Hsbc Holdings PLC Takes $41.69 Million Position in Brown & Brown, Inc. $BRO

Hsbc Holdings PLC purchased a new position in shares of Brown & Brown, Inc. (NYSE:BRO) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 652,326 shares of the financial services provider’s stock, valued at approximately $41,691,000. Hsbc Holdings PLC owned 0.19% of Brown & Brown at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. AQR Capital Management LLC lifted its stake in Brown & Brown by 38.3% during the first quarter. AQR Capital Management LLC now owns 33,444 shares of the financial services provider’s stock worth $4,132,000 after purchasing an additional 9,264 shares during the last quarter. Focus Partners Wealth increased its stake in shares of Brown & Brown by 5.2% in the 1st quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider’s stock valued at $1,387,000 after purchasing an additional 547 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Brown & Brown by 1,824.7% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 53,103 shares of the financial services provider’s stock worth $5,888,000 after buying an additional 50,344 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Brown & Brown by 27.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the financial services provider’s stock worth $116,000 after buying an additional 223 shares during the last quarter. Finally, Cary Street Partners Financial LLC lifted its position in shares of Brown & Brown by 60.9% during the 2nd quarter. Cary Street Partners Financial LLC now owns 933 shares of the financial services provider’s stock worth $103,000 after buying an additional 353 shares during 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 a number of recent analyst reports. JPMorgan Chase & Co. lifted their target price on Brown & Brown from $78.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, August 3rd. BMO Capital Markets raised their price target on shares of Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a research note on Wednesday, July 29th. Barclays lifted their price target on shares of Brown & Brown from $72.00 to $76.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. Weiss Ratings upgraded shares of Brown & Brown from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, August 19th. Finally, Mizuho increased their price objective on shares of Brown & Brown from $81.00 to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, July 29th. Four equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $76.80.

Brown & Brown Stock Performance

NYSE:BRO opened at $72.79 on Thursday. The stock’s 50-day moving average is $68.52 and its 200-day moving average is $65.76. Brown & Brown, Inc. has a 1-year low of $53.81 and a 1-year high of $97.49. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58. The stock has a market cap of $24.36 billion, a P/E ratio of 22.96, a price-to-earnings-growth ratio of 3.66 and a beta of 0.59.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter last year, the business earned $1.03 EPS. The firm’s quarterly revenue was up 30.4% compared to the same quarter last year. Equities research analysts anticipate that Brown & Brown, Inc. will post 4.5 earnings per share for the current year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were given a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 0.9%. The ex-dividend date was Wednesday, August 12th. Brown & Brown’s dividend payout ratio is 20.82%.

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.