Parnassus Investments LLC Trims Stock Holdings in Brown & Brown, Inc. $BRO

Parnassus Investments LLC lessened its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 2.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,834,855 shares of the financial services provider’s stock after selling 182,265 shares during the quarter. Brown & Brown accounts for about 1.5% of Parnassus Investments LLC’s holdings, making the stock its 28th biggest holding. Parnassus Investments LLC owned approximately 2.07% of Brown & Brown worth $641,041,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in BRO. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Brown & Brown by 26.9% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 40,077 shares of the financial services provider’s stock valued at $3,759,000 after acquiring an additional 8,507 shares during the period. Kesler Norman & Wride LLC lifted its stake in shares of Brown & Brown by 1.1% in the third quarter. Kesler Norman & Wride LLC now owns 17,951 shares of the financial services provider’s stock worth $1,831,000 after acquiring an additional 187 shares in the last quarter. Trueblood Wealth Management LLC boosted its holdings in Brown & Brown by 2.0% in the third quarter. Trueblood Wealth Management LLC now owns 19,554 shares of the financial services provider’s stock valued at $1,834,000 after purchasing an additional 389 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Brown & Brown by 39.3% in the third quarter. Oregon Public Employees Retirement Fund now owns 33,552 shares of the financial services provider’s stock valued at $3,147,000 after purchasing an additional 9,463 shares during the last quarter. Finally, Capital Investment Advisors LLC grew its stake in Brown & Brown by 2.2% during the 3rd quarter. Capital Investment Advisors LLC now owns 15,149 shares of the financial services provider’s stock valued at $1,421,000 after purchasing an additional 328 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on BRO. Citigroup lowered Brown & Brown from a “buy” rating to a “neutral” rating in a research report on Monday, November 3rd. JPMorgan Chase & Co. initiated coverage on shares of Brown & Brown in a report on Thursday, December 18th. They issued a “neutral” rating and a $91.00 price target on the stock. Truist Financial reduced their price objective on shares of Brown & Brown from $120.00 to $114.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. Morgan Stanley cut their target price on shares of Brown & Brown from $95.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Monday, November 17th. Finally, Keefe, Bruyette & Woods boosted their price objective on Brown & Brown from $79.00 to $80.00 and gave the company an “underperform” rating in a report on Tuesday. Four analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Brown & Brown presently has a consensus rating of “Hold” and an average price target of $99.80.

Brown & Brown Stock Performance

Shares of BRO opened at $80.63 on Friday. The stock has a market capitalization of $27.53 billion, a P/E ratio of 24.14, a P/E/G ratio of 1.78 and a beta of 0.81. Brown & Brown, Inc. has a 12-month low of $76.17 and a 12-month high of $125.68. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.10 and a quick ratio of 2.10. The firm’s 50 day moving average is $79.80 and its 200-day moving average is $90.64.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, October 27th. The financial services provider reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.15. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. Brown & Brown had a return on equity of 13.64% and a net margin of 18.23%.The business’s quarterly revenue was up 35.4% on a year-over-year basis. During the same period last year, the business earned $0.91 EPS. Equities research analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th were issued a $0.165 dividend. This is an increase from Brown & Brown’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, November 5th. This represents a $0.66 dividend on an annualized basis and a yield of 0.8%. Brown & Brown’s payout ratio is 19.76%.

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.