Allspring Global Investments Holdings LLC Reduces Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Allspring Global Investments Holdings LLC lessened its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 5.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,706,927 shares of the financial services provider's stock after selling 215,374 shares during the quarter. Brown & Brown makes up about 0.8% of Allspring Global Investments Holdings LLC's investment portfolio, making the stock its 14th largest position. Allspring Global Investments Holdings LLC owned about 1.30% of Brown & Brown worth $460,067,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the stock. Highland Capital Management LLC purchased a new stake in Brown & Brown during the first quarter valued at $1,400,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Brown & Brown by 11.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 32,993 shares of the financial services provider's stock valued at $4,056,000 after acquiring an additional 3,362 shares during the period. Transcend Capital Advisors LLC raised its stake in shares of Brown & Brown by 6.8% in the first quarter. Transcend Capital Advisors LLC now owns 2,164 shares of the financial services provider's stock valued at $269,000 after acquiring an additional 138 shares during the period. Board of the Pension Protection Fund raised its stake in shares of Brown & Brown by 580.0% in the first quarter. Board of the Pension Protection Fund now owns 6,800 shares of the financial services provider's stock valued at $846,000 after acquiring an additional 5,800 shares during the period. Finally, First Merchants Corp raised its stake in shares of Brown & Brown by 1.8% in the first quarter. First Merchants Corp now owns 91,913 shares of the financial services provider's stock valued at $11,434,000 after acquiring an additional 1,614 shares during the period. Hedge funds and other institutional investors own 71.01% of the company's stock.

Wall Street Analyst Weigh In

BRO has been the topic of a number of research analyst reports. Truist Financial cut their price target on shares of Brown & Brown from $138.00 to $130.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Wells Fargo & Company restated an "overweight" rating and issued a $127.00 price target (up from $125.00) on shares of Brown & Brown in a report on Thursday, June 12th. UBS Group raised 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. Jefferies Financial Group lifted their target price on shares of Brown & Brown from $105.00 to $109.00 and gave the company a "hold" rating in a report on Friday, April 11th. Finally, Edward Jones began coverage on shares of Brown & Brown in a report on Wednesday, April 16th. They set a "buy" rating for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $118.85.

Brown & Brown Stock Up 0.4%

Shares of BRO stock traded up $0.47 during trading hours on Friday, reaching $109.74. 12,687,961 shares of the stock were exchanged, compared to its average volume of 1,773,779. The business's fifty day moving average is $110.68 and its two-hundred day moving average is $111.09. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.52 and a quick ratio of 2.52. Brown & Brown, Inc. has a 12-month low of $88.31 and a 12-month high of $125.68. The firm has a market capitalization of $31.46 billion, a P/E ratio of 30.57, a P/E/G ratio of 2.40 and a beta of 0.84.

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

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Monday, May 12th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $0.60 annualized dividend and a yield of 0.55%. Brown & Brown's dividend payout ratio is currently 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.