Bank of America Corp DE Has $236.27 Million Holdings in Brown & Brown, Inc. $BRO

Key Points

• Bank of America increased its Brown & Brown stake by 45.2% in the first quarter, purchasing 1.13 million additional shares and bringing its holdings to 3.62 million shares worth approximately $236.3 million. Institutional investors collectively own 71.01% of the company.
• Brown & Brown reported quarterly earnings of $1.07 per share, slightly below the $1.08 consensus estimate, while revenue of $1.65 billion missed expectations but rose 30.4% year over year.
• The stock has a consensus “Hold” rating and an average analyst price target of $76.47. The company also declared a quarterly dividend of $0.165 per share, representing an annualized yield of about 0.9%.

Bank of America Corp DE grew its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 45.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,623,179 shares of the financial services provider's stock after purchasing an additional 1,128,417 shares during the quarter. Bank of America Corp DE owned about 1.07% of Brown & Brown worth $236,268,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Brown & Brown by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 37,634,847 shares of the financial services provider's stock valued at $2,999,497,000 after acquiring an additional 303,955 shares during the last quarter. Capital World Investors raised its position in shares of Brown & Brown by 2.3% in the 4th quarter. Capital World Investors now owns 17,886,395 shares of the financial services provider's stock worth $1,425,546,000 after acquiring an additional 407,006 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Brown & Brown by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider's stock valued at $1,017,847,000 after purchasing an additional 246,172 shares during the period. State Street Corp grew its stake in Brown & Brown by 2.2% in the fourth quarter. State Street Corp now owns 13,403,814 shares of the financial services provider's stock valued at $1,068,284,000 after acquiring an additional 282,988 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Brown & Brown by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 7,952,957 shares of the financial services provider's stock valued at $631,495,000 after acquiring an additional 118,225 shares in the last quarter. 71.01% of the stock is owned by institutional investors.

Brown & Brown Stock Performance

Shares of BRO stock opened at $71.80 on Tuesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. The firm has a 50-day moving average of $63.93 and a 200-day moving average of $66.32. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $98.30. The company has a market cap of $24.02 billion, a P/E ratio of 22.65, a P/E/G ratio of 3.52 and a beta of 0.60.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The firm had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.71 billion. During the same quarter last year, the firm posted $1.03 earnings per share. The firm's revenue for the quarter was up 30.4% compared to the same quarter last year. Equities research analysts forecast that Brown & Brown, Inc. will post 4.49 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th will be paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Wednesday, August 12th. Brown & Brown's dividend payout ratio is 20.82%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BRO. Jefferies Financial Group reiterated a "hold" rating on shares of Brown & Brown in a report on Wednesday, July 29th. Morgan Stanley lowered shares of Brown & Brown from an "equal weight" rating to an "underweight" rating and decreased their price target for the company from $60.00 to $55.00 in a research note on Monday, July 6th. UBS Group reaffirmed a "neutral" rating and issued a $73.00 price objective (up from $65.00) on shares of Brown & Brown in a research note on Wednesday, July 8th. Mizuho lifted their price objective on shares of Brown & Brown from $81.00 to $86.00 and gave the company an "outperform" rating in a report on Wednesday, July 29th. Finally, Royal Bank Of Canada reissued a "sector perform" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Four analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $76.47.

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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