Mediolanum International Funds Ltd Buys New Shares in Brown & Brown, Inc. (NYSE:BRO)

Mediolanum International Funds Ltd purchased a new stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 3,461 shares of the financial services provider's stock, valued at approximately $425,000.

Several other large investors have also recently bought and sold shares of BRO. First Trust Advisors LP raised its holdings in Brown & Brown by 626.6% in the 4th quarter. First Trust Advisors LP now owns 2,350,039 shares of the financial services provider's stock valued at $239,751,000 after acquiring an additional 2,026,589 shares during the period. GAMMA Investing LLC increased its holdings in shares of Brown & Brown by 13,974.9% during the first quarter. GAMMA Investing LLC now owns 1,112,758 shares of the financial services provider's stock worth $138,427,000 after purchasing an additional 1,104,852 shares during the period. Handelsbanken Fonder AB increased its holdings in shares of Brown & Brown by 172.5% during the first quarter. Handelsbanken Fonder AB now owns 1,314,434 shares of the financial services provider's stock worth $163,516,000 after purchasing an additional 832,100 shares during the period. Balyasny Asset Management L.P. increased its holdings in shares of Brown & Brown by 9,262.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 687,095 shares of the financial services provider's stock worth $70,097,000 after purchasing an additional 679,756 shares during the period. Finally, Capital World Investors increased its holdings in shares of Brown & Brown by 15.6% during the fourth quarter. Capital World Investors now owns 4,195,681 shares of the financial services provider's stock worth $428,043,000 after purchasing an additional 566,116 shares during the period. 71.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Barclays lowered their target price on shares of Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating on the stock in a report on Tuesday. Jefferies Financial Group raised their target price on shares of Brown & Brown from $105.00 to $109.00 and gave the stock a "hold" rating in a report on Friday, April 11th. The Goldman Sachs Group cut shares of Brown & Brown from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $126.00 to $119.00 in a report on Tuesday, May 13th. Wells Fargo & Company reissued an "overweight" rating and issued a $127.00 price objective (up from $125.00) on shares of Brown & Brown in a research note on Thursday, June 12th. Finally, Truist Financial decreased their price objective on shares of Brown & Brown from $138.00 to $130.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $118.67.

Brown & Brown Price Performance

Shares of NYSE BRO traded down $10.64 during midday trading on Tuesday, reaching $91.94. 10,468,972 shares of the company were exchanged, compared to its average volume of 3,198,869. The stock's 50-day moving average price is $108.16 and its 200-day moving average price is $111.61. The stock has a market cap of $26.36 billion, a P/E ratio of 26.50, a PEG ratio of 2.25 and a beta of 0.82. Brown & Brown, Inc. has a one year low of $91.55 and a one year high of $125.68. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.55.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 17.99%. Brown & Brown's revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.93 earnings per share. On average, sell-side analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th will be issued a dividend of $0.15 per share. The ex-dividend date is Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.65%. Brown & Brown's dividend payout ratio (DPR) is presently 16.71%.

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.