Renaissance Group LLC Sells 24,492 Shares of Brown & Brown, Inc. $BRO

Renaissance Group LLC reduced its holdings in Brown & Brown, Inc. (NYSE:BRO) by 8.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 250,065 shares of the financial services provider’s stock after selling 24,492 shares during the quarter. Renaissance Group LLC owned 0.07% of Brown & Brown worth $23,454,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of BRO. AQR Capital Management LLC grew its position in shares of Brown & Brown by 38.3% in the 1st quarter. AQR Capital Management LLC now owns 33,444 shares of the financial services provider’s stock valued at $4,132,000 after purchasing an additional 9,264 shares during the period. Focus Partners Wealth raised its holdings in Brown & Brown by 5.2% during the 1st quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider’s stock worth $1,387,000 after buying an additional 547 shares during the period. Belpointe Asset Management LLC lifted its stake in Brown & Brown by 5.2% in the second quarter. Belpointe Asset Management LLC now owns 4,055 shares of the financial services provider’s stock valued at $450,000 after buying an additional 202 shares in the last quarter. KLP Kapitalforvaltning AS boosted its holdings in shares of Brown & Brown by 22.2% in the second quarter. KLP Kapitalforvaltning AS now owns 101,200 shares of the financial services provider’s stock valued at $11,220,000 after buying an additional 18,400 shares during the period. Finally, Louisiana State Employees Retirement System increased its position in shares of Brown & Brown by 15.6% during the second quarter. Louisiana State Employees Retirement System now owns 14,800 shares of the financial services provider’s stock worth $1,641,000 after acquiring an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Analyst Ratings Changes

BRO has been the topic of several research reports. Citigroup cut shares of Brown & Brown from a “buy” rating to a “neutral” rating in a research report on Monday, November 3rd. Argus raised Brown & Brown to a “hold” rating in a research report on Tuesday, January 27th. Jefferies Financial Group decreased their price target on shares of Brown & Brown from $89.00 to $84.00 and set a “hold” rating for the company in a research note on Wednesday, January 28th. Wells Fargo & Company decreased their target price on shares of Brown & Brown from $84.00 to $82.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 28th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Brown & Brown in a research note on Thursday, December 18th. They issued a “neutral” rating and a $91.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $90.64.

Brown & Brown Price Performance

Shares of BRO opened at $73.87 on Friday. The company has a current ratio of 1.67, a quick ratio of 2.10 and a debt-to-equity ratio of 0.55. The company’s fifty day simple moving average is $78.53 and its 200 day simple moving average is $86.31. Brown & Brown, Inc. has a 1-year low of $70.45 and a 1-year high of $125.68. The company has a market cap of $25.22 billion, a price-to-earnings ratio of 23.08, a PEG ratio of 2.20 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, January 26th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.02. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.65 billion. Brown & Brown had a net margin of 17.84% and a return on equity of 12.93%. The company’s quarterly revenue was up 35.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.86 EPS. On average, research analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 11th. Stockholders of record on Wednesday, February 4th will be paid a dividend of $0.165 per share. The ex-dividend date is Wednesday, February 4th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.9%. Brown & Brown’s dividend payout ratio (DPR) is 20.63%.

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.