Allspring Global Investments Holdings LLC Buys 57,274 Shares of Brown & Brown, Inc. $BRO

Key Points

• Allspring Global Investments increased its stake in Brown & Brown by 2.1%, adding 57,274 shares to hold 2,802,327 shares (about 0.82% of the company) valued at roughly $217.5 million at quarter-end.
• Brown & Brown reported Q results of $0.93 EPS (beats $0.91) with revenue of $1.61 billion (up 35.7% YoY but slightly below estimates) and declared a $0.165 quarterly dividend (annualized $0.66, ~1.0% yield).
• The company has a market cap of $22.22 billion, 71% institutional ownership, shares trading near $65.27 (1-year range $63.29–$125.68), and a consensus analyst rating of Hold with an average target of $89.33.

Allspring Global Investments Holdings LLC grew its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 2.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,802,327 shares of the financial services provider's stock after acquiring an additional 57,274 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.82% of Brown & Brown worth $217,517,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its stake in Brown & Brown by 3.8% in the 3rd 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 purchasing an additional 51,959 shares in the last quarter. Tandem Investment Advisors Inc. increased its stake in Brown & Brown by 69.7% during the 3rd quarter. Tandem Investment Advisors Inc. now owns 1,385,214 shares of the financial services provider's stock valued at $129,919,000 after purchasing an additional 569,037 shares in the last quarter. Vanguard Group Inc. increased its stake in Brown & Brown by 4.8% during the 3rd quarter. Vanguard Group Inc. now owns 37,330,892 shares of the financial services provider's stock valued at $3,501,264,000 after purchasing an additional 1,705,570 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Brown & Brown by 1.1% in the second quarter. Invesco Ltd. now owns 4,166,370 shares of the financial services provider's stock worth $461,925,000 after buying an additional 46,235 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Brown & Brown by 43.3% in 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 buying an additional 14,678 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Brown & Brown Price Performance

NYSE:BRO opened at $65.27 on Tuesday. The firm's fifty day moving average is $70.49 and its two-hundred day moving average is $79.33. The firm has a market cap of $22.22 billion, a price-to-earnings ratio of 20.40, a PEG ratio of 1.60 and a beta of 0.79. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.66 and a current ratio of 1.66. Brown & Brown, Inc. has a one year low of $63.29 and a one year high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings data on Monday, January 26th. The financial services provider reported $0.93 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.02. Brown & Brown had a return on equity of 12.93% and a net margin of 17.84%.The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter last year, the business posted $0.86 EPS. The company's revenue was up 35.7% on a year-over-year basis. Research analysts expect that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BRO shares. Barclays dropped their price objective on shares of Brown & Brown from $82.00 to $80.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 11th. Bank of America reduced their target price on Brown & Brown from $94.00 to $90.00 and set a "neutral" rating for the company in a research note on Tuesday, January 27th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Brown & Brown in a research report on Monday, December 29th. Jefferies Financial Group dropped their price target on Brown & Brown from $89.00 to $84.00 and set a "hold" rating on the stock in a research note on Wednesday, January 28th. Finally, Royal Bank Of Canada assumed coverage on Brown & Brown in a report on Tuesday, March 17th. They issued a "sector perform" rating and a $76.00 price objective on the stock. Four investment analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $89.33.

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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