Intech Investment Management LLC Decreases Stock Position in Brown & Brown, Inc. $BRO

Key Points

• Intech Investment Management LLC cut its Brown & Brown stake by 58.5% in the fourth quarter, selling 73,164 shares and leaving it with 51,840 shares worth about $4.13 million.
• Brown & Brown reported better-than-expected quarterly results, posting $1.39 EPS versus the $1.36 estimate and revenue of $1.90 billion, up 35.4% year over year.
• The company recently paid a quarterly dividend of $0.165 per share, and analysts currently rate the stock a consensus Hold with an average price target of $79.44.

Intech Investment Management LLC cut its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 58.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,840 shares of the financial services provider's stock after selling 73,164 shares during the period. Intech Investment Management LLC's holdings in Brown & Brown were worth $4,132,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Brown & Brown by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 37,634,847 shares of the financial services provider's stock valued at $2,999,497,000 after purchasing an additional 303,955 shares in the last quarter. Capital World Investors lifted its holdings in Brown & Brown by 81.1% in the 3rd quarter. Capital World Investors now owns 17,479,389 shares of the financial services provider's stock valued at $1,639,392,000 after purchasing an additional 7,827,992 shares in the last quarter. State Street Corp lifted its holdings in Brown & Brown by 5.3% in the 3rd quarter. State Street Corp now owns 13,120,826 shares of the financial services provider's stock valued at $1,230,602,000 after purchasing an additional 660,005 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Brown & Brown by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 7,952,957 shares of the financial services provider's stock valued at $631,495,000 after purchasing an additional 118,225 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Brown & Brown by 2.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,802,327 shares of the financial services provider's stock valued at $217,517,000 after purchasing an additional 57,274 shares in the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Trading Up 1.4%

NYSE BRO opened at $57.01 on Tuesday. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $113.83. The company's 50 day moving average price is $62.37 and its 200 day moving average price is $71.16. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.64 and a current ratio of 1.64. The firm has a market capitalization of $19.32 billion, a price-to-earnings ratio of 18.33, a PEG ratio of 2.59 and a beta of 0.63.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The firm had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the firm posted $1.29 earnings per share. Brown & Brown's revenue for the quarter was up 35.4% compared to the same quarter last year. On average, sell-side analysts predict that Brown & Brown, Inc. will post 4.51 EPS for the current year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 11th were issued a $0.165 dividend. The ex-dividend date was Monday, May 11th. This represents a $0.66 annualized dividend and a yield of 1.2%. Brown & Brown's dividend payout ratio (DPR) is presently 21.22%.

Insider Buying and Selling

In other Brown & Brown news, Director H Palmer Proctor, Jr. purchased 2,000 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased at an average price of $57.10 per share, for a total transaction of $114,200.00. Following the completion of the acquisition, the director owned 47,621 shares of the company's stock, valued at approximately $2,719,159.10. This represents a 4.38% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 13.13% of the company's stock.

Analyst Upgrades and Downgrades

BRO has been the topic of a number of recent research reports. Truist Financial reduced their target price on shares of Brown & Brown from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, April 29th. Bank of America reduced their target price on shares of Brown & Brown from $90.00 to $88.00 and set a "neutral" rating on the stock in a report on Tuesday, April 14th. Citigroup initiated coverage on shares of Brown & Brown in a report on Thursday, May 21st. They issued a "market outperform" rating on the stock. JPMorgan Chase & Co. reduced their target price on shares of Brown & Brown from $91.00 to $85.00 and set a "neutral" rating on the stock in a report on Thursday, April 9th. Finally, The Goldman Sachs Group reduced their target price on shares of Brown & Brown from $82.00 to $73.00 and set a "neutral" rating on the stock in a report on Wednesday, April 8th. Five equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Brown & Brown presently has a consensus rating of "Hold" and an average price target of $79.44.

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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