61,316 Shares in Brown & Brown, Inc. $BRO Purchased by AMF Tjanstepension AB

Key Points

• AMF Tjanstepension AB purchased 61,316 shares of Brown & Brown, Inc. for approximately $6.8 million during the 2nd quarter.
• As of now, 71.01% of Brown & Brown's stock is owned by institutional investors and hedge funds, with several firms increasing their positions significantly during the first quarter.
• Brown & Brown recently announced a quarterly dividend of $0.15 per share, representing an annualized yield of 0.6%.

AMF Tjanstepension AB bought a new stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 61,316 shares of the financial services provider's stock, valued at approximately $6,798,000.

Several other institutional investors and hedge funds also recently bought and sold shares of BRO. Parnassus Investments LLC acquired a new position in Brown & Brown in the 1st quarter valued at about $899,139,000. Handelsbanken Fonder AB boosted its holdings in Brown & Brown by 172.5% in the 1st quarter. Handelsbanken Fonder AB now owns 1,314,434 shares of the financial services provider's stock valued at $163,516,000 after purchasing an additional 832,100 shares during the last quarter. Nuveen LLC acquired a new position in Brown & Brown in the 1st quarter valued at about $72,895,000. Vanguard Group Inc. boosted its holdings in Brown & Brown by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider's stock valued at $3,794,339,000 after purchasing an additional 560,980 shares during the last quarter. Finally, Raymond James Financial Inc. boosted its holdings in Brown & Brown by 66.0% in the 1st quarter. Raymond James Financial Inc. now owns 1,169,936 shares of the financial services provider's stock valued at $145,540,000 after purchasing an additional 465,028 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Brown & Brown

In other Brown & Brown news, Director Bronislaw Edmund Masojada bought 1,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were purchased at an average cost of $91.44 per share, with a total value of $91,440.00. Following the purchase, the director directly owned 5,000 shares in the company, valued at approximately $457,200. This represents a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Paul J. Krump bought 2,678 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were acquired at an average cost of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the purchase, the director owned 5,353 shares in the company, valued at $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.02% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on BRO shares. Raymond James Financial reiterated an "outperform" rating and issued a $120.00 target price (down from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. Truist Financial set a $120.00 target price on shares of Brown & Brown in a report on Wednesday, July 30th. Morgan Stanley reduced their price target on shares of Brown & Brown from $109.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Monday, August 18th. Weiss Ratings reissued a "buy (b-)" rating on shares of Brown & Brown in a research note on Saturday, September 27th. Finally, Barclays reduced their price target on shares of Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 29th. Eight research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $112.08.

Brown & Brown Price Performance

Brown & Brown stock opened at $95.03 on Friday. The company's 50 day simple moving average is $94.21 and its 200-day simple moving average is $105.85. The company has a market capitalization of $31.35 billion, a price-to-earnings ratio of 27.39, a price-to-earnings-growth ratio of 2.11 and a beta of 0.79. Brown & Brown, Inc. has a 1 year low of $89.99 and a 1 year high of $125.68. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.04. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the firm earned $0.93 EPS. The firm's revenue for the quarter was up 9.1% on a year-over-year basis. As a group, equities research analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Wednesday, August 13th. Brown & Brown's dividend payout ratio is presently 17.29%.

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.

Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BRO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.