Resonant Capital Advisors LLC Decreases Holdings in Brown & Brown, Inc. (NYSE:BRO)

Resonant Capital Advisors LLC lessened its stake in Brown & Brown, Inc. (NYSE:BRO) by 16.5% during the 4th quarter, HoldingsChannel.com reports. The fund owned 9,770 shares of the financial services provider’s stock after selling 1,925 shares during the period. Resonant Capital Advisors LLC’s holdings in Brown & Brown were worth $695,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Brown & Brown by 1.3% in the 1st quarter. BlackRock Inc. now owns 16,764,258 shares of the financial services provider’s stock valued at $962,604,000 after acquiring an additional 218,939 shares during the period. Morgan Stanley increased its position in Brown & Brown by 187.2% in the 4th quarter. Morgan Stanley now owns 9,491,448 shares of the financial services provider’s stock valued at $540,728,000 after acquiring an additional 6,186,323 shares during the period. Geode Capital Management LLC increased its position in Brown & Brown by 2.1% in the 1st quarter. Geode Capital Management LLC now owns 5,287,929 shares of the financial services provider’s stock valued at $303,385,000 after acquiring an additional 108,521 shares during the period. Allspring Global Investments Holdings LLC increased its position in Brown & Brown by 0.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 5,236,392 shares of the financial services provider’s stock valued at $372,360,000 after acquiring an additional 29,514 shares during the period. Finally, Wells Fargo & Company MN increased its position in Brown & Brown by 2.1% in the 2nd quarter. Wells Fargo & Company MN now owns 3,405,935 shares of the financial services provider’s stock valued at $234,465,000 after acquiring an additional 68,778 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Insider Activity at Brown & Brown

In related news, Chairman Hyatt J. Brown sold 144,323 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $85.96, for a total value of $12,406,005.08. Following the sale, the chairman now owns 37,460,605 shares of the company’s stock, valued at approximately $3,220,113,605.80. The transaction was disclosed in a filing with the SEC, which is available through this link. 17.02% of the stock is owned by corporate insiders.

Brown & Brown Stock Performance

BRO opened at $82.17 on Friday. The stock has a market cap of $23.45 billion, a P/E ratio of 26.85, a P/E/G ratio of 2.52 and a beta of 0.78. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.95 and a quick ratio of 1.95. The stock’s 50 day simple moving average is $84.23 and its 200 day simple moving average is $76.72. Brown & Brown, Inc. has a 1-year low of $59.91 and a 1-year high of $87.99.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Tuesday, January 23rd. The financial services provider reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. The business had revenue of $1.03 billion for the quarter. Brown & Brown had a return on equity of 15.46% and a net margin of 20.44%. During the same quarter in the prior year, the company earned $0.50 EPS. As a group, equities analysts anticipate that Brown & Brown, Inc. will post 3.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

BRO has been the topic of several recent analyst reports. UBS Group boosted their target price on Brown & Brown from $75.00 to $81.00 and gave the stock a “neutral” rating in a research report on Monday, January 29th. Jefferies Financial Group cut Brown & Brown from a “buy” rating to a “hold” rating and dropped their target price for the stock from $85.00 to $78.00 in a research report on Tuesday, January 9th. Citigroup boosted their target price on Brown & Brown from $89.00 to $94.00 and gave the stock a “buy” rating in a research report on Tuesday. Keefe, Bruyette & Woods boosted their target price on Brown & Brown from $75.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 10th. Finally, Royal Bank of Canada boosted their target price on Brown & Brown from $87.00 to $95.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 20th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $86.80.

Brown & Brown Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.