Nissay Asset Management Corp Japan ADV Sells 594 Shares of Brown & Brown, Inc. (NYSE:BRO)

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Nissay Asset Management Corp Japan ADV trimmed its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 2.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,819 shares of the financial services provider’s stock after selling 594 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in Brown & Brown were worth $1,052,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in BRO. Atlanta Capital Management Co. L L C bought a new position in Brown & Brown during the first quarter worth $169,214,000. Norges Bank bought a new stake in shares of Brown & Brown in the fourth quarter valued at about $91,157,000. BlackRock Inc. boosted its position in shares of Brown & Brown by 6.0% in the first quarter. BlackRock Inc. now owns 28,734,168 shares of the financial services provider’s stock valued at $1,040,751,000 after acquiring an additional 1,614,024 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Brown & Brown by 394.2% in the first quarter. The Manufacturers Life Insurance Company now owns 1,626,463 shares of the financial services provider’s stock valued at $58,910,000 after acquiring an additional 1,297,346 shares during the period. Finally, Janus Henderson Group PLC boosted its position in shares of Brown & Brown by 317.0% in the first quarter. Janus Henderson Group PLC now owns 1,000,182 shares of the financial services provider’s stock valued at $36,225,000 after acquiring an additional 760,350 shares during the period. 71.15% of the stock is owned by hedge funds and other institutional investors.

BRO opened at $45.47 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $12.89 billion, a price-to-earnings ratio of 29.91 and a beta of 0.68. Brown & Brown, Inc. has a twelve month low of $30.70 and a twelve month high of $48.69. The company has a 50-day simple moving average of $42.04 and a 200 day simple moving average of $40.83.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, July 27th. The financial services provider reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.06. The firm had revenue of $598.20 million during the quarter, compared to the consensus estimate of $576.26 million. Brown & Brown had a return on equity of 12.54% and a net margin of 17.69%. The business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.32 earnings per share. Sell-side analysts anticipate that Brown & Brown, Inc. will post 1.53 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 12th. Shareholders of record on Wednesday, August 5th will be paid a dividend of $0.085 per share. This represents a $0.34 annualized dividend and a yield of 0.75%. The ex-dividend date is Tuesday, August 4th. Brown & Brown’s payout ratio is 24.29%.

A number of equities research analysts have recently issued reports on the stock. SunTrust Banks boosted their target price on shares of Brown & Brown from $46.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday. Morgan Stanley upped their price objective on shares of Brown & Brown from $44.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Credit Suisse Group reaffirmed a “hold” rating and set a $38.00 price objective on shares of Brown & Brown in a research report on Tuesday, April 28th. Finally, Royal Bank of Canada upped their price objective on shares of Brown & Brown from $38.00 to $44.00 and gave the stock a “sector perform” rating in a research report on Wednesday. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $41.71.

About Brown & Brown

Brown & Brown, Inc markets and sells insurance products and services in the United States, England, Canada, Bermuda, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers commercial packages, group medical, workers' compensation, property risk, and general liability insurance products; and group and individual life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control survey and analysis, consultancy, and claims processing services.

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Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

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