SEB Asset Management AB Makes New Investment in Brown & Brown, Inc. $BRO

SEB Asset Management AB acquired a new stake in Brown & Brown, Inc. (NYSE:BRO) in the first quarter, Holdings Channel reports. The fund acquired 59,654 shares of the financial services provider’s stock, valued at approximately $3,890,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in BRO. AQR Capital Management LLC raised its position in shares of Brown & Brown by 38.3% in the first quarter. AQR Capital Management LLC now owns 33,444 shares of the financial services provider’s stock valued at $4,132,000 after buying an additional 9,264 shares in the last quarter. Focus Partners Wealth grew its position in Brown & Brown by 5.2% during the first quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider’s stock worth $1,387,000 after buying an additional 547 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Brown & Brown by 1,824.7% during the second quarter. Arrowstreet Capital Limited Partnership now owns 53,103 shares of the financial services provider’s stock worth $5,888,000 after buying an additional 50,344 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Brown & Brown by 27.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the financial services provider’s stock worth $116,000 after acquiring an additional 223 shares during the period. Finally, Cary Street Partners Financial LLC increased its stake in Brown & Brown by 60.9% during the 2nd quarter. Cary Street Partners Financial LLC now owns 933 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 353 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on BRO shares. The Goldman Sachs Group upped their target price on Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, July 1st. Barclays raised their price target on Brown & Brown from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Weiss Ratings downgraded Brown & Brown from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, June 23rd. Citigroup reaffirmed an “outperform” rating on shares of Brown & Brown in a research report on Friday, July 10th. Finally, Truist Financial cut their price objective on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Five equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $78.62.

Brown & Brown Stock Down 1.9%

NYSE BRO opened at $65.39 on Thursday. The business has a fifty day moving average price of $61.85 and a two-hundred day moving average price of $66.82. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.64 and a quick ratio of 1.64. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $104.25. The stock has a market capitalization of $22.16 billion, a PE ratio of 21.03, a PEG ratio of 3.08 and a beta of 0.60.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the company posted $1.29 EPS. The company’s revenue for the quarter was up 35.4% compared to the same quarter last year. Equities analysts expect that Brown & Brown, Inc. will post 4.5 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 11th were paid a $0.165 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $0.66 annualized dividend and a yield of 1.0%. Brown & Brown’s dividend payout ratio (DPR) is 21.22%.

Insider Transactions at Brown & Brown

In other Brown & Brown news, Director H Palmer Proctor, Jr. bought 2,000 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were purchased 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 approximately $2,719,159.10. The trade was a 4.38% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 13.13% of the stock is currently owned by corporate insiders.

Brown & Brown 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.