TimesSquare Capital Management LLC Has $32.65 Million Stake in Brown & Brown, Inc. $BRO

Key Points

• TimesSquare Capital Management reduced its Brown & Brown stake by 16.3% in the fourth quarter, selling 79,868 shares and ending with 409,702 shares valued at about $32.65 million.
• Brown & Brown’s latest earnings beat expectations, with EPS of $1.39 versus the $1.36 consensus and revenue of $1.90 billion, up 35.4% year over year.
• Analysts remain cautious overall: the stock has a Hold consensus rating with an average price target of $80.73, while the company also announced a quarterly dividend of $0.165 per share.

TimesSquare Capital Management LLC decreased its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 16.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 409,702 shares of the financial services provider's stock after selling 79,868 shares during the quarter. TimesSquare Capital Management LLC owned approximately 0.12% of Brown & Brown worth $32,653,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Triad Investment Management acquired a new stake in Brown & Brown in the 4th quarter valued at $4,314,000. Bank of New York Mellon Corp raised its position in Brown & Brown by 3.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,420,814 shares of the financial services provider's stock valued at $133,258,000 after purchasing an additional 51,959 shares during the last quarter. Tandem Investment Advisors Inc. raised its position in Brown & Brown by 69.7% in the 3rd quarter. Tandem Investment Advisors Inc. now owns 1,385,214 shares of the financial services provider's stock valued at $129,919,000 after purchasing an additional 569,037 shares during the last quarter. Vanguard Group Inc. raised its position in Brown & Brown by 4.8% in the 3rd quarter. Vanguard Group Inc. now owns 37,330,892 shares of the financial services provider's stock valued at $3,501,264,000 after purchasing an additional 1,705,570 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Brown & Brown by 43.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,600 shares of the financial services provider's stock valued at $4,558,000 after purchasing an additional 14,678 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on BRO shares. The Goldman Sachs Group cut their price objective on Brown & Brown from $82.00 to $73.00 and set a "neutral" rating for the company in a research report on Wednesday, April 8th. Jefferies Financial Group cut their price objective on Brown & Brown from $89.00 to $84.00 and set a "hold" rating for the company in a research report on Wednesday, January 28th. Argus upgraded Brown & Brown to a "hold" rating in a research report on Tuesday, January 27th. Keefe, Bruyette & Woods cut their price objective on Brown & Brown from $74.00 to $72.00 and set a "market perform" rating for the company in a research report on Wednesday, April 29th. Finally, BMO Capital Markets cut their price objective on Brown & Brown from $88.00 to $81.00 and set a "market perform" rating for the company in a research report on Thursday, January 29th. Four research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $80.73.

Insider Buying and Selling at Brown & Brown

In other news, Director H Palmer Proctor, Jr. bought 2,000 shares of the company's stock in a transaction dated Tuesday, May 5th. The stock was bought at an average price of $57.10 per share, for a total transaction of $114,200.00. Following the completion of the transaction, the director directly owned 47,621 shares in the company, valued at $2,719,159.10. The trade was a 4.38% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 13.13% of the stock is currently owned by insiders.

Brown & Brown Trading Up 4.3%

BRO stock opened at $58.68 on Tuesday. The company has a market cap of $19.89 billion, a P/E ratio of 18.87, a PEG ratio of 2.60 and a beta of 0.66. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $113.83. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.52. The business has a fifty day moving average of $64.67 and a 200-day moving average of $72.67.

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

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 20th. Stockholders of record on Monday, May 11th will be given a dividend of $0.165 per share. The ex-dividend date is Monday, May 11th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.1%. Brown & Brown's payout ratio is presently 21.22%.

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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