HRT Financial LP Decreases Position in Brown & Brown, Inc. (NYSE:BRO)

Posted by Defense World Staff on Jun 2nd, 2023

HRT Financial LP lessened its holdings in shares of Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 80.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,551 shares of the financial services provider’s stock after selling 61,527 shares during the period. HRT Financial LP’s holdings in Brown & Brown were worth $828,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Retirement Systems of Alabama lifted its holdings in shares of Brown & Brown by 0.3% during the 3rd quarter. Retirement Systems of Alabama now owns 77,868 shares of the financial services provider’s stock valued at $4,709,000 after purchasing an additional 200 shares during the last quarter. Louisiana State Employees Retirement System increased its position in shares of Brown & Brown by 1.3% in the 4th quarter. Louisiana State Employees Retirement System now owns 15,200 shares of the financial services provider’s stock valued at $866,000 after acquiring an additional 200 shares during the period. Texas Permanent School Fund increased its position in shares of Brown & Brown by 0.7% in the 4th quarter. Texas Permanent School Fund now owns 33,399 shares of the financial services provider’s stock valued at $1,903,000 after acquiring an additional 228 shares during the period. Nomura Holdings Inc. increased its position in shares of Brown & Brown by 1.3% in the 3rd quarter. Nomura Holdings Inc. now owns 18,275 shares of the financial services provider’s stock valued at $1,105,000 after acquiring an additional 234 shares during the period. Finally, Virtus ETF Advisers LLC increased its position in shares of Brown & Brown by 2.3% in the 3rd quarter. Virtus ETF Advisers LLC now owns 10,896 shares of the financial services provider’s stock valued at $659,000 after acquiring an additional 250 shares during the period. Hedge funds and other institutional investors own 69.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BRO shares. Citigroup raised Brown & Brown from a “neutral” rating to a “buy” rating and upped their target price for the company from $62.00 to $69.00 in a research report on Tuesday, April 18th. StockNews.com downgraded Brown & Brown from a “buy” rating to a “hold” rating in a research report on Friday, May 26th. Jefferies Financial Group cut their price target on Brown & Brown from $69.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, April 10th. Finally, Keefe, Bruyette & Woods increased their price target on Brown & Brown from $66.00 to $69.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 18th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.64.

Brown & Brown Trading Up 0.7 %

BRO opened at $62.75 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.49 and a quick ratio of 2.49. The company’s 50 day simple moving average is $61.86 and its two-hundred day simple moving average is $59.07. Brown & Brown, Inc. has a 1-year low of $52.82 and a 1-year high of $68.43. The firm has a market capitalization of $17.80 billion, a price-to-earnings ratio of 25.93 and a beta of 0.75.

Brown & Brown Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 17th. Shareholders of record on Monday, May 8th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date was Friday, May 5th. Brown & Brown’s dividend payout ratio (DPR) is 19.01%.

Brown & Brown Company Profile

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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.