Mirae Asset Global Investments Co. Ltd. Lowers Position in Brown & Brown, Inc. (NYSE:BRO)

Mirae Asset Global Investments Co. Ltd. lessened its stake in Brown & Brown, Inc. (NYSE:BRO) by 31.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 36,778 shares of the financial services provider’s stock after selling 17,140 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Brown & Brown were worth $2,615,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. First Capital Advisors Group LLC. purchased a new position in shares of Brown & Brown in the second quarter worth $26,000. Fortitude Family Office LLC purchased a new stake in Brown & Brown during the fourth quarter valued at $31,000. Quilter Plc purchased a new stake in Brown & Brown during the first quarter valued at $438,906,000. Clear Street Markets LLC raised its stake in Brown & Brown by 93.7% during the first quarter. Clear Street Markets LLC now owns 461 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 223 shares in the last quarter. Finally, Park Place Capital Corp raised its stake in Brown & Brown by 166.5% during the fourth quarter. Park Place Capital Corp now owns 509 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 318 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Trading Up 0.6 %

NYSE BRO opened at $81.12 on Friday. The company’s 50-day moving average price is $84.21 and its 200-day moving average price is $76.63. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.58. The stock has a market cap of $23.15 billion, a PE ratio of 26.51, a PEG ratio of 2.51 and a beta of 0.78. Brown & Brown, Inc. has a 12 month low of $59.91 and a 12 month high of $87.99.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Tuesday, January 23rd. The financial services provider reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. The firm had revenue of $1.03 billion for the quarter. Brown & Brown had a net margin of 20.44% and a return on equity of 15.46%. During the same quarter in the previous year, the company posted $0.50 earnings per share. Equities research analysts forecast that Brown & Brown, Inc. will post 3.44 earnings per share for the current year.

Insider Transactions at Brown & Brown

In other news, Chairman Hyatt J. Brown sold 144,323 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $85.96, for a total value of $12,406,005.08. Following the transaction, the chairman now directly owns 37,460,605 shares in the company, valued at $3,220,113,605.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 17.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BRO. Truist Financial upped their price target on shares of Brown & Brown from $85.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. Royal Bank of Canada upped their price target on shares of Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a research note on Wednesday, March 20th. Citigroup upped their price target on shares of Brown & Brown from $89.00 to $94.00 and gave the company a “buy” rating in a research note on Tuesday. Jefferies Financial Group downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating and reduced their target price for the company from $85.00 to $78.00 in a research note on Tuesday, January 9th. Finally, Wells Fargo & Company increased their target price on shares of Brown & Brown from $81.00 to $84.00 and gave the company an “equal weight” rating in a research note on Thursday, April 11th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $86.80.

About Brown & Brown

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.