Mizuho Securities USA LLC Sells 3,493 Shares of Brown & Brown, Inc. (NYSE:BRO)

Key Points

• Mizuho Securities USA LLC has reduced its stake in Brown & Brown, Inc. by 15.5%, selling 3,493 shares and now holding a total of 19,002 shares valued at approximately $2.36 million.
• Brown & Brown recently reported $1.03 earnings per share, exceeding analysts' expectations of $0.99, with a 9.1% revenue increase year-over-year, totaling $1.29 billion.
• The company announced a quarterly dividend of $0.15 per share, representing a 0.6% yield, with a dividend payout ratio of 17.29%.

Mizuho Securities USA LLC cut its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 15.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,002 shares of the financial services provider's stock after selling 3,493 shares during the period. Mizuho Securities USA LLC's holdings in Brown & Brown were worth $2,364,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of BRO. Covestor Ltd grew its holdings in Brown & Brown by 12.6% during the first quarter. Covestor Ltd now owns 937 shares of the financial services provider's stock valued at $117,000 after purchasing an additional 105 shares during the period. Frank Rimerman Advisors LLC grew its holdings in Brown & Brown by 8.6% during the first quarter. Frank Rimerman Advisors LLC now owns 3,546 shares of the financial services provider's stock valued at $441,000 after purchasing an additional 281 shares during the period. Zions Bancorporation National Association UT acquired a new position in Brown & Brown during the first quarter valued at approximately $45,000. Townsquare Capital LLC lifted its stake in Brown & Brown by 4.7% in the first quarter. Townsquare Capital LLC now owns 86,770 shares of the financial services provider's stock valued at $10,794,000 after buying an additional 3,870 shares in the last quarter. Finally, Nicholson Wealth Management Group LLC lifted its stake in Brown & Brown by 1.9% in the first quarter. Nicholson Wealth Management Group LLC now owns 14,536 shares of the financial services provider's stock valued at $1,808,000 after buying an additional 277 shares in the last quarter. 71.01% of the stock is owned by institutional investors.

Brown & Brown Trading Up 0.8%

Brown & Brown stock traded up $0.78 during trading hours on Friday, reaching $95.91. The stock had a trading volume of 860,778 shares, compared to its average volume of 2,567,512. The stock has a market cap of $31.63 billion, a PE ratio of 27.63, a PEG ratio of 2.18 and a beta of 0.78. Brown & Brown, Inc. has a 52 week low of $90.38 and a 52 week high of $125.68. 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 company has a fifty day simple moving average of $103.39 and a 200-day simple moving average of $110.45.

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

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, August 13th. Brown & Brown's dividend payout ratio (DPR) is currently 17.29%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on BRO shares. Morgan Stanley cut their price objective on shares of Brown & Brown from $120.00 to $109.00 and set an "equal weight" rating on the stock in a research report on Friday, August 8th. Citigroup began coverage on shares of Brown & Brown in a research note on Wednesday. They issued a "buy" rating and a $112.00 price target on the stock. Raymond James Financial restated an "outperform" rating and issued a $120.00 price target (down from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. The Goldman Sachs Group downgraded shares of 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 note on Tuesday, May 13th. Finally, Bank of America upgraded shares of Brown & Brown from a "neutral" rating to a "buy" rating and raised their price target for the company from $126.00 to $130.00 in a research note on Wednesday, July 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $112.93.

Insider Activity

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

Brown & Brown 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.