Pictet Asset Management Holding SA Trims Stake in Brown & Brown, Inc. $BRO

Pictet Asset Management Holding SA cut its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 20.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 258,141 shares of the financial services provider’s stock after selling 67,686 shares during the period. Pictet Asset Management Holding SA’s holdings in Brown & Brown were worth $20,583,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in BRO. Vanguard Group Inc. increased its holdings in Brown & Brown by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 37,634,847 shares of the financial services provider’s stock worth $2,999,497,000 after acquiring an additional 303,955 shares in the last quarter. Capital World Investors lifted its holdings in Brown & Brown by 81.1% during the third quarter. Capital World Investors now owns 17,479,389 shares of the financial services provider’s stock valued at $1,639,392,000 after purchasing an additional 7,827,992 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Brown & Brown by 13.4% during the third quarter. Principal Financial Group Inc. now owns 15,416,190 shares of the financial services provider’s stock valued at $1,445,888,000 after purchasing an additional 1,821,229 shares in the last quarter. State Street Corp boosted its position in shares of Brown & Brown by 5.3% in the third quarter. State Street Corp now owns 13,120,826 shares of the financial services provider’s stock worth $1,230,602,000 after purchasing an additional 660,005 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Brown & Brown by 2.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,802,327 shares of the financial services provider’s stock worth $217,517,000 after purchasing an additional 57,274 shares during the period. Institutional investors own 71.01% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Bank of America decreased their price objective on shares of Brown & Brown from $90.00 to $88.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 14th. Morgan Stanley dropped their target price on shares of Brown & Brown from $76.00 to $70.00 and set an “equal weight” rating for the company in a report on Monday, April 6th. Truist Financial decreased their price target on Brown & Brown from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday. Mizuho dropped their price objective on Brown & Brown from $85.00 to $84.00 and set an “outperform” rating for the company in a research note on Monday, April 13th. Finally, Argus upgraded Brown & Brown to a “hold” rating in a research report on Tuesday, January 27th. Three research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Brown & Brown has a consensus rating of “Hold” and a consensus price target of $83.00.

Brown & Brown Stock Performance

NYSE:BRO opened at $57.58 on Friday. The company has a market cap of $19.52 billion, a price-to-earnings ratio of 18.52, a PEG ratio of 2.77 and a beta of 0.66. Brown & Brown, Inc. has a 1 year low of $57.46 and a 1 year high of $113.83. The stock’s 50 day simple moving average is $67.60 and its two-hundred day simple moving average is $75.18. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.64 and a quick ratio of 1.66.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, April 27th. The financial services provider reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the prior year, the company earned $1.29 EPS. The company’s quarterly revenue was up 35.4% compared to the same quarter last year. As a group, equities analysts anticipate that Brown & Brown, Inc. will post 4.51 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 20th. Shareholders of record on Monday, May 11th will be paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, May 11th. Brown & Brown’s dividend payout ratio (DPR) is presently 21.22%.

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.