Quantinno Capital Management LP Purchases 48,870 Shares of Brown & Brown, Inc. $BRO

Key Points

• Quantinno Capital Management increased its Brown & Brown stake by 43.2% in the first quarter, adding 48,870 shares to hold 161,907 shares valued at approximately $10.6 million. Institutional investors collectively own 71.01% of the company.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $76.47. Recent targets range from $55 to $88, including Morgan Stanley’s downgrade to “Underweight” and Mizuho’s upgrade to $86.
• Brown & Brown’s latest quarterly results slightly missed estimates, reporting $1.07 in adjusted earnings per share and $1.65 billion in revenue, though revenue grew 30.4% year over year. The company declared a quarterly dividend of $0.165 per share, yielding about 0.9% annually.

Quantinno Capital Management LP lifted its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 43.2% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 161,907 shares of the financial services provider's stock after buying an additional 48,870 shares during the quarter. Quantinno Capital Management LP's holdings in Brown & Brown were worth $10,558,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. increased its position in Brown & Brown by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 37,634,847 shares of the financial services provider's stock worth $2,999,497,000 after acquiring an additional 303,955 shares during the period. Capital World Investors grew its position in shares of Brown & Brown by 2.3% during the 4th quarter. Capital World Investors now owns 17,886,395 shares of the financial services provider's stock worth $1,425,546,000 after purchasing an additional 407,006 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Brown & Brown by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider's stock worth $1,017,847,000 after purchasing an additional 246,172 shares in the last quarter. State Street Corp increased its holdings in shares of Brown & Brown by 2.2% during the fourth quarter. State Street Corp now owns 13,403,814 shares of the financial services provider's stock worth $1,068,284,000 after purchasing an additional 282,988 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Brown & Brown by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 7,952,957 shares of the financial services provider's stock worth $631,495,000 after purchasing an additional 118,225 shares during the period. Institutional investors own 71.01% of the company's stock.

Analysts Set New Price Targets

BRO has been the subject of several recent research reports. Jefferies Financial Group reiterated a "hold" rating on shares of Brown & Brown in a research note on Wednesday, July 29th. BMO Capital Markets raised their price objective on Brown & Brown from $73.00 to $74.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 29th. Morgan Stanley cut Brown & Brown from an "equal weight" rating to an "underweight" rating and dropped their price objective for the company from $60.00 to $55.00 in a report on Monday, July 6th. Bank of America cut their target price on Brown & Brown from $90.00 to $88.00 and set a "neutral" rating for the company in a research report on Tuesday, April 14th. Finally, Mizuho increased their target price on Brown & Brown from $81.00 to $86.00 and gave the stock an "outperform" rating in a report on Wednesday, July 29th. Four equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $76.47.

Brown & Brown Price Performance

Brown & Brown stock opened at $71.80 on Tuesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. Brown & Brown, Inc. has a 52 week low of $53.81 and a 52 week high of $98.30. The stock has a market capitalization of $24.02 billion, a P/E ratio of 22.65, a price-to-earnings-growth ratio of 3.52 and a beta of 0.60. The stock has a fifty day moving average of $63.93 and a 200-day moving average of $66.32.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same period last year, the business earned $1.03 earnings per share. The business's quarterly revenue was up 30.4% compared to the same quarter last year. On average, sell-side analysts expect that Brown & Brown, Inc. will post 4.49 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th will be paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Wednesday, August 12th. Brown & Brown's dividend payout ratio (DPR) is presently 20.82%.

About Brown & Brown

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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