Natixis Advisors L.P. Sells 36,709 Shares of Brown & Brown, Inc. (NYSE:BRO)

Natixis Advisors L.P. cut its holdings in Brown & Brown, Inc. (NYSE:BROGet Rating) by 24.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 113,060 shares of the financial services provider’s stock after selling 36,709 shares during the quarter. Natixis Advisors L.P.’s holdings in Brown & Brown were worth $8,171,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BRO. GHP Investment Advisors Inc. bought a new position in Brown & Brown in the first quarter valued at approximately $44,000. Meeder Asset Management Inc. bought a new position in shares of Brown & Brown during the first quarter worth $54,000. Covestor Ltd bought a new position in shares of Brown & Brown during the fourth quarter worth $66,000. Spire Wealth Management boosted its position in shares of Brown & Brown by 26.3% during the first quarter. Spire Wealth Management now owns 1,028 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 214 shares in the last quarter. Finally, Cullen Frost Bankers Inc. bought a new position in shares of Brown & Brown during the first quarter worth $75,000. 72.31% of the stock is owned by institutional investors.

Brown & Brown Stock Down 1.2 %

Shares of BRO stock opened at $62.89 on Friday. The company has a current ratio of 3.90, a quick ratio of 3.90 and a debt-to-equity ratio of 0.97. Brown & Brown, Inc. has a 1 year low of $52.91 and a 1 year high of $74.00. The firm’s fifty day moving average price is $62.69 and its two-hundred day moving average price is $63.41. The firm has a market capitalization of $17.76 billion, a P/E ratio of 29.12 and a beta of 0.80.

Brown & Brown (NYSE:BROGet Rating) last issued its quarterly earnings results on Monday, July 25th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.02. Brown & Brown had a net margin of 18.86% and a return on equity of 15.36%. The firm had revenue of $838.70 million for the quarter, compared to analyst estimates of $803.46 million. During the same period in the previous year, the business earned $0.49 EPS. The company’s revenue was up 15.5% compared to the same quarter last year. On average, equities analysts predict that Brown & Brown, Inc. will post 2.31 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 17th. Shareholders of record on Wednesday, August 10th were paid a $0.102 dividend. The ex-dividend date was Tuesday, August 9th. This represents a $0.41 annualized dividend and a yield of 0.65%. Brown & Brown’s payout ratio is currently 18.98%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Morgan Stanley lifted their price target on shares of Brown & Brown from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Friday, August 19th. Wells Fargo & Company reduced their price target on shares of Brown & Brown to $66.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 27th. The Goldman Sachs Group initiated coverage on shares of Brown & Brown in a research report on Tuesday, July 12th. They set a “neutral” rating and a $67.00 price target on the stock. Jefferies Financial Group cut their price objective on shares of Brown & Brown from $82.00 to $70.00 and set a “buy” rating on the stock in a research report on Tuesday, July 12th. Finally, Truist Financial cut their price objective on shares of Brown & Brown from $82.00 to $75.00 in a research report on Monday, July 18th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Brown & Brown currently has a consensus rating of “Hold” and an average target price of $70.63.

About Brown & Brown

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Brown & Brown, Inc markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services.

Further Reading

Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

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