Brown & Brown, Inc. $BRO Shares Sold by Ghisallo Capital Management LLC

Ghisallo Capital Management LLC decreased its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 88.1% in the third quarter, HoldingsChannel reports. The firm owned 250,000 shares of the financial services provider’s stock after selling 1,850,000 shares during the quarter. Brown & Brown accounts for 0.8% of Ghisallo Capital Management LLC’s portfolio, making the stock its 26th biggest position. Ghisallo Capital Management LLC’s holdings in Brown & Brown were worth $23,448,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital World Investors boosted its holdings in Brown & Brown by 81.1% in the third quarter. Capital World Investors now owns 17,479,389 shares of the financial services provider’s stock valued at $1,639,392,000 after purchasing an additional 7,827,992 shares during the last quarter. Vanguard Group Inc. grew its holdings in Brown & Brown by 16.8% during the second quarter. Vanguard Group Inc. now owns 35,625,322 shares of the financial services provider’s stock worth $3,949,779,000 after acquiring an additional 5,124,203 shares during the period. Norges Bank acquired a new stake in Brown & Brown during the second quarter worth about $433,740,000. Principal Financial Group Inc. grew its stake in shares of Brown & Brown by 13.4% during the 3rd quarter. Principal Financial Group Inc. now owns 15,416,190 shares of the financial services provider’s stock worth $1,445,888,000 after purchasing an additional 1,821,229 shares during the period. Finally, Boston Partners purchased a new position in shares of Brown & Brown during the 2nd quarter valued at approximately $171,163,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Brown & Brown Stock Performance

NYSE:BRO opened at $68.29 on Friday. The company’s 50-day moving average price is $73.46 and its 200-day moving average price is $81.77. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.55. The company has a market cap of $23.25 billion, a P/E ratio of 21.34, a P/E/G ratio of 1.81 and a beta of 0.79. Brown & Brown, Inc. has a twelve month low of $65.68 and a twelve month high of $125.68.

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

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 11th. Shareholders of record on Wednesday, February 4th were issued a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 1.0%. The ex-dividend date was Wednesday, February 4th. Brown & Brown’s dividend payout ratio is presently 20.63%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Jefferies Financial Group cut their price objective on shares of Brown & Brown from $89.00 to $84.00 and set a “hold” rating for the company in a report on Wednesday, January 28th. Truist Financial lowered their price target on Brown & Brown from $105.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, January 28th. Argus upgraded Brown & Brown to a “hold” rating in a research report on Tuesday, January 27th. Wolfe Research started coverage on shares of Brown & Brown in a research note on Thursday, November 20th. They issued a “peer perform” rating on the stock. Finally, Keefe, Bruyette & Woods upgraded shares of Brown & Brown from an “underperform” rating to a “market perform” rating and dropped their target price for the company from $80.00 to $73.00 in a research report on Thursday, January 29th. Four analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $90.29.

About Brown & Brown

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.