Brown & Brown (BRO) Exceeded Expectations in Q2

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy outperformed the Russell Midcap Growth Index and returned 7.16% (gross) while the index return was 6.23%. Consumer Discretionary, Financials, and Consumer Staples sector showed relative weakness. However, the strength in Industrials, Information Technology, and Health Care sectors offset the setbacks. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like Brown & Brown, Inc. (NYSE:BRO) in its Q2 2023 investor letter. Headquartered in Daytona Beach, Florida, Brown & Brown, Inc. (NYSE:BRO) provides insurance products and services. On October 2, 2023, Brown & Brown, Inc. (NYSE:BRO) stock closed at $69.52 per share. One-month return of Brown & Brown, Inc. (NYSE:BRO) was -4.11%, and its shares gained 9.83% of their value over the last 52 weeks. Brown & Brown, Inc. (NYSE:BRO) has a market capitalization of $19.717 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Brown & Brown, Inc. (NYSE:BRO) in its Q2 2023 investor letter:

“Better was the 20% gain for Brown & Brown, Inc. (NYSE:BRO), an independent insurance broker specializing in property, casualty, employee benefits, personal lines, and ancillary services. The company reported revenues and earnings that exceeded expectations with significantly stronger organic growth than industry peers. As its price ascended, we trimmed the position on that strength.”

An insurance broker talking to a client, demonstrating the trust of their services. Editorial photo for a financial news article. 8k. –ar 16:9

Brown & Brown, Inc. (NYSE:BRO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Brown & Brown, Inc. (NYSE:BRO) at the end of second quarter which was 25 in the previous quarter.

We discussed Brown & Brown, Inc. (NYSE:BRO) in another article and shared the list of stocks recently downgraded by analyst. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.