Sumitomo Mitsui DS Asset Management Company Ltd Acquires 497,031 Shares of Brown & Brown, Inc. $BRO

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 1,210.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 538,103 shares of the financial services provider’s stock after acquiring an additional 497,031 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd owned about 0.16% of Brown & Brown worth $36,284,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of BRO. Union Bancaire Privee UBP SA purchased a new stake in Brown & Brown during the 1st quarter worth approximately $25,000. Allied Private Wealth LLC purchased a new position in shares of Brown & Brown in the second quarter worth $35,000. Continuum Advisory LLC purchased a new position in shares of Brown & Brown in the second quarter worth $34,000. Johnson Financial Group Inc. purchased a new position in shares of Brown & Brown in the second quarter worth $37,000. Finally, Elevation Wealth Partners LLC lifted its stake in shares of Brown & Brown by 175.1% during the third quarter. Elevation Wealth Partners LLC now owns 619 shares of the financial services provider’s stock worth $40,000 after buying an additional 394 shares during the period. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $69.32 on Tuesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. The stock has a market capitalization of $23.20 billion, a price-to-earnings ratio of 21.87, a PEG ratio of 2.16 and a beta of 0.60. The firm’s 50 day simple moving average is $67.17 and its 200-day simple moving average is $64.94. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $90.46.

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 the consensus estimate of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the firm earned $1.03 earnings per share. The business’s revenue for the quarter was up 30.4% on a year-over-year basis. Analysts expect that Brown & Brown, Inc. will post 4.49 EPS for the current year.

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were issued a $0.1650 dividend. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $0.66 dividend on an annualized basis and a yield of 1.0%. Brown & Brown’s payout ratio is presently 20.82%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on BRO shares. Raymond James Financial reissued an “outperform” rating on shares of Brown & Brown in a report on Friday, June 26th. Wells Fargo & Company cut their target price on Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Monday, October 12th. Weiss Ratings upgraded Brown & Brown from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, August 19th. Citizens Jmp lowered their price target on Brown & Brown from $78.00 to $75.00 and set a “market outperform” rating for the company in a research report on Monday, October 12th. Finally, TD Cowen started coverage on Brown & Brown in a research report on Monday, October 12th. They set a “buy” rating and a $82.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $76.00.

Brown & Brown Profile

Brown & Brown, Inc is an insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities, individuals and other organizations identify, manage and transfer risk by arranging insurance coverage and providing related advisory services.

Its operations include retail insurance brokerage, national programs, wholesale brokerage and services. Brown & Brown offers property and casualty insurance, employee benefits, personal insurance, surety and other specialized coverage.