Nomura Asset Management Co. Ltd. Buys 32,020 Shares of Brown & Brown, Inc. $BRO

Key Points

• Nomura Asset Management increased its Brown & Brown position by 6.8% in the fourth quarter, buying 32,020 shares and bringing its total stake to 503,259 shares worth about $40.1 million.
• Brown & Brown reported better-than-expected quarterly results, with EPS of $1.39 versus the $1.36 consensus and revenue of $1.90 billion, up 35.4% year over year.
• The company also paid a quarterly dividend of $0.165 per share, while analysts currently rate the stock a consensus Hold with an average price target of $79.44.

Nomura Asset Management Co. Ltd. raised its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 6.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 503,259 shares of the financial services provider's stock after acquiring an additional 32,020 shares during the quarter. Nomura Asset Management Co. Ltd. owned approximately 0.15% of Brown & Brown worth $40,110,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Darwin Wealth Management LLC bought a new position in shares of Brown & Brown during the second quarter valued at $30,000. Cornerstone Planning Group LLC raised its holdings in shares of Brown & Brown by 423.1% in the third quarter. Cornerstone Planning Group LLC now owns 272 shares of the financial services provider's stock valued at $26,000 after buying an additional 220 shares during the last quarter. Basepoint Wealth LLC bought a new position in shares of Brown & Brown in the fourth quarter valued at about $27,000. Board of the Pension Protection Fund bought a new position in shares of Brown & Brown in the fourth quarter valued at about $40,000. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Brown & Brown by 36.9% in the third quarter. Smartleaf Asset Management LLC now owns 735 shares of the financial services provider's stock valued at $68,000 after buying an additional 198 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Brown & Brown Stock Performance

Shares of NYSE:BRO opened at $56.32 on Monday. The stock has a market capitalization of $19.09 billion, a P/E ratio of 18.11, a P/E/G ratio of 2.59 and a beta of 0.63. Brown & Brown, Inc. has a 1-year low of $53.81 and a 1-year high of $113.83. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.52. The business has a 50-day moving average price of $62.56 and a two-hundred day moving average price of $71.32.

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

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Monday, May 11th were given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Monday, May 11th. Brown & Brown's payout ratio is presently 21.22%.

Insider Activity

In related news, Director H Palmer Proctor, Jr. bought 2,000 shares of the firm's stock in a transaction dated Tuesday, May 5th. The stock was bought at an average cost of $57.10 per share, for a total transaction of $114,200.00. Following the transaction, the director owned 47,621 shares of the company's stock, valued at $2,719,159.10. This represents a 4.38% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 13.13% of the company's stock.

Analyst Ratings Changes

BRO has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods cut their price target on Brown & Brown from $74.00 to $72.00 and set a "market perform" rating for the company in a report on Wednesday, April 29th. Citizens Jmp initiated coverage on Brown & Brown in a report on Thursday, May 21st. They issued a "market outperform" rating and a $70.00 price target for the company. Wells Fargo & Company cut their price target on Brown & Brown from $72.00 to $69.00 and set an "equal weight" rating for the company in a report on Wednesday, April 29th. Truist Financial cut their price target on Brown & Brown from $100.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Finally, Mizuho cut their price target on Brown & Brown from $85.00 to $84.00 and set an "outperform" rating for the company in a report on Monday, April 13th. Five analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $79.44.

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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