149,774 Shares in Brown & Brown, Inc. $BRO Bought by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company acquired 149,774 Brown & Brown shares in the second quarter, worth approximately $9.6 million. Institutional investors collectively own 71.01% of the company.
• Analysts maintain a largely cautious outlook, with a consensus “Hold” rating and an average price target of $76.80; ratings include four Buys, fourteen Holds, and one Sell.
• Brown & Brown slightly missed quarterly earnings and revenue expectations, reporting $1.07 EPS and $1.65 billion in revenue, although revenue increased 30.4% year over year. The company also declared a quarterly dividend of $0.165 per share, yielding approximately 0.9% annually.

The Manufacturers Life Insurance Company bought a new position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 149,774 shares of the financial services provider's stock, valued at approximately $9,608,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BRO. Union Bancaire Privee UBP SA bought a new stake in Brown & Brown in the 1st quarter valued at about $25,000. Basepoint Wealth LLC purchased a new position in Brown & Brown during the 4th quarter worth $27,000. Darwin Wealth Management LLC bought a new stake in Brown & Brown in the 2nd quarter worth about $30,000. DV Equities LLC bought a new position in shares of Brown & Brown in the fourth quarter valued at approximately $33,000. Finally, Allied Private Wealth LLC bought a new position in Brown & Brown in the 2nd quarter valued at $35,000. 71.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on BRO. Raymond James Financial reiterated an "outperform" rating on shares of Brown & Brown in a research note on Friday, June 26th. Truist Financial set a $90.00 price target on shares of Brown & Brown in a research report on Wednesday, July 29th. Citigroup cut shares of Brown & Brown from an "outperform" rating to a "neutral" rating and upped their price objective for the stock from $70.00 to $79.00 in a research report on Wednesday, July 29th. Weiss Ratings raised Brown & Brown from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, August 19th. Finally, Barclays lifted their price target on shares of Brown & Brown from $72.00 to $76.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 7th. Four research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $76.80.

Brown & Brown Stock Performance

Shares of BRO stock opened at $73.32 on Friday. The stock has a fifty day moving average of $69.05 and a 200 day moving average of $65.80. The firm has a market capitalization of $24.53 billion, a price-to-earnings ratio of 23.13, a PEG ratio of 3.65 and a beta of 0.59. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. Brown & Brown, Inc. has a 52 week low of $53.81 and a 52 week high of $97.49.

Brown & Brown (NYSE:BRO - Get Free Report) last released 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). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the previous year, the company earned $1.03 earnings per share. Brown & Brown's quarterly revenue was up 30.4% on a year-over-year basis. As a group, research analysts expect that Brown & Brown, Inc. will post 4.5 earnings per share for the current year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th were paid a $0.165 dividend. The ex-dividend date was Wednesday, August 12th. This represents a $0.66 annualized dividend and a dividend yield of 0.9%. Brown & Brown's dividend payout ratio is presently 20.82%.

About Brown & Brown

Brown & Brown, Inc NYSE: BRO is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.

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