19,865 Shares in Brown & Brown, Inc. $BRO Bought by Third View Private Wealth LLC

Key Points

• Third View Private Wealth LLC opened a new position in Brown & Brown during Q4, purchasing 19,865 shares valued at about $1.58 million according to its Form 13F filing.
• Institutional ownership is high at about 71.01%; major holders include Vanguard (37.33 million shares) and recent position changes from Bank of New York Mellon, Tandem, Mirae Asset and Triad.
• Analysts hold a consensus "Hold" rating with an average price target of $84.40 after several recent target cuts (e.g., Goldman Sachs to $73), while the stock trades near $67.44 with a P/E of 21.07 and a 52-week range of $63.29–$121.70.

Third View Private Wealth LLC purchased a new position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,865 shares of the financial services provider's stock, valued at approximately $1,583,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its position in Brown & Brown by 3.8% during the third quarter. Bank of New York Mellon Corp now owns 1,420,814 shares of the financial services provider's stock worth $133,258,000 after acquiring an additional 51,959 shares during the period. Tandem Investment Advisors Inc. raised its position in Brown & Brown by 69.7% during the third quarter. Tandem Investment Advisors Inc. now owns 1,385,214 shares of the financial services provider's stock worth $129,919,000 after acquiring an additional 569,037 shares during the period. Vanguard Group Inc. raised its position in Brown & Brown by 4.8% during the third quarter. Vanguard Group Inc. now owns 37,330,892 shares of the financial services provider's stock worth $3,501,264,000 after acquiring an additional 1,705,570 shares during the period. Triad Investment Management acquired a new position in Brown & Brown during the fourth quarter worth $4,314,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Brown & Brown by 43.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,600 shares of the financial services provider's stock worth $4,558,000 after acquiring an additional 14,678 shares during the period. 71.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BRO has been the subject of a number of research analyst reports. The Goldman Sachs Group reduced their price objective on shares of Brown & Brown from $82.00 to $73.00 and set a "neutral" rating for the company in a research report on Wednesday, April 8th. Weiss Ratings restated a "hold (c)" rating on shares of Brown & Brown in a research report on Monday, December 29th. BMO Capital Markets reduced their price objective on shares of Brown & Brown from $88.00 to $81.00 and set a "market perform" rating for the company in a research report on Thursday, January 29th. Bank of America reduced their price objective on shares of Brown & Brown from $94.00 to $90.00 and set a "neutral" rating for the company in a research report on Tuesday, January 27th. Finally, Truist Financial reduced their price objective on shares of Brown & Brown from $105.00 to $100.00 and set a "buy" rating for the company in a research report on Wednesday, January 28th. Four investment analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $84.40.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $67.44 on Tuesday. The firm has a 50-day simple moving average of $68.60 and a 200-day simple moving average of $77.50. The stock has a market capitalization of $22.96 billion, a price-to-earnings ratio of 21.07, a price-to-earnings-growth ratio of 1.64 and a beta of 0.83. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.55. Brown & Brown, Inc. has a 52 week low of $63.29 and a 52 week high of $121.70.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its earnings results on Monday, January 26th. The financial services provider reported $0.93 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.02. The business had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.65 billion. Brown & Brown had a net margin of 17.84% and a return on equity of 12.93%. The company's quarterly revenue was up 35.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.86 earnings per share. On average, equities analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 11th. Stockholders of record on Wednesday, February 4th were given a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Wednesday, February 4th. Brown & Brown's dividend payout ratio is 20.63%.

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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