Nordea Investment Management AB Cuts Stock Holdings in Brown & Brown, Inc. $BRO

Nordea Investment Management AB reduced its stake in Brown & Brown, Inc. (NYSE:BRO) by 11.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 745,960 shares of the financial services provider’s stock after selling 96,404 shares during the quarter. Nordea Investment Management AB’s holdings in Brown & Brown were worth $59,744,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of BRO. Cornerstone Planning Group LLC grew its position in shares of Brown & Brown by 423.1% during the third quarter. Cornerstone Planning Group LLC now owns 272 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 220 shares in the last quarter. Darwin Wealth Management LLC purchased a new stake in shares of Brown & Brown in the second quarter worth about $30,000. Board of the Pension Protection Fund purchased a new stake in shares of Brown & Brown in the fourth quarter worth about $40,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Brown & Brown during the second quarter valued at approximately $49,000. Finally, True Wealth Design LLC grew its holdings in Brown & Brown by 4,369.2% during the 3rd quarter. True Wealth Design LLC now owns 581 shares of the financial services provider’s stock valued at $54,000 after buying an additional 568 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. UBS Group reaffirmed a “neutral” rating and issued a $81.00 price objective (down from $90.00) on shares of Brown & Brown in a research note on Thursday, January 29th. Wells Fargo & Company cut their target price on shares of Brown & Brown from $82.00 to $78.00 and set an “equal weight” rating for the company in a report on Friday, February 13th. Truist Financial reduced their price target on shares of Brown & Brown from $105.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, January 28th. Mizuho upgraded shares of Brown & Brown from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $84.00 to $85.00 in a research report on Friday, February 27th. Finally, Morgan Stanley dropped their price objective on shares of Brown & Brown from $85.00 to $78.00 and set an “equal weight” rating for the company in a research note on Thursday, January 29th. Four analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $89.33.

Brown & Brown Stock Down 0.4%

Shares of NYSE BRO opened at $66.75 on Tuesday. Brown & Brown, Inc. has a 1 year low of $65.68 and a 1 year high of $125.68. The firm has a 50-day simple moving average of $71.97 and a two-hundred day simple moving average of $80.36. The company has a market cap of $22.72 billion, a P/E ratio of 20.86, a PEG ratio of 1.69 and a beta of 0.79. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.66 and a quick ratio of 1.66.

Brown & Brown (NYSE:BRO) last released its earnings results 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. Brown & Brown had a return on equity of 12.93% and a net margin of 17.84%.The firm had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the prior year, the firm posted $0.86 earnings per share. The company’s quarterly revenue was up 35.7% on a year-over-year basis. Research analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

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

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.