ExodusPoint Capital Management LP Has $15.53 Million Stock Position in Brown & Brown, Inc. $BRO

ExodusPoint Capital Management LP increased its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 122.2% in the fourth quarter, HoldingsChannel reports. The firm owned 194,797 shares of the financial services provider’s stock after purchasing an additional 107,147 shares during the period. ExodusPoint Capital Management LP’s holdings in Brown & Brown were worth $15,525,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. ICONIQ Capital LLC increased its position in shares of Brown & Brown by 5.4% during the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock worth $234,000 after purchasing an additional 109 shares in the last quarter. Zacks Investment Management increased its position in shares of Brown & Brown by 0.7% during the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider’s stock worth $1,675,000 after purchasing an additional 125 shares in the last quarter. Private Trust Co. NA increased its position in shares of Brown & Brown by 13.1% during the 4th quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider’s stock worth $91,000 after purchasing an additional 133 shares in the last quarter. Moors & Cabot Inc. increased its position in shares of Brown & Brown by 2.1% during the 3rd quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider’s stock worth $638,000 after purchasing an additional 142 shares in the last quarter. Finally, Aptus Capital Advisors LLC increased its position in shares of Brown & Brown by 1.7% during the 3rd quarter. Aptus Capital Advisors LLC now owns 9,491 shares of the financial services provider’s stock worth $890,000 after purchasing an additional 160 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Insider Activity at Brown & Brown

In other Brown & Brown news, Director H Palmer Proctor, Jr. purchased 2,000 shares of the stock in a transaction dated Tuesday, May 5th. The stock was bought at an average price of $57.10 per share, for a total transaction of $114,200.00. Following the transaction, the director directly owned 47,621 shares in the company, valued at $2,719,159.10. This represents a 4.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 13.13% of the stock is currently owned by corporate insiders.

Brown & Brown Trading Up 0.6%

BRO opened at $59.66 on Wednesday. Brown & Brown, Inc. has a 1-year low of $53.81 and a 1-year high of $111.10. The firm has a 50-day moving average price of $60.85 and a two-hundred day moving average price of $69.49. 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 capitalization of $20.22 billion, a PE ratio of 19.18, a PEG ratio of 2.73 and a beta of 0.63.

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

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Monday, May 11th were given a dividend of $0.165 per share. The ex-dividend date was Monday, May 11th. This represents a $0.66 annualized dividend and a dividend yield of 1.1%. Brown & Brown’s payout ratio is currently 21.22%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on BRO shares. Morgan Stanley dropped their target price on shares of Brown & Brown from $65.00 to $60.00 and set an “equal weight” rating for the company in a research report on Thursday, May 21st. Citigroup assumed coverage on shares of Brown & Brown in a research report on Thursday, May 21st. They issued a “market outperform” rating for the company. Citizens Jmp assumed coverage on shares of Brown & Brown in a research report on Thursday, May 21st. They issued a “market outperform” rating and a $70.00 price objective for the company. The Goldman Sachs Group lowered their price objective on shares of Brown & Brown from $82.00 to $73.00 and set a “neutral” rating for the company in a research report on Wednesday, April 8th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Brown & Brown from $74.00 to $72.00 and set a “market perform” rating for the company in a research report on Wednesday, April 29th. Five analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $78.44.

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.