Swiss National Bank Trims Position in Brown & Brown, Inc. $BRO

Key Points

• Swiss National Bank trimmed its Brown & Brown stake by 3.6% in Q3, selling 32,000 shares and leaving it with 855,700 shares valued at about $80.26M, roughly 0.25% of the company.
• Brown & Brown reported Q4 EPS of $0.93 (beat $0.91) and revenue of $1.61B (up 35.7% YoY but slightly below estimates); the stock was trading around $68.57 (down 3.5%) with a 52-week range of $65.68–$125.68 and a market cap near $23.3B.
• The consensus rating is Hold with an average target of $90.43 (four Buy, fourteen Hold) and several firms recently trimmed price targets.

Swiss National Bank trimmed its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 3.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 855,700 shares of the financial services provider's stock after selling 32,000 shares during the quarter. Swiss National Bank owned 0.25% of Brown & Brown worth $80,256,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of BRO. Western Wealth Management LLC raised its position 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 purchasing an additional 108 shares during the last quarter. ICONIQ Capital LLC grew its stake in shares of Brown & Brown by 5.4% during the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider's stock worth $234,000 after purchasing an additional 109 shares during the period. Kingsview Wealth Management LLC raised its position in shares of Brown & Brown by 2.2% in 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 period. Freedom Day Solutions LLC boosted 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 worth $1,747,000 after purchasing an additional 129 shares in the last quarter. Finally, Baker Tilly Wealth Management LLC raised its position in Brown & Brown by 4.1% during the third quarter. Baker Tilly Wealth Management LLC now owns 3,330 shares of the financial services provider's stock worth $312,000 after acquiring an additional 132 shares during the period. 71.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BRO shares. Argus raised shares of Brown & Brown to a "hold" rating in a research note on Tuesday, January 27th. Barclays dropped their price objective on Brown & Brown from $83.00 to $82.00 and set an "equal weight" rating for the company in a research note on Tuesday, January 27th. Wells Fargo & Company decreased their price target on shares of Brown & Brown from $82.00 to $78.00 and set an "equal weight" rating for the company in a research report on Friday, February 13th. Weiss Ratings reissued a "hold (c)" rating on shares of Brown & Brown in a research report on Monday, December 29th. Finally, Truist Financial dropped their target price on Brown & Brown from $105.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, January 28th. Four research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $90.43.

Brown & Brown Trading Down 3.5%

BRO opened at $68.57 on Wednesday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.55. Brown & Brown, Inc. has a 52 week low of $65.68 and a 52 week high of $125.68. The business's 50 day moving average is $74.12 and its two-hundred day moving average is $82.16. The firm has a market cap of $23.34 billion, a price-to-earnings ratio of 21.43, a price-to-earnings-growth ratio of 1.91 and a beta of 0.79.

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

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 11th. Investors of record on Wednesday, February 4th were issued a dividend of $0.165 per share. The ex-dividend date of this dividend was Wednesday, February 4th. This represents a $0.66 annualized dividend and a yield of 1.0%. Brown & Brown's payout ratio is currently 20.63%.

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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