Brown & Brown, Inc. $BRO Position Reduced by Allianz Asset Management GmbH

Allianz Asset Management GmbH reduced its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 10.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 262,032 shares of the financial services provider’s stock after selling 29,854 shares during the period. Allianz Asset Management GmbH owned about 0.08% of Brown & Brown worth $24,576,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of BRO. AQR Capital Management LLC raised its stake in Brown & Brown by 38.3% during the first quarter. AQR Capital Management LLC now owns 33,444 shares of the financial services provider’s stock valued at $4,132,000 after buying an additional 9,264 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of Brown & Brown by 5.2% during the first quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider’s stock worth $1,387,000 after purchasing an additional 547 shares during the period. Belpointe Asset Management LLC boosted its holdings in shares of Brown & Brown by 5.2% in the 2nd quarter. Belpointe Asset Management LLC now owns 4,055 shares of the financial services provider’s stock valued at $450,000 after buying an additional 202 shares during the period. KLP Kapitalforvaltning AS grew its position in shares of Brown & Brown by 22.2% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 101,200 shares of the financial services provider’s stock valued at $11,220,000 after buying an additional 18,400 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its holdings in Brown & Brown by 15.6% in the second quarter. Louisiana State Employees Retirement System now owns 14,800 shares of the financial services provider’s stock worth $1,641,000 after acquiring an additional 2,000 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. UBS Group reissued a “neutral” rating and set a $81.00 price target (down previously from $90.00) on shares of Brown & Brown in a report on Thursday, January 29th. Morgan Stanley decreased their target price 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. BMO Capital Markets reduced their price target on shares of Brown & Brown from $88.00 to $81.00 and set a “market perform” rating for the company in a research note on Thursday, January 29th. Wells Fargo & Company lowered their price objective on shares of Brown & Brown from $84.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 28th. Finally, Barclays decreased their price target on Brown & Brown from $83.00 to $82.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 27th. Three investment analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company’s stock. According to MarketBeat, Brown & Brown presently has an average rating of “Hold” and a consensus price target of $90.64.

Brown & Brown Trading Up 1.6%

NYSE BRO opened at $73.87 on Friday. The firm’s 50 day moving average price is $78.53 and its two-hundred day moving average price is $86.31. The stock has a market cap of $25.22 billion, a price-to-earnings ratio of 23.08, a PEG ratio of 2.20 and a beta of 0.79. Brown & Brown, Inc. has a twelve month low of $70.45 and a twelve month high of $125.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.10 and a current ratio of 1.67.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, January 26th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.02. The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.65 billion. Brown & Brown had a net margin of 17.84% and a return on equity of 12.93%. The company’s revenue for the quarter was up 35.7% on a year-over-year basis. During the same quarter last year, the business posted $0.86 EPS. Equities analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 11th. Investors of record on Wednesday, February 4th will be issued a $0.165 dividend. The ex-dividend date is Wednesday, February 4th. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. Brown & Brown’s dividend payout ratio is currently 20.63%.

Brown & Brown Company 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.