Renaissance Group LLC Lowers Stock Position in Brown & Brown, Inc. $BRO

Renaissance Group LLC lessened its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 14.4% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 274,557 shares of the financial services provider’s stock after selling 46,332 shares during the period. Renaissance Group LLC’s holdings in Brown & Brown were worth $30,440,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BRO. Bares Capital Management Inc. bought a new position in shares of Brown & Brown in the 1st quarter worth about $26,000. ST Germain D J Co. Inc. grew its holdings in Brown & Brown by 298.5% in the second quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 200 shares during the period. SouthState Corp grew its holdings in Brown & Brown by 188.6% in the first quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 166 shares during the period. Motco bought a new position in shares of Brown & Brown during the second quarter valued at approximately $32,000. Finally, Bruce G. Allen Investments LLC lifted its holdings in shares of Brown & Brown by 1,129.6% during the second quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 305 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on BRO. Wall Street Zen raised Brown & Brown from a “sell” rating to a “hold” rating in a research report on Saturday, September 20th. Keefe, Bruyette & Woods dropped their target price on Brown & Brown from $92.00 to $79.00 and set an “underperform” rating on the stock in a report on Tuesday, November 4th. Barclays cut their target price on Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Citigroup lowered Brown & Brown from a “buy” rating to a “neutral” rating in a research report on Monday, November 3rd. Finally, Morgan Stanley cut their price objective on shares of Brown & Brown from $95.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Monday. Five equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $104.08.

Brown & Brown Price Performance

Shares of NYSE:BRO opened at $79.97 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 6.72 and a current ratio of 2.10. The firm has a market cap of $27.30 billion, a price-to-earnings ratio of 23.94, a price-to-earnings-growth ratio of 1.70 and a beta of 0.77. The business has a 50-day simple moving average of $88.18 and a two-hundred day simple moving average of $98.39. Brown & Brown, Inc. has a fifty-two week low of $76.17 and a fifty-two week high of $125.68.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, October 27th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the firm posted $0.91 EPS. The business’s quarterly revenue was up 35.4% compared to the same quarter last year. On average, analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 12th. Investors of record on Wednesday, November 5th were issued a $0.165 dividend. This is an increase from Brown & Brown’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a yield of 0.8%. The ex-dividend date was Wednesday, November 5th. Brown & Brown’s dividend payout ratio is 19.76%.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.