Mizuho Markets Americas LLC Sells 14,197 Shares of Brown & Brown, Inc. (NYSE:BRO)

Key Points

• Mizuho Markets Americas LLC has reduced its holdings in Brown & Brown, Inc. by 55.4%, selling 14,197 shares and now owning 11,413 shares valued at approximately $1.42 million.
• In the first quarter, several institutional investors adjusted their positions, with notable increases from GW&K Investment Management LLC by 104.4% and Fifth Third Bancorp by 7.1%.
• Brown & Brown recently declared a quarterly dividend of $0.15 per share, with an annualized yield of 0.6% and a payout ratio of 17.29%.

Mizuho Markets Americas LLC lowered its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 55.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,413 shares of the financial services provider's stock after selling 14,197 shares during the period. Mizuho Markets Americas LLC's holdings in Brown & Brown were worth $1,420,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Capital Investment Advisors LLC bought a new stake in shares of Brown & Brown in the 1st quarter valued at about $1,929,000. GW&K Investment Management LLC grew its position in shares of Brown & Brown by 104.4% in the 1st quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock valued at $52,000 after buying an additional 214 shares during the last quarter. Fifth Third Bancorp grew its position in shares of Brown & Brown by 7.1% in the 1st quarter. Fifth Third Bancorp now owns 6,807 shares of the financial services provider's stock valued at $847,000 after buying an additional 450 shares during the last quarter. Tandem Investment Advisors Inc. grew its position in shares of Brown & Brown by 2.5% in the 1st quarter. Tandem Investment Advisors Inc. now owns 764,709 shares of the financial services provider's stock valued at $95,130,000 after buying an additional 18,677 shares during the last quarter. Finally, FORA Capital LLC bought a new stake in shares of Brown & Brown in the 4th quarter valued at about $580,000. Institutional investors own 71.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BRO. Wells Fargo & Company reduced their price target on Brown & Brown from $127.00 to $104.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. The Goldman Sachs Group lowered Brown & Brown from a "buy" rating to a "neutral" rating and reduced their price target for the company from $126.00 to $119.00 in a research report on Tuesday, May 13th. Truist Financial set a $120.00 target price on Brown & Brown in a research report on Wednesday, July 30th. Barclays cut their target price on Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 29th. Finally, Argus restated a "hold" rating on shares of Brown & Brown in a research report on Thursday, July 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $113.23.

Insider Buying and Selling

In related news, Director Bronislaw Edmund Masojada acquired 1,000 shares of the stock in a transaction dated Wednesday, August 6th. The stock was purchased at an average cost of $91.44 per share, with a total value of $91,440.00. Following the completion of the purchase, the director directly owned 5,000 shares in the company, valued at $457,200. This trade represents a 25.00% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul J. Krump acquired 2,678 shares of the stock in a transaction dated Friday, August 8th. The stock was bought at an average cost of $93.31 per share, with a total value of $249,884.18. Following the completion of the purchase, the director owned 5,353 shares of the company's stock, valued at approximately $499,488.43. The trade was a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.02% of the stock is currently owned by corporate insiders.

Brown & Brown Stock Up 1.3%

BRO stock opened at $93.71 on Friday. The stock's 50 day simple moving average is $104.73 and its 200 day simple moving average is $110.79. Brown & Brown, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $125.68. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. The company has a market cap of $30.91 billion, a P/E ratio of 27.01, a price-to-earnings-growth ratio of 2.13 and a beta of 0.78.

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

Brown & Brown Dividend Announcement

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

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.

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