QRG Capital Management Inc. Has $230,000 Stock Holdings in Brown & Brown, Inc. $BRO

QRG Capital Management Inc. trimmed its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 85.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,521 shares of the financial services provider’s stock after selling 20,911 shares during the period. QRG Capital Management Inc.’s holdings in Brown & Brown were worth $230,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Triad Investment Management purchased a new position in shares of Brown & Brown in the fourth quarter worth approximately $4,314,000. PFA Pension Forsikringsaktieselskab acquired a new stake in shares of Brown & Brown during the fourth quarter valued at approximately $46,226,000. Vest Financial LLC lifted its position in shares of Brown & Brown by 3.7% in the 4th quarter. Vest Financial LLC now owns 552,994 shares of the financial services provider’s stock valued at $44,074,000 after acquiring an additional 19,503 shares in the last quarter. Barr E S & Co. boosted its stake in Brown & Brown by 19.0% in the 4th quarter. Barr E S & Co. now owns 362,669 shares of the financial services provider’s stock worth $28,905,000 after purchasing an additional 57,971 shares during the period. Finally, Confluence Investment Management LLC boosted its stake in Brown & Brown by 38.5% in the 4th quarter. Confluence Investment Management LLC now owns 413,319 shares of the financial services provider’s stock worth $32,941,000 after purchasing an additional 114,959 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BRO. Bank of America cut their target price on shares of Brown & Brown from $90.00 to $88.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 14th. Mizuho raised their target price on Brown & Brown from $74.00 to $81.00 and gave the stock an “outperform” rating in a research report on Thursday. Raymond James Financial reiterated an “outperform” rating on shares of Brown & Brown in a report on Friday, June 26th. Truist Financial dropped their price target on Brown & Brown from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Finally, The Goldman Sachs Group increased their price objective on Brown & Brown from $62.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st. Five investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $79.06.

Insider Transactions at Brown & Brown

In other news, Director H Palmer Proctor, Jr. bought 2,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were acquired at an average cost of $57.10 per share, for a total transaction of $114,200.00. Following the purchase, the director owned 47,621 shares of the company’s stock, valued at $2,719,159.10. This represents a 4.38% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 13.13% of the company’s stock.

Brown & Brown Stock Down 0.0%

Brown & Brown stock opened at $67.65 on Monday. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a 1-year low of $53.81 and a 1-year high of $108.23. The firm’s fifty day simple moving average is $60.05 and its 200-day simple moving average is $67.51. The company has a market capitalization of $22.93 billion, a P/E ratio of 21.75, a P/E/G ratio of 3.12 and a beta of 0.60.

Brown & Brown (NYSE:BRO) last posted its 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 firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the prior year, the business posted $1.29 earnings per share. The business’s quarterly revenue was up 35.4% on a year-over-year basis. Sell-side analysts forecast that Brown & Brown, Inc. will post 4.51 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 11th were issued a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, May 11th. Brown & Brown’s dividend payout ratio is currently 21.22%.

Brown & Brown 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.