Assenagon Asset Management S.A. Has $57.21 Million Stake in Brown & Brown, Inc. (NYSE:BRO)

Assenagon Asset Management S.A. increased its stake in Brown & Brown, Inc. (NYSE:BRO) by 13.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 552,261 shares of the financial services provider’s stock after purchasing an additional 63,778 shares during the period. Assenagon Asset Management S.A. owned approximately 0.19% of Brown & Brown worth $57,214,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Jackson Wealth Management LLC acquired a new position in Brown & Brown during the 3rd quarter worth approximately $3,126,000. Brighton Jones LLC bought a new position in Brown & Brown in the third quarter valued at $1,099,000. International Assets Investment Management LLC acquired a new stake in Brown & Brown in the 3rd quarter valued at $117,530,000. Greenleaf Trust increased its stake in Brown & Brown by 290.7% in the 3rd quarter. Greenleaf Trust now owns 15,336 shares of the financial services provider’s stock valued at $1,589,000 after buying an additional 11,411 shares during the last quarter. Finally, Lecap Asset Management Ltd. bought a new stake in Brown & Brown during the 3rd quarter worth about $1,376,000. Institutional investors own 71.01% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on BRO. Bank of America raised their price objective on Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Jefferies Financial Group boosted their price target on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Wells Fargo & Company increased their price objective on Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Royal Bank of Canada boosted their target price on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Finally, Raymond James increased their price target on shares of Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $105.67.

Insider Transactions at Brown & Brown

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of the sale, the chief financial officer now directly owns 88,445 shares in the company, valued at approximately $8,872,802.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The disclosure for this sale can be found here. Insiders own 17.02% of the company’s stock.

Brown & Brown Stock Performance

Shares of BRO stock opened at $105.26 on Friday. The company has a market capitalization of $30.03 billion, a price-to-earnings ratio of 30.25, a PEG ratio of 2.48 and a beta of 0.83. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.35 and a current ratio of 2.35. Brown & Brown, Inc. has a 52 week low of $67.30 and a 52 week high of $107.67. The company has a 50-day simple moving average of $103.99 and a 200 day simple moving average of $95.00.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.88 by $0.05. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.14 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.68 earnings per share. On average, sell-side analysts predict that Brown & Brown, Inc. will post 3.69 earnings per share for the current year.

Brown & Brown Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th will be given a dividend of $0.15 per share. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Wednesday, November 6th. This represents a $0.60 annualized dividend and a yield of 0.57%. Brown & Brown’s dividend payout ratio (DPR) is presently 14.94%.

Brown & Brown Company Profile

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.