Brown & Brown, Inc. $BRO Shares Sold by Jain Global LLC

Jain Global LLC lowered its position in Brown & Brown, Inc. (NYSE:BRO) by 15.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 843,015 shares of the financial services provider’s stock after selling 154,786 shares during the period. Brown & Brown comprises 0.4% of Jain Global LLC’s holdings, making the stock its 6th largest position. Jain Global LLC’s holdings in Brown & Brown were worth $79,066,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in BRO. Cornerstone Planning Group LLC lifted its holdings in 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 acquiring an additional 220 shares in the last quarter. Darwin Wealth Management LLC acquired a new stake in shares of Brown & Brown during the second quarter worth about $30,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Brown & Brown during the second quarter worth about $49,000. Evelyn Partners Investment Management LLP bought a new position in shares of Brown & Brown during the 2nd quarter valued at about $52,000. Finally, True Wealth Design LLC lifted its holdings in shares of 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 purchasing an additional 568 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Price Performance

Shares of BRO opened at $68.29 on Monday. The stock has a market capitalization of $23.25 billion, a P/E ratio of 21.34, a P/E/G ratio of 1.83 and a beta of 0.79. Brown & Brown, Inc. has a twelve month low of $65.68 and a twelve month high of $125.68. The company has a 50 day moving average of $73.46 and a 200-day moving average of $81.57. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.55.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, January 26th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. Brown & Brown had a net margin of 17.84% and a return on equity of 12.93%. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the previous year, the firm posted $0.86 earnings per share. The firm’s revenue for the quarter was up 35.7% on a year-over-year basis. As a group, equities research analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BRO. Wolfe Research began coverage on Brown & Brown in a research note on Thursday, November 20th. They set a “peer perform” rating for the company. Barclays reduced their price target on shares of Brown & Brown from $82.00 to $80.00 and set an “equal weight” rating for the company in a report on Wednesday, March 11th. Morgan Stanley lowered 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 report on Thursday, January 29th. Jefferies Financial Group dropped their price objective on shares of Brown & Brown from $89.00 to $84.00 and set a “hold” rating on the stock in a report on Wednesday, January 28th. Finally, Keefe, Bruyette & Woods raised shares of Brown & Brown from an “underperform” rating to a “market perform” rating and cut their price objective for the company from $80.00 to $73.00 in a research report on Thursday, January 29th. Four investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $90.29.

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.