UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Cuts Holdings in Brown & Brown, Inc. $BRO

Key Points

• UBS Asset Management reduced its Brown & Brown stake by 1.7% in the second quarter, selling 25,404 shares and retaining 1.49 million shares valued at approximately $95.4 million. Institutional investors collectively own 71.01% of the company.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and an average price target of $76.80; ratings include four Buys, fourteen Holds, and one Sell.
• Brown & Brown reported quarterly EPS of $1.07, slightly below estimates, while revenue rose 30.4% year over year to $1.65 billion. The company also paid a quarterly dividend of $0.165 per share, equivalent to a 0.9% yield.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 1.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,487,718 shares of the financial services provider's stock after selling 25,404 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.44% of Brown & Brown worth $95,437,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. ICONIQ Capital LLC lifted its stake in shares of Brown & Brown by 5.4% during the second 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 in the last quarter. Zacks Investment Management grew its position in shares of Brown & Brown by 0.7% in the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider's stock worth $1,675,000 after acquiring an additional 125 shares in the last quarter. Moors & Cabot Inc. raised its holdings in shares of Brown & Brown by 2.1% during the third quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider's stock worth $638,000 after purchasing an additional 142 shares during the period. Independent Advisor Alliance lifted its holdings in Brown & Brown by 0.5% in the fourth quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider's stock worth $2,694,000 after acquiring an additional 162 shares during the last quarter. Finally, Crawford Investment Counsel Inc. grew its stake in Brown & Brown by 0.6% during the 4th quarter. Crawford Investment Counsel Inc. now owns 28,750 shares of the financial services provider's stock worth $2,291,000 after buying an additional 170 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on BRO shares. Keefe, Bruyette & Woods boosted their target price on shares of Brown & Brown from $72.00 to $74.00 and gave the company a "market perform" rating in a research note on Wednesday, July 8th. Mizuho raised their target price on shares of Brown & Brown from $81.00 to $86.00 and gave the company an "outperform" rating in a research note on Wednesday, July 29th. Truist Financial set a $90.00 price target on shares of Brown & Brown in a research note on Wednesday, July 29th. JPMorgan Chase & Co. increased their price objective on shares of Brown & Brown from $78.00 to $80.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Finally, Morgan Stanley reiterated an "underweight" rating and set a $60.00 price objective (up from $56.00) on shares of Brown & Brown in a research note on Wednesday, August 19th. Four analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $76.80.

Brown & Brown Stock Performance

BRO opened at $71.92 on Wednesday. The firm has a market cap of $24.07 billion, a PE ratio of 22.69, a P/E/G ratio of 2.22 and a beta of 0.58. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The business has a fifty day simple moving average of $69.56 and a 200-day simple moving average of $65.85. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $97.15.

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

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were issued a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 0.9%. The ex-dividend date was Wednesday, August 12th. Brown & Brown's payout ratio is presently 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.

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