TimesSquare Capital Management LLC Takes $22.30 Million Position in Brown & Brown, Inc. $BRO

TimesSquare Capital Management LLC purchased a new position in shares of Brown & Brown, Inc. (NYSE:BRO) during the 2nd quarter, HoldingsChannel.com reports. The firm purchased 347,624 shares of the financial services provider’s stock, valued at approximately $22,300,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. ICONIQ Capital LLC boosted its position in Brown & Brown by 5.4% during the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock worth $234,000 after buying an additional 109 shares during the period. Zacks Investment Management grew its holdings in Brown & Brown by 0.7% during the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider’s stock worth $1,675,000 after acquiring an additional 125 shares during the last quarter. Private Trust Co. NA grew its holdings in Brown & Brown by 13.1% during the 4th quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider’s stock worth $91,000 after acquiring an additional 133 shares during the last quarter. Moors & Cabot Inc. increased its position in Brown & Brown by 2.1% in the 3rd quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider’s stock valued at $638,000 after acquiring an additional 142 shares during the period. Finally, Independent Advisor Alliance increased its position in Brown & Brown by 0.5% in the 4th quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider’s stock valued at $2,694,000 after acquiring an additional 162 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BRO. Weiss Ratings lowered shares of Brown & Brown from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. Citizens Jmp boosted their price objective on shares of Brown & Brown from $70.00 to $78.00 and gave the stock a “market outperform” rating in a research note on Friday, July 10th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Truist Financial set a $90.00 target price on Brown & Brown in a report on Wednesday, July 29th. Finally, Barclays increased their price target on Brown & Brown from $72.00 to $76.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Four investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $76.47.

Brown & Brown Price Performance

BRO stock opened at $68.77 on Tuesday. The firm has a market cap of $23.01 billion, a price-to-earnings ratio of 21.69, a PEG ratio of 3.52 and a beta of 0.59. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $98.30. The company’s fifty day simple moving average is $66.73 and its 200 day simple moving average is $65.76.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same period last year, the company posted $1.03 EPS. The business’s revenue was up 30.4% compared to the same quarter last year. On average, analysts expect that Brown & Brown, Inc. will post 4.5 earnings per share for the current year.

Brown & Brown Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th will be given a dividend of $0.165 per share. The ex-dividend date is Wednesday, August 12th. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. Brown & Brown’s dividend payout ratio is presently 20.82%.

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.