Panagora Asset Management Inc. Decreases Stake in Brown & Brown, Inc. (NYSE:BRO)

Panagora Asset Management Inc. trimmed its position in shares of Brown & Brown, Inc. (NYSE:BROFree Report) by 6.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 21,790 shares of the financial services provider’s stock after selling 1,452 shares during the quarter. Panagora Asset Management Inc.’s holdings in Brown & Brown were worth $1,549,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of BRO. Fifth Third Bancorp boosted its position in Brown & Brown by 8.8% during the third quarter. Fifth Third Bancorp now owns 5,303 shares of the financial services provider’s stock worth $370,000 after purchasing an additional 427 shares in the last quarter. Wealthfront Advisers LLC boosted its position in Brown & Brown by 3.5% during the third quarter. Wealthfront Advisers LLC now owns 7,551 shares of the financial services provider’s stock worth $527,000 after purchasing an additional 255 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in Brown & Brown by 6.1% during the third quarter. Daiwa Securities Group Inc. now owns 19,926 shares of the financial services provider’s stock worth $1,392,000 after purchasing an additional 1,154 shares in the last quarter. FDx Advisors Inc. purchased a new stake in Brown & Brown during the third quarter worth $310,000. Finally, Tokio Marine Asset Management Co. Ltd. boosted its position in Brown & Brown by 9.3% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,920 shares of the financial services provider’s stock worth $413,000 after purchasing an additional 504 shares in the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

BRO stock opened at $89.85 on Wednesday. The stock has a 50-day moving average price of $84.87 and a two-hundred day moving average price of $79.25. Brown & Brown, Inc. has a 12-month low of $61.71 and a 12-month high of $90.50. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.52. The company has a market cap of $25.63 billion, a PE ratio of 27.65, a price-to-earnings-growth ratio of 2.46 and a beta of 0.79.

Brown & Brown (NYSE:BROGet Free Report) last posted its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.07. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the business earned $0.84 earnings per share. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. As a group, research analysts predict that Brown & Brown, Inc. will post 3.61 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Monday, May 6th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date was Friday, May 3rd. Brown & Brown’s dividend payout ratio (DPR) is presently 16.00%.

Insider Buying and Selling at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 144,323 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $85.96, for a total transaction of $12,406,005.08. Following the completion of the sale, the chairman now owns 37,460,605 shares of the company’s stock, valued at $3,220,113,605.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 16.43% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Bank of America cut Brown & Brown from a “neutral” rating to an “underperform” rating and boosted their price target for the stock from $80.00 to $86.00 in a report on Wednesday, March 13th. Citigroup boosted their price target on Brown & Brown from $89.00 to $94.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Wells Fargo & Company boosted their price target on Brown & Brown from $84.00 to $85.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 24th. Royal Bank of Canada boosted their price target on Brown & Brown from $87.00 to $95.00 and gave the stock an “outperform” rating in a report on Wednesday, March 20th. Finally, Raymond James boosted their price target on Brown & Brown from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, March 26th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $87.30.

View Our Latest Stock Report on Brown & Brown

About Brown & Brown

(Free Report)

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

See Also

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

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