Korea Investment CORP Buys Shares of 154,726 Brown & Brown, Inc. $BRO

Korea Investment CORP acquired a new position in Brown & Brown, Inc. (NYSE:BRO) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 154,726 shares of the financial services provider’s stock, valued at approximately $9,926,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Heron Bay Capital Management acquired a new stake in Brown & Brown in the 2nd quarter valued at about $11,824,000. Callan Family Office LLC bought a new position in Brown & Brown in the 2nd quarter worth approximately $1,218,000. Allworth Financial LP acquired a new stake in shares of Brown & Brown in the second quarter worth $213,000. B. Metzler seel. Sohn & Co. AG acquired a new stake in Brown & Brown in the 2nd quarter worth $796,000. Finally, TrinityBridge Ltd acquired a new position in shares of Brown & Brown during the second quarter valued at about $257,000. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Price Performance

Shares of BRO stock opened at $74.64 on Tuesday. The firm’s 50 day moving average price is $67.97 and its two-hundred day moving average price is $65.77. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $97.73. The stock has a market cap of $24.97 billion, a PE ratio of 23.55, a PEG ratio of 3.63 and a beta of 0.59.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The business’s revenue was up 30.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.03 earnings per share. As a group, analysts forecast that Brown & Brown, Inc. will post 4.5 EPS for the current year.

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Wednesday, August 12th. Brown & Brown’s dividend payout ratio is 20.82%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Keefe, Bruyette & Woods raised their target price on Brown & Brown from $72.00 to $74.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 8th. Jefferies Financial Group reissued a “hold” rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Citizens Jmp raised their price target on shares of Brown & Brown from $70.00 to $78.00 and gave the stock a “market outperform” rating in a research note on Friday, July 10th. Citigroup downgraded Brown & Brown from an “outperform” rating to a “neutral” rating and lifted their price objective for the company from $70.00 to $79.00 in a report on Wednesday, July 29th. Finally, The Goldman Sachs Group upped their price objective on Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. Four research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $76.80.

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.