Nordea Investment Management AB Has $56.43 Million Stock Position in Brown & Brown, Inc. $BRO

Nordea Investment Management AB lowered its stake in Brown & Brown, Inc. (NYSE:BRO) by 19.5% during the second quarter, Holdings Channel reports. The institutional investor owned 514,958 shares of the financial services provider’s stock after selling 124,906 shares during the period. Nordea Investment Management AB’s holdings in Brown & Brown were worth $56,429,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Aware Super Pty Ltd as trustee of Aware Super grew its stake in Brown & Brown by 21.6% in the 2nd quarter. Aware Super Pty Ltd as trustee of Aware Super now owns 182,669 shares of the financial services provider’s stock valued at $20,253,000 after buying an additional 32,494 shares during the last quarter. Tower Wealth Partners Inc. grew its stake in Brown & Brown by 4.6% in the 2nd quarter. Tower Wealth Partners Inc. now owns 2,464 shares of the financial services provider’s stock valued at $273,000 after buying an additional 108 shares during the last quarter. WealthPlan Investment Management LLC grew its stake in Brown & Brown by 8.5% in the 2nd quarter. WealthPlan Investment Management LLC now owns 100,908 shares of the financial services provider’s stock valued at $11,188,000 after buying an additional 7,917 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in Brown & Brown by 1.9% in the 2nd quarter. Allianz Asset Management GmbH now owns 291,886 shares of the financial services provider’s stock valued at $32,361,000 after purchasing an additional 5,434 shares during the period. Finally, New York State Teachers Retirement System grew its position in shares of Brown & Brown by 1.1% during the 2nd quarter. New York State Teachers Retirement System now owns 210,275 shares of the financial services provider’s stock worth $23,313,000 after purchasing an additional 2,247 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Brown & Brown from $104.00 to $87.00 and set an “underperform” rating on the stock in a research report on Thursday, July 31st. Wall Street Zen upgraded shares of Brown & Brown from a “sell” rating to a “hold” rating in a research report on Saturday, September 20th. Bank of America upgraded shares of Brown & Brown from a “neutral” rating to a “buy” rating and increased their target price for the stock from $126.00 to $130.00 in a research report on Wednesday, July 30th. Truist Financial set a $120.00 target price on shares of Brown & Brown in a research report on Wednesday, July 30th. Finally, UBS Group decreased their target price on shares of Brown & Brown from $120.00 to $106.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $109.92.

Brown & Brown Stock Performance

Shares of Brown & Brown stock opened at $87.79 on Friday. The company has a 50 day moving average of $94.26 and a 200-day moving average of $103.77. Brown & Brown, Inc. has a 1-year low of $87.26 and a 1-year high of $125.68. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. The company has a market cap of $28.96 billion, a PE ratio of 25.30, a price-to-earnings-growth ratio of 1.98 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the firm posted $0.93 EPS. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. As a group, equities research analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Wednesday, August 13th. Brown & Brown’s dividend payout ratio is 17.29%.

Insider Activity at Brown & Brown

In related news, Director Bronislaw Edmund Masojada acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 6th. The stock was acquired at an average price of $91.44 per share, with a total value of $91,440.00. Following the purchase, the director directly owned 5,000 shares in the company, valued at approximately $457,200. This trade represents a 25.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Paul J. Krump acquired 2,678 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was bought at an average cost of $93.31 per share, with a total value of $249,884.18. Following the purchase, the director owned 5,353 shares in the company, valued at $499,488.43. The trade was a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.02% of the stock is owned by corporate insiders.

Brown & Brown 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.