Resona Asset Management Co. Ltd. Acquires 20,298 Shares of Brown & Brown, Inc. $BRO

Resona Asset Management Co. Ltd. grew its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 18.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 127,797 shares of the financial services provider’s stock after acquiring an additional 20,298 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Brown & Brown were worth $14,130,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of BRO. M&T Bank Corp grew its holdings in Brown & Brown by 56.8% during the first quarter. M&T Bank Corp now owns 14,693 shares of the financial services provider’s stock valued at $1,828,000 after purchasing an additional 5,323 shares during the period. Axxcess Wealth Management LLC raised its stake in shares of Brown & Brown by 103.6% in the first quarter. Axxcess Wealth Management LLC now owns 4,253 shares of the financial services provider’s stock worth $529,000 after buying an additional 2,164 shares during the period. Quotient Wealth Partners LLC purchased a new position in shares of Brown & Brown during the 1st quarter valued at about $241,000. Allworth Financial LP boosted its position in shares of Brown & Brown by 36.6% in the first quarter. Allworth Financial LP now owns 960 shares of the financial services provider’s stock worth $113,000 after purchasing an additional 257 shares during the period. Finally, Cerity Partners LLC raised its position in shares of Brown & Brown by 2.4% during the 1st quarter. Cerity Partners LLC now owns 49,275 shares of the financial services provider’s stock valued at $6,130,000 after purchasing an additional 1,136 shares during the period. 71.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BRO has been the subject of several recent analyst reports. Wells Fargo & Company dropped their target price on shares of Brown & Brown from $98.00 to $92.00 and set an “equal weight” rating for the company in a report on Wednesday, October 29th. Citigroup downgraded Brown & Brown from a “buy” rating to a “neutral” rating in a research report on Monday. BMO Capital Markets cut their target price on Brown & Brown from $122.00 to $106.00 and set an “outperform” rating for the company in a research report on Wednesday, July 30th. Bank of America reissued a “neutral” rating and set a $97.00 target price (down previously from $135.00) on shares of Brown & Brown in a research note on Monday, November 3rd. Finally, Keefe, Bruyette & Woods dropped their price target on Brown & Brown from $92.00 to $79.00 and set an “underperform” rating for the company in a research note on Tuesday. Five analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Brown & Brown has an average rating of “Hold” and a consensus target price of $105.23.

Brown & Brown Price Performance

Brown & Brown stock opened at $78.51 on Friday. Brown & Brown, Inc. has a 52-week low of $76.17 and a 52-week high of $125.68. The company has a quick ratio of 6.72, a current ratio of 2.10 and a debt-to-equity ratio of 0.62. The firm’s fifty day moving average is $90.31 and its 200 day moving average is $100.23. The company has a market cap of $26.81 billion, a price-to-earnings ratio of 23.51, a PEG ratio of 1.70 and a beta of 0.77.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.15. The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The business’s revenue was up 35.4% on a year-over-year basis. During the same period last year, the company posted $0.91 EPS. Sell-side analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th will be paid a dividend of $0.165 per share. The ex-dividend date of this dividend is Wednesday, November 5th. This is an increase from Brown & Brown’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a yield of 0.8%. Brown & Brown’s payout ratio is presently 19.76%.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.