Connor Clark & Lunn Investment Management Ltd. Has $4.26 Million Stock Position in Brown & Brown, Inc. (NYSE:BRO)

Posted by Defense World Staff on Aug 20th, 2023

Connor Clark & Lunn Investment Management Ltd. cut its stake in shares of Brown & Brown, Inc. (NYSE:BRO – Free Report) by 66.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 74,154 shares of the financial services provider’s stock after selling 145,837 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Brown & Brown were worth $4,258,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BRO. Brookstone Capital Management grew its position in shares of Brown & Brown by 2.7% during the 1st quarter. Brookstone Capital Management now owns 6,994 shares of the financial services provider’s stock worth $418,000 after buying an additional 184 shares during the period. Texas Permanent School Fund increased its stake in Brown & Brown by 0.7% in the fourth quarter. Texas Permanent School Fund now owns 33,399 shares of the financial services provider’s stock valued at $1,903,000 after purchasing an additional 228 shares in the last quarter. DAVENPORT & Co LLC increased its stake in Brown & Brown by 5.6% in the first quarter. DAVENPORT & Co LLC now owns 4,803 shares of the financial services provider’s stock valued at $276,000 after purchasing an additional 256 shares in the last quarter. Studio Investment Management LLC raised its holdings in Brown & Brown by 4.5% in the fourth quarter. Studio Investment Management LLC now owns 6,407 shares of the financial services provider’s stock worth $365,000 after purchasing an additional 276 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Brown & Brown by 0.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,147 shares of the financial services provider’s stock worth $1,945,000 after purchasing an additional 299 shares in the last quarter. Institutional investors own 69.90% of the company’s stock.

Insider Transactions at Brown & Brown

In other news, Director Bronislaw Edmund Masojada bought 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 21st. The stock was acquired at an average cost of $65.78 per share, with a total value of $263,120.00. Following the completion of the purchase, the director now owns 4,000 shares of the company’s stock, valued at $263,120. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 17.02% of the company’s stock.

Brown & Brown Stock Performance

Shares of BRO opened at $71.39 on Friday. The stock has a market capitalization of $20.25 billion, a price-to-earnings ratio of 27.67 and a beta of 0.76. Brown & Brown, Inc. has a 12 month low of $52.82 and a 12 month high of $72.99. The firm has a fifty day simple moving average of $68.88 and a 200 day simple moving average of $63.04. The company has a current ratio of 2.78, a quick ratio of 2.78 and a debt-to-equity ratio of 0.74.

Brown & Brown (NYSE:BRO – Get Free Report) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.08. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $997.51 million. Brown & Brown had a net margin of 18.34% and a return on equity of 15.19%. The company’s quarterly revenue was up 24.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.51 EPS. Research analysts forecast that Brown & Brown, Inc. will post 2.69 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 16th. Shareholders of record on Wednesday, August 9th were given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.64%. The ex-dividend date was Tuesday, August 8th. Brown & Brown’s dividend payout ratio (DPR) is 17.83%.

Analyst Upgrades and Downgrades

BRO has been the topic of several research analyst reports. Raymond James raised their price objective on Brown & Brown from $70.00 to $76.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 26th. Citigroup lifted their price objective on Brown & Brown from $72.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Keefe, Bruyette & Woods cut Brown & Brown from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $73.00 to $76.00 in a research note on Tuesday, August 1st. StockNews.com started coverage on shares of Brown & Brown in a research note on Thursday. They issued a “buy” rating on the stock. Finally, Royal Bank of Canada increased their price objective on shares of Brown & Brown from $72.00 to $77.00 in a research report on Wednesday, July 26th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $72.70.

Get Our Latest Analysis on Brown & Brown

Brown & Brown Company Profile

(Free Report)

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.