Lombard Odier Asset Management USA Corp Sells 21,297 Shares of Brown & Brown, Inc. $BRO

Key Points

• Lombard Odier Asset Management USA Corp cut its Brown & Brown stake by 46.8%, selling 21,297 shares and retaining 24,231 shares valued at $2.273 million.
• Brown & Brown posted $0.93 EPS for the quarter (beating estimates by $0.02) with revenue of $1.61 billion—up 35.7% year-over-year but slightly under consensus—and pays a quarterly dividend of $0.165 ($0.66 annual, ~1.0% yield).
• Analysts hold a muted view with a consensus "Hold" rating and a $90.29 price target after several firms lowered forecasts, and institutional investors own about 71.0% of the stock.

Lombard Odier Asset Management USA Corp reduced its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 46.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,231 shares of the financial services provider's stock after selling 21,297 shares during the period. Lombard Odier Asset Management USA Corp's holdings in Brown & Brown were worth $2,273,000 as of its most recent filing with the Securities & Exchange Commission.

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

Brown & Brown Stock Up 1.4%

Shares of BRO opened at $69.19 on Tuesday. The firm has a market capitalization of $23.55 billion, a P/E ratio of 21.62, a P/E/G ratio of 1.83 and a beta of 0.79. Brown & Brown, Inc. has a 12-month low of $65.68 and a 12-month high of $125.68. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.55. The firm has a fifty day moving average price of $73.25 and a 200-day moving average price of $81.38.

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

Brown & Brown Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Morgan Stanley dropped their target price on Brown & Brown from $85.00 to $78.00 and set an "equal weight" rating for the company in a report on Thursday, January 29th. Wolfe Research assumed coverage on Brown & Brown in a report on Thursday, November 20th. They set a "peer perform" rating on the stock. Bank of America lowered their price target on Brown & Brown from $94.00 to $90.00 and set a "neutral" rating for the company in a research report on Tuesday, January 27th. Truist Financial dropped their price objective on shares of Brown & Brown from $105.00 to $100.00 and set a "buy" rating for the company in a research note on Wednesday, January 28th. Finally, Barclays cut their price objective on shares of 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 issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $90.29.

Brown & Brown Company 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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