Allianz Asset Management GmbH Sells 136,565 Shares of Brown & Brown, Inc. (NYSE:BRO)

Allianz Asset Management GmbH decreased its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 32.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 286,452 shares of the financial services provider's stock after selling 136,565 shares during the quarter. Allianz Asset Management GmbH owned about 0.10% of Brown & Brown worth $35,635,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Johnson Financial Group Inc. lifted its holdings in Brown & Brown by 534.1% in the fourth quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock worth $29,000 after purchasing an additional 235 shares during the period. Sunbelt Securities Inc. lifted its holdings in Brown & Brown by 581.8% in the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock worth $31,000 after purchasing an additional 256 shares during the period. Optimum Investment Advisors acquired a new stake in Brown & Brown in the first quarter worth about $31,000. Garde Capital Inc. acquired a new stake in Brown & Brown in the first quarter worth about $46,000. Finally, Cary Street Partners Financial LLC acquired a new stake in Brown & Brown in the fourth quarter worth about $54,000. Institutional investors and hedge funds own 71.01% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on BRO shares. Wells Fargo & Company reiterated an "overweight" rating and issued a $127.00 price target (up from $125.00) on shares of Brown & Brown in a research report on Thursday, June 12th. Edward Jones started coverage on shares of Brown & Brown in a research report on Wednesday, April 16th. They issued a "buy" rating on the stock. Truist Financial dropped their price target on shares of Brown & Brown from $138.00 to $130.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. UBS Group boosted their price target on shares of Brown & Brown from $110.00 to $120.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 9th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Brown & Brown from $102.00 to $104.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $118.23.

Brown & Brown Price Performance

Brown & Brown stock traded up $0.60 during midday trading on Friday, reaching $103.38. The company's stock had a trading volume of 3,136,298 shares, compared to its average volume of 2,403,469. Brown & Brown, Inc. has a 52 week low of $97.61 and a 52 week high of $125.68. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55. The business has a 50-day moving average price of $108.51 and a 200-day moving average price of $111.46. The stock has a market cap of $29.64 billion, a PE ratio of 28.80, a price-to-earnings-growth ratio of 2.26 and a beta of 0.82.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The financial services provider reported $1.29 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.01). The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.41 billion. Brown & Brown had a net margin of 20.84% and a return on equity of 17.77%. The company's quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.14 EPS. On average, sell-side analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.58%. Brown & Brown's dividend payout ratio is presently 16.71%.

Brown & Brown Company 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.