Aware Super Pty Ltd as trustee of Aware Super Has $20.25 Million Holdings in Brown & Brown, Inc. $BRO

Key Points

• Aware Super Pty Ltd increased its holdings in Brown & Brown, Inc. by 21.6% during the second quarter, now owning 182,669 shares valued at approximately $20.25 million.
• Several other hedge funds also adjusted their stakes, with notable increases, indicating strong institutional interest in Brown & Brown, which now has 71.01% of its stock owned by institutional investors.
• Brown & Brown's stock recently experienced a price adjustment from various analysts, with Barclays lowering its target from $108 to $102 and an average stock rating of "Hold" amongst analysts.

Aware Super Pty Ltd as trustee of Aware Super boosted its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 21.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 182,669 shares of the financial services provider's stock after acquiring an additional 32,494 shares during the quarter. Aware Super Pty Ltd as trustee of Aware Super owned 0.06% of Brown & Brown worth $20,253,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Bares Capital Management Inc. purchased a new stake in shares of Brown & Brown in the first quarter worth approximately $26,000. ST Germain D J Co. Inc. raised its position in Brown & Brown by 298.5% in the 2nd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider's stock valued at $30,000 after buying an additional 200 shares during the last quarter. Optimum Investment Advisors bought a new position in Brown & Brown during the 1st quarter valued at $31,000. SouthState Corp boosted its holdings in Brown & Brown by 188.6% during the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider's stock worth $32,000 after acquiring an additional 166 shares during the last quarter. Finally, Bruce G. Allen Investments LLC boosted its holdings in Brown & Brown by 1,129.6% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider's stock worth $37,000 after acquiring an additional 305 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BRO. Barclays dropped their price target on shares of Brown & Brown from $108.00 to $102.00 and set an "equal weight" rating on the stock in a research report on Wednesday, October 8th. Weiss Ratings lowered shares of Brown & Brown from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, October 8th. Morgan Stanley dropped their target price on shares of Brown & Brown from $105.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 7th. Argus reaffirmed a "hold" rating on shares of Brown & Brown in a report on Thursday, July 31st. Finally, Wells Fargo & Company decreased their price target on Brown & Brown from $101.00 to $98.00 and set an "equal weight" rating for the company in a research report on Wednesday, October 8th. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $109.92.

Insider Activity

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

Brown & Brown Stock Down 0.8%

Brown & Brown stock opened at $94.00 on Thursday. The firm has a 50 day moving average price of $94.48 and a 200-day moving average price of $104.42. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. Brown & Brown, Inc. has a twelve month low of $89.99 and a twelve month high of $125.68. The company has a market capitalization of $31.00 billion, a P/E ratio of 27.09, a P/E/G ratio of 2.13 and a beta of 0.79.

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

Brown & Brown Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were paid a dividend of $0.15 per share. The ex-dividend date was Wednesday, August 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.6%. 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.

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