Bank of New York Mellon Corp Takes $88.59 Million Position in Brown & Brown, Inc. $BRO

Bank of New York Mellon Corp purchased a new position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,380,970 shares of the financial services provider's stock, valued at approximately $88,589,000. Bank of New York Mellon Corp owned 0.41% of Brown & Brown at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. ICONIQ Capital LLC lifted its stake in shares of Brown & Brown by 5.4% in the second quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider's stock worth $234,000 after acquiring an additional 109 shares in the last quarter. Zacks Investment Management grew its stake in Brown & Brown by 0.7% during the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider's stock valued at $1,675,000 after purchasing an additional 125 shares in the last quarter. Moors & Cabot Inc. increased its holdings in Brown & Brown by 2.1% during the 3rd quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider's stock worth $638,000 after purchasing an additional 142 shares during the last quarter. Independent Advisor Alliance raised its position in shares of Brown & Brown by 0.5% in the 4th quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider's stock valued at $2,694,000 after purchasing an additional 162 shares in the last quarter. Finally, Crawford Investment Counsel Inc. raised its position in shares of Brown & Brown by 0.6% in the 4th quarter. Crawford Investment Counsel Inc. now owns 28,750 shares of the financial services provider's stock valued at $2,291,000 after purchasing an additional 170 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Stock Up 2.4%

BRO opened at $74.64 on Tuesday. The company has a market capitalization of $24.97 billion, a PE ratio of 23.55, a price-to-earnings-growth ratio of 3.63 and a beta of 0.59. The business has a 50-day moving average of $67.97 and a 200-day moving average of $65.77. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $97.73. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings data 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 net margin of 17.75% and a return on equity of 13.17%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the previous year, the business posted $1.03 EPS. Brown & Brown's revenue was up 30.4% compared to the same quarter last year. Equities research analysts forecast that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Wednesday, August 12th. Brown & Brown's dividend payout ratio is 20.82%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Mizuho raised their price target on shares of Brown & Brown from $81.00 to $86.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 29th. Weiss Ratings upgraded shares of Brown & Brown from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, August 19th. UBS Group restated a "neutral" rating and set a $73.00 price target (up from $65.00) on shares of Brown & Brown in a research report on Wednesday, July 8th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Brown & Brown 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 note on Wednesday, July 29th. Four equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $76.80.

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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