Brown & Brown, Inc. $BRO Stake Decreased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 7.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 239,018 shares of the financial services provider’s stock after selling 19,123 shares during the period. Pictet Asset Management Holding SA’s holdings in Brown & Brown were worth $15,587,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Triad Investment Management bought a new position in shares of Brown & Brown in the 4th quarter valued at approximately $4,314,000. PFA Pension Forsikringsaktieselskab bought a new stake in Brown & Brown during the fourth quarter worth approximately $46,226,000. Vest Financial LLC grew its holdings in Brown & Brown by 3.7% during the fourth quarter. Vest Financial LLC now owns 552,994 shares of the financial services provider’s stock valued at $44,074,000 after purchasing an additional 19,503 shares during the last quarter. Capital World Investors grew its holdings in Brown & Brown by 81.1% during 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. Finally, Barr E S & Co. grew its holdings in Brown & Brown by 19.0% during the fourth quarter. Barr E S & Co. now owns 362,669 shares of the financial services provider’s stock valued at $28,905,000 after purchasing an additional 57,971 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director H Palmer Proctor, Jr. purchased 2,000 shares of the stock in a transaction on Tuesday, May 5th. The shares were purchased at an average cost of $57.10 per share, for a total transaction of $114,200.00. Following the completion of the transaction, the director directly owned 47,621 shares of the company’s stock, valued at approximately $2,719,159.10. The trade was a 4.38% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 13.13% of the stock is owned by company insiders.

Brown & Brown Stock Performance

NYSE BRO opened at $69.87 on Friday. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $108.75. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.52. The stock has a market cap of $23.68 billion, a P/E ratio of 22.47, a PEG ratio of 3.10 and a beta of 0.60. The company’s 50-day simple moving average is $59.66 and its 200 day simple moving average is $68.04.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The company’s revenue for the quarter was up 35.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.29 earnings per share. As a group, research analysts forecast that Brown & Brown, Inc. will post 4.52 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 11th were paid a $0.165 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $0.66 annualized dividend and a yield of 0.9%. Brown & Brown’s payout ratio is currently 21.22%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Weiss Ratings cut shares of Brown & Brown from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, June 23rd. Wells Fargo & Company lowered their target price on shares of Brown & Brown from $72.00 to $69.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 29th. Truist Financial dropped their target price on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Morgan Stanley cut their target price on shares of Brown & Brown from $65.00 to $60.00 and set an “equal weight” rating for the company in a research report on Thursday, May 21st. Finally, The Goldman Sachs Group upped their price target on shares of Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday. Five research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $78.25.

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.