Investment Advisors Inc. now owns 764,709 shares of the financial services provider's stock worth $95,130,000 after purchasing an additional 18,677 shares during the last quarter. Finally, FORA Capital LLC purchased a new stake in Brown & Brown during the fourth quarter valued at $580,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Stock Performance

Brown & Brown stock traded up $0.19 during trading hours on Tuesday, hitting $94.79. 2,642,904 shares of the stock traded hands, compared to its average volume of 3,849,457. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. The firm's 50 day moving average price is $103.99 and its 200-day moving average price is $110.64. The stock has a market capitalization of $31.26 billion, a price-to-earnings ratio of 27.32, a P/E/G ratio of 2.15 and a beta of 0.78. Brown & Brown, Inc. has a 1 year low of $90.38 and a 1 year high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.04. The business had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%. The company's revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.93 EPS. As a group, equities analysts expect that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Announces Dividend

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

Analyst Ratings Changes

BRO has been the topic of several recent analyst reports. Raymond James Financial reiterated an "outperform" rating and issued a $120.00 price target (down from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. Bank of America upgraded Brown & Brown from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $126.00 to $130.00 in a report on Wednesday, July 30th. Edward Jones started coverage on Brown & Brown in a report on Wednesday, April 16th. They set a "buy" rating on the stock. The Goldman Sachs Group downgraded Brown & Brown from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $126.00 to $119.00 in a report on Tuesday, May 13th. Finally, Truist Financial set a $120.00 price objective on Brown & Brown in a report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Brown & Brown presently has an average rating of "Hold" and a consensus target price of $113.23.

Insider Transactions at Brown & Brown

In other Brown & Brown news, Director Paul J. Krump purchased 2,678 shares of Brown & Brown stock in a transaction that occurred on 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 acquisition, the director owned 5,353 shares of the company's stock, valued at $499,488.43. This trade represents a 100.11% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of Brown & Brown stock in a transaction on Wednesday, August 6th. The shares were purchased at an average cost of $91.44 per share, with a total value of $91,440.00. Following the acquisition, the director directly owned 5,000 shares of the company's stock, valued at approximately $457,200. The trade was a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 15.59% of the company's stock.

Brown & Brown Company 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.