Nuveen LLC Takes $72.90 Million Position in Brown & Brown, Inc. (NYSE:BRO)

Nuveen LLC acquired a new stake in Brown & Brown, Inc. (NYSE:BRO) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 585,971 shares of the financial services provider’s stock, valued at approximately $72,895,000. Nuveen LLC owned 0.20% of Brown & Brown as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Phillips Wealth Planners LLC raised its position in shares of Brown & Brown by 3.4% during the 1st quarter. Phillips Wealth Planners LLC now owns 2,659 shares of the financial services provider’s stock worth $316,000 after acquiring an additional 88 shares in the last quarter. SBI Securities Co. Ltd. raised its position in shares of Brown & Brown by 26.8% during the 1st quarter. SBI Securities Co. Ltd. now owns 454 shares of the financial services provider’s stock worth $56,000 after acquiring an additional 96 shares in the last quarter. Gateway Investment Advisers LLC raised its position in shares of Brown & Brown by 2.3% during the 1st quarter. Gateway Investment Advisers LLC now owns 4,312 shares of the financial services provider’s stock worth $536,000 after acquiring an additional 97 shares in the last quarter. Graypoint LLC raised its position in shares of Brown & Brown by 3.3% during the 1st quarter. Graypoint LLC now owns 3,208 shares of the financial services provider’s stock worth $399,000 after acquiring an additional 103 shares in the last quarter. Finally, NorthRock Partners LLC raised its position in shares of Brown & Brown by 4.2% during the 1st quarter. NorthRock Partners LLC now owns 2,530 shares of the financial services provider’s stock worth $315,000 after acquiring an additional 103 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insider Buying and Selling

In other Brown & Brown news, Director Paul J. Krump acquired 2,678 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price of $93.31 per share, with a total value of $249,884.18. Following the completion of the acquisition, the director directly owned 5,353 shares of the company’s stock, valued at approximately $499,488.43. The trade was a 100.11% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Bronislaw Edmund Masojada acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 6th. The shares were acquired at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the acquisition, the director directly owned 5,000 shares of the company’s stock, valued at $457,200. This trade represents a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 17.02% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on BRO shares. BMO Capital Markets cut their target price on Brown & Brown from $122.00 to $106.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 30th. Wells Fargo & Company lowered Brown & Brown from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $104.00 to $101.00 in a research report on Wednesday. Argus reissued a “hold” rating on shares of Brown & Brown in a research report on Thursday, July 31st. The Goldman Sachs Group lowered Brown & Brown from a “buy” rating to a “neutral” rating and cut their price target for the stock from $126.00 to $119.00 in a research report on Tuesday, May 13th. Finally, Edward Jones initiated coverage on Brown & Brown in a research report on Wednesday, April 16th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $112.93.

Brown & Brown Trading Up 1.3%

NYSE:BRO opened at $96.01 on Thursday. The firm has a market cap of $31.67 billion, a P/E ratio of 27.67, a PEG ratio of 2.16 and a beta of 0.78. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. The stock’s 50 day simple moving average is $103.69 and its 200-day simple moving average is $110.54. Brown & Brown, Inc. has a 12-month low of $90.38 and a 12-month high of $125.68.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.93 earnings per share. Equities analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. Brown & Brown’s payout ratio is presently 17.29%.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.