Brown & Brown, Inc. (NYSE:BRO) Shares Bought by DAVENPORT & Co LLC

DAVENPORT & Co LLC lifted its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 16.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,047 shares of the financial services provider's stock after purchasing an additional 6,459 shares during the quarter. DAVENPORT & Co LLC's holdings in Brown & Brown were worth $5,604,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in BRO. Norges Bank purchased a new position in shares of Brown & Brown during the 4th quarter valued at approximately $313,412,000. First Trust Advisors LP lifted its position in shares of Brown & Brown by 626.6% during the 4th quarter. First Trust Advisors LP now owns 2,350,039 shares of the financial services provider's stock valued at $239,751,000 after buying an additional 2,026,589 shares in the last quarter. Madison Investment Advisors LLC purchased a new position in shares of Brown & Brown during the 4th quarter valued at approximately $198,031,000. Vanguard Group Inc. lifted its position in shares of Brown & Brown by 4.7% during the 4th quarter. Vanguard Group Inc. now owns 29,940,139 shares of the financial services provider's stock valued at $3,054,493,000 after buying an additional 1,335,964 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Brown & Brown by 13,974.9% during the 1st quarter. GAMMA Investing LLC now owns 1,112,758 shares of the financial services provider's stock valued at $138,427,000 after buying an additional 1,104,852 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Jefferies Financial Group raised their price objective on Brown & Brown from $105.00 to $109.00 and gave the company a "hold" rating in a report on Friday, April 11th. Barclays decreased their price objective on Brown & Brown from $121.00 to $111.00 and set an "equal weight" rating on the stock in a report on Monday. Truist Financial decreased their price objective on Brown & Brown from $138.00 to $130.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Morgan Stanley restated an "equal weight" rating and issued a $128.00 price objective on shares of Brown & Brown in a report on Tuesday, March 25th. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $127.00 price target (up previously from $125.00) on shares of Brown & Brown in a report on Thursday, June 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $118.08.

Brown & Brown Trading Down 0.9%

Shares of NYSE:BRO traded down $0.96 during midday trading on Monday, reaching $107.74. 3,500,827 shares of the company's stock were exchanged, compared to its average volume of 1,856,318. The firm's 50 day simple moving average is $109.77 and its two-hundred day simple moving average is $111.33. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.52 and a quick ratio of 2.52. The stock has a market cap of $30.89 billion, a price-to-earnings ratio of 30.01, a P/E/G ratio of 2.38 and a beta of 0.82. Brown & Brown, Inc. has a fifty-two week low of $89.92 and a fifty-two week high of $125.68.

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

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Monday, May 12th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.56%. The ex-dividend date was Monday, May 12th. Brown & Brown's dividend payout ratio is currently 16.71%.

About Brown & Brown

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.