TimesSquare Capital Management LLC Takes $22.30 Million Position in Brown & Brown, Inc. $BRO

Key Points

• TimesSquare Capital Management acquired 347,624 shares of Brown & Brown, valued at approximately $22.3 million, giving it a 0.10% stake. Institutional investors collectively own 71.01% of the company.
• Analyst sentiment remains cautious: Brown & Brown has a consensus “Hold” rating and an average price target of $76.47, despite Mizuho raising its target to $86 and Morgan Stanley downgrading the stock to “Underweight.”
• Brown & Brown’s latest quarter fell slightly short of expectations, reporting $1.07 EPS versus $1.08 expected and $1.65 billion in revenue versus $1.71 billion expected. The company declared a quarterly dividend of $0.165 per share, equivalent to a 1.0% annual yield.

TimesSquare Capital Management LLC bought a new position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 347,624 shares of the financial services provider's stock, valued at approximately $22,300,000. TimesSquare Capital Management LLC owned approximately 0.10% of Brown & Brown as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Brown & Brown in the second quarter valued at about $48,799,000. Simplicity Wealth LLC bought a new stake in Brown & Brown during the second quarter worth about $697,000. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in Brown & Brown during the second quarter worth about $14,315,000. Global Retirement Partners LLC acquired a new stake in Brown & Brown during the second quarter worth about $108,000. Finally, Fielder Capital Group LLC bought a new position in Brown & Brown in the 2nd quarter valued at about $313,000. Institutional investors own 71.01% of the company's stock.

Analyst Ratings Changes

BRO has been the subject of several analyst reports. Morgan Stanley cut shares of Brown & Brown from an "equal weight" rating to an "underweight" rating and dropped their target price for the company from $60.00 to $55.00 in a research report on Monday, July 6th. Jefferies Financial Group reiterated a "hold" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Wells Fargo & Company lowered their price objective on shares of Brown & Brown from $69.00 to $68.00 and set an "equal weight" rating for the company in a research report on Thursday, July 9th. Mizuho boosted their price objective on shares of Brown & Brown from $81.00 to $86.00 and gave the company an "outperform" rating in a research report on Wednesday, July 29th. Finally, Raymond James Financial restated an "outperform" rating on shares of Brown & Brown in a research note on Friday, June 26th. Four research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Brown & Brown has a consensus rating of "Hold" and an average price target of $76.47.

Brown & Brown Stock Down 2.5%

BRO stock opened at $68.77 on Tuesday. The firm has a 50-day moving average price of $66.73 and a 200-day moving average price of $65.76. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $98.30. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $23.01 billion, a P/E ratio of 21.69, a price-to-earnings-growth ratio of 3.52 and a beta of 0.59.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The company's revenue for the quarter was up 30.4% compared to the same quarter last year. During the same period last year, the firm posted $1.03 earnings per share. As a group, equities research analysts anticipate that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.

Brown & Brown Announces Dividend

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 issued a dividend of $0.165 per share. The ex-dividend date is Wednesday, August 12th. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. Brown & Brown's dividend payout ratio is 20.82%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source