Brown & Brown, Inc. $BRO Stock Position Boosted by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC raised its holdings in Brown & Brown, Inc. (NYSE:BRO) by 711.8% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 419,775 shares of the financial services provider’s stock after acquiring an additional 368,068 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Brown & Brown were worth $28,179,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Brown & Brown during the second quarter worth $1,418,571,000. Principal Financial Group Inc. boosted its stake in shares of Brown & Brown by 1.6% during the first quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider’s stock valued at $1,017,847,000 after purchasing an additional 246,172 shares during the period. Deutsche Bank AG purchased a new stake in shares of Brown & Brown during the second quarter valued at $266,941,000. Bank of America Corp DE grew its holdings in shares of Brown & Brown by 45.2% in the first quarter. Bank of America Corp DE now owns 3,623,179 shares of the financial services provider’s stock worth $236,268,000 after purchasing an additional 1,128,417 shares during the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of Brown & Brown by 5.1% in the first quarter. Royal Bank of Canada now owns 3,569,784 shares of the financial services provider’s stock worth $232,786,000 after purchasing an additional 173,320 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on BRO. Raymond James Financial reaffirmed an “outperform” rating on shares of Brown & Brown in a research note on Friday, June 26th. Citizens Jmp decreased their price objective on shares of Brown & Brown from $78.00 to $75.00 and set a “market outperform” rating for the company in a report on Monday, October 12th. Morgan Stanley lowered their price objective on shares of Brown & Brown from $60.00 to $55.00 and set an “underweight” rating for the company in a research report on Tuesday, October 6th. TD Cowen initiated coverage on shares of Brown & Brown in a research note on Monday, October 12th. They issued a “buy” rating and a $82.00 target price on the stock. Finally, Wells Fargo & Company reduced their target price on shares of Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $76.00.

Brown & Brown Price Performance

Shares of BRO stock opened at $70.85 on Wednesday. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $90.46. The stock has a market capitalization of $23.71 billion, a price-to-earnings ratio of 22.35, a P/E/G ratio of 2.15 and a beta of 0.60. The stock has a fifty day simple moving average of $67.15 and a two-hundred day simple moving average of $64.99. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%. Brown & Brown’s quarterly revenue was up 30.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.03 EPS. On average, analysts predict that Brown & Brown, Inc. will post 4.49 EPS for the current fiscal year.

About Brown & Brown

Brown & Brown, Inc is an insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities, individuals and other organizations identify, manage and transfer risk by arranging insurance coverage and providing related advisory services.

Its operations include retail insurance brokerage, national programs, wholesale brokerage and services. Brown & Brown offers property and casualty insurance, employee benefits, personal insurance, surety and other specialized coverage.