Brown & Brown, Inc. $BRO Shares Sold by Royal London Asset Management Ltd.

Royal London Asset Management Ltd. cut its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 3.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 676,282 shares of the financial services provider’s stock after selling 22,240 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Brown & Brown were worth $43,383,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in BRO. BlackRock Inc. purchased a new stake in Brown & Brown in the 2nd quarter valued at about $1,418,571,000. Capital World Investors lifted its holdings in shares of Brown & Brown by 2.3% during the 4th quarter. Capital World Investors now owns 17,886,395 shares of the financial services provider’s stock worth $1,425,546,000 after acquiring an additional 407,006 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Brown & Brown by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider’s stock worth $1,017,847,000 after acquiring an additional 246,172 shares during the period. State Street Corp boosted its position in shares of Brown & Brown by 2.2% in the fourth quarter. State Street Corp now owns 13,403,814 shares of the financial services provider’s stock worth $1,068,284,000 after acquiring an additional 282,988 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Brown & Brown by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 7,952,957 shares of the financial services provider’s stock worth $631,495,000 after acquiring an additional 118,225 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Stock Performance

NYSE BRO opened at $73.32 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. Brown & Brown, Inc. has a 1-year low of $53.81 and a 1-year high of $97.49. The firm has a market capitalization of $24.53 billion, a P/E ratio of 23.13, a P/E/G ratio of 3.65 and a beta of 0.59. The business’s 50-day simple moving average is $69.05 and its 200-day simple moving average is $65.80.

Brown & Brown (NYSE:BRO) last posted 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 business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same period last year, the company posted $1.03 EPS. The firm’s revenue for the quarter was up 30.4% compared to the same quarter last year. Equities analysts predict that Brown & Brown, Inc. will post 4.5 EPS for the current year.

Brown & Brown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were paid 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 currently 20.82%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Keefe, Bruyette & Woods upped their price target on shares of Brown & Brown from $72.00 to $74.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 8th. Weiss Ratings upgraded shares of Brown & Brown from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, August 19th. The Goldman Sachs Group lifted their price target on shares of Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, July 1st. Truist Financial set a $90.00 price objective on shares of Brown & Brown in a research note on Wednesday, July 29th. Finally, Jefferies Financial Group restated a “hold” rating on shares of Brown & Brown in a report on Wednesday, July 29th. Four investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and an average price target of $76.80.

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.