Legacy Wealth Asset Management LLC Has $346,000 Stock Holdings in Brown & Brown, Inc. $BRO

Legacy Wealth Asset Management LLC lessened its stake in Brown & Brown, Inc. (NYSE:BRO) by 15.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,119 shares of the financial services provider’s stock after selling 551 shares during the quarter. Legacy Wealth Asset Management LLC’s holdings in Brown & Brown were worth $346,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in BRO. Parnassus Investments LLC bought a new stake in Brown & Brown in the first quarter worth approximately $899,139,000. Nuveen LLC bought a new stake in Brown & Brown in the first quarter worth approximately $72,895,000. Vanguard Group Inc. grew its position in Brown & Brown by 1.9% in the first quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider’s stock worth $3,794,339,000 after acquiring an additional 560,980 shares in the last quarter. Raymond James Financial Inc. grew its position in Brown & Brown by 66.0% in the first quarter. Raymond James Financial Inc. now owns 1,169,936 shares of the financial services provider’s stock worth $145,540,000 after acquiring an additional 465,028 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Brown & Brown by 51.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 952,423 shares of the financial services provider’s stock worth $105,595,000 after buying an additional 323,733 shares during the period. 71.01% of the stock is owned by institutional investors.

Insider Transactions at Brown & Brown

In related news, Director Paul J. Krump acquired 2,678 shares of the firm’s stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $93.31 per share, with a total value of $249,884.18. Following the acquisition, the director directly 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 purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Bronislaw Edmund Masojada acquired 1,000 shares of the firm’s stock in a transaction on Wednesday, August 6th. The shares were bought at an average cost of $91.44 per share, for a total transaction of $91,440.00. Following the acquisition, the director owned 5,000 shares in the company, valued at approximately $457,200. The trade was a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 15.59% of the stock is owned by corporate insiders.

Brown & Brown Trading Up 0.8%

Shares of Brown & Brown stock opened at $88.26 on Wednesday. The stock has a market capitalization of $29.11 billion, a P/E ratio of 25.44, a price-to-earnings-growth ratio of 1.97 and a beta of 0.79. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. The company has a 50-day simple moving average of $93.99 and a 200 day simple moving average of $103.33. Brown & Brown, Inc. has a 12-month low of $86.79 and a 12-month high of $125.68.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 EPS 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 firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the firm earned $0.93 EPS. The company’s revenue was up 9.1% on a year-over-year basis. Research analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BRO. Morgan Stanley decreased their price objective on shares of Brown & Brown from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, October 7th. Keefe, Bruyette & Woods decreased their price objective on shares of Brown & Brown from $104.00 to $87.00 and set an “underperform” rating for the company in a report on Thursday, July 31st. Barclays reduced their price target on shares of Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating for the company in a report on Wednesday, October 8th. Raymond James Financial reissued an “outperform” rating and issued a $120.00 price target (down from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. Finally, Argus reissued a “hold” rating on shares of Brown & Brown in a report on Thursday, July 31st. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $109.92.

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.