TimesSquare Capital Management LLC Has $32.65 Million Holdings in Brown & Brown, Inc. $BRO

TimesSquare Capital Management LLC cut its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 16.3% in the fourth quarter, Holdings Channel reports. The firm owned 409,702 shares of the financial services provider’s stock after selling 79,868 shares during the quarter. TimesSquare Capital Management LLC’s holdings in Brown & Brown were worth $32,653,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Cornerstone Planning Group LLC grew its stake 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 worth $26,000 after purchasing an additional 220 shares during the period. Darwin Wealth Management LLC acquired a new stake in shares of Brown & Brown during the second quarter worth $30,000. Board of the Pension Protection Fund acquired a new stake in shares of Brown & Brown during the fourth quarter worth $40,000. Maseco LLP acquired a new stake in shares of Brown & Brown during the fourth quarter worth $60,000. Finally, eCIO Inc. acquired a new stake in shares of Brown & Brown during the fourth quarter worth $67,000. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Stock Up 4.3%

NYSE:BRO opened at $58.68 on Tuesday. Brown & Brown, Inc. has a 1 year low of $53.81 and a 1 year high of $113.83. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.52. The stock has a market cap of $19.89 billion, a price-to-earnings ratio of 18.87, a PEG ratio of 2.60 and a beta of 0.66. The stock has a 50-day moving average price of $64.67 and a two-hundred day moving average price of $72.67.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the previous year, the firm earned $1.29 earnings per share. The company’s revenue was up 35.4% on a year-over-year basis. As a group, equities analysts expect that Brown & Brown, Inc. will post 4.51 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 20th. Shareholders of record on Monday, May 11th will be paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Monday, May 11th. Brown & Brown’s payout ratio is presently 21.22%.

Analyst Ratings Changes

A number of brokerages recently commented on BRO. Jefferies Financial Group decreased their price objective on Brown & Brown from $89.00 to $84.00 and set a “hold” rating for the company in a research note on Wednesday, January 28th. Keefe, Bruyette & Woods decreased their price objective on Brown & Brown from $74.00 to $72.00 and set a “market perform” rating for the company in a research note on Wednesday, April 29th. JPMorgan Chase & Co. decreased their price objective on Brown & Brown from $91.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Wells Fargo & Company decreased their price objective on Brown & Brown from $72.00 to $69.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 29th. Finally, Bank of America decreased their price objective on Brown & Brown from $90.00 to $88.00 and set a “neutral” rating for the company in a research note on Tuesday, April 14th. Four analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $80.73.

Insider Transactions at Brown & Brown

In other Brown & Brown news, Director H Palmer Proctor, Jr. bought 2,000 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was purchased at an average cost of $57.10 per share, with a total value of $114,200.00. Following the completion of the purchase, the director owned 47,621 shares in the company, valued at approximately $2,719,159.10. The trade was a 4.38% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 13.13% of the company’s stock.

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.