Assenagon Asset Management S.A. Sells 8,607 Shares of Brown & Brown, Inc. $BRO

Assenagon Asset Management S.A. lowered its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 66.6% during the 1st quarter, Holdings Channel.com reports. The firm owned 4,321 shares of the financial services provider’s stock after selling 8,607 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Brown & Brown were worth $282,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Courant Investment Management LLC acquired a new stake in shares of Brown & Brown in the 1st quarter valued at about $7,590,000. First Merchants Corp raised its position in shares of Brown & Brown by 1.8% during the first quarter. First Merchants Corp now owns 92,353 shares of the financial services provider’s stock worth $6,022,000 after purchasing an additional 1,607 shares during the period. SG Americas Securities LLC raised its position in shares of Brown & Brown by 50.2% during the first quarter. SG Americas Securities LLC now owns 332,213 shares of the financial services provider’s stock worth $21,664,000 after purchasing an additional 111,104 shares during the period. Evolve Private Wealth LLC lifted its holdings in shares of Brown & Brown by 52.0% in the 1st quarter. Evolve Private Wealth LLC now owns 5,664 shares of the financial services provider’s stock worth $369,000 after purchasing an additional 1,938 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Brown & Brown by 78.1% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 111,257 shares of the financial services provider’s stock worth $7,255,000 after purchasing an additional 48,782 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Insider Buying and Selling

In other news, Director H Palmer Proctor, Jr. acquired 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were acquired at an average price of $57.10 per share, for a total transaction 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. This trade represents a 4.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 13.13% of the company’s stock.

Brown & Brown Stock Performance

NYSE BRO opened at $69.87 on Friday. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $108.75. The company has a 50-day simple moving average of $59.70 and a 200 day simple moving average of $68.05. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.64 and a current ratio of 1.64. The company has a market capitalization of $23.68 billion, a PE ratio of 22.47, a price-to-earnings-growth ratio of 3.22 and a beta of 0.60.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The firm had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the previous year, the company earned $1.29 earnings per share. The company’s quarterly revenue was up 35.4% on a year-over-year basis. On average, research analysts predict that Brown & Brown, Inc. will post 4.52 EPS for the current year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 11th were issued a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Monday, May 11th. Brown & Brown’s payout ratio is 21.22%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on BRO shares. Raymond James Financial reissued an “outperform” rating on shares of Brown & Brown in a research report on Friday, June 26th. Truist Financial dropped their price objective on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Royal Bank Of Canada reduced their price objective on shares of Brown & Brown from $76.00 to $72.00 and set a “sector perform” rating for the company in a report on Wednesday, April 29th. JPMorgan Chase & Co. decreased their target price on shares of Brown & Brown from $91.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Brown & Brown from $74.00 to $72.00 and set a “market perform” rating on the stock in a report on Wednesday, April 29th. Five investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $78.25.

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.