Resonant Capital Advisors LLC Cuts Stock Position in Brown & Brown, Inc. (NYSE:BRO)

Resonant Capital Advisors LLC cut its holdings in Brown & Brown, Inc. (NYSE:BRO) by 16.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,770 shares of the financial services provider’s stock after selling 1,925 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Brown & Brown were worth $695,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in BRO. Morgan Stanley boosted its stake in Brown & Brown by 187.2% during the 4th quarter. Morgan Stanley now owns 9,491,448 shares of the financial services provider’s stock valued at $540,728,000 after purchasing an additional 6,186,323 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Brown & Brown by 658.3% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,975,944 shares of the financial services provider’s stock valued at $173,617,000 after purchasing an additional 2,583,481 shares during the last quarter. Norges Bank purchased a new stake in Brown & Brown during the 4th quarter valued at $141,841,000. Victory Capital Management Inc. boosted its stake in Brown & Brown by 401.0% during the 4th quarter. Victory Capital Management Inc. now owns 1,468,253 shares of the financial services provider’s stock valued at $83,646,000 after purchasing an additional 1,175,211 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in Brown & Brown by 95.8% during the 4th quarter. Millennium Management LLC now owns 1,604,442 shares of the financial services provider’s stock valued at $91,405,000 after purchasing an additional 784,873 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

NYSE BRO opened at $82.17 on Friday. The company has a market capitalization of $23.45 billion, a PE ratio of 26.85, a price-to-earnings-growth ratio of 2.52 and a beta of 0.78. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.95 and a current ratio of 1.95. The business’s fifty day moving average is $84.23 and its 200 day moving average is $76.72. Brown & Brown, Inc. has a fifty-two week low of $59.91 and a fifty-two week high of $87.99.

Brown & Brown (NYSE:BRO) last released its earnings results on Tuesday, January 23rd. The financial services provider reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. The company had revenue of $1.03 billion for the quarter. Brown & Brown had a return on equity of 15.46% and a net margin of 20.44%. During the same quarter last year, the firm posted $0.50 earnings per share. Sell-side analysts predict that Brown & Brown, Inc. will post 3.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

BRO has been the topic of several recent analyst reports. Keefe, Bruyette & Woods increased their target price on Brown & Brown from $75.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday, April 10th. Jefferies Financial Group downgraded Brown & Brown from a “buy” rating to a “hold” rating and dropped their price target for the stock from $85.00 to $78.00 in a research note on Tuesday, January 9th. Royal Bank of Canada raised their price target on Brown & Brown from $87.00 to $95.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 20th. The Goldman Sachs Group upgraded Brown & Brown from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $84.00 to $83.00 in a research note on Monday, January 8th. Finally, Truist Financial raised their price target on Brown & Brown from $85.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $86.80.

Insider Activity at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 144,323 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $85.96, for a total transaction of $12,406,005.08. Following the sale, the chairman now directly owns 37,460,605 shares of the company’s stock, valued at $3,220,113,605.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 17.02% of the stock is owned by company insiders.

Brown & Brown Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.