Brown & Brown, Inc. (NYSE:BRO) Shares Acquired by Mitsubishi UFJ Trust & Banking Corp

Key Points

• Mitsubishi UFJ Trust & Banking Corp increased its stake in Brown & Brown, Inc. by 63.7%, owning 530,887 shares valued at approximately $66 million after acquiring an additional 206,645 shares in the 1st quarter.
• Brown & Brown reported earnings per share of $1.03 for the quarter, exceeding analyst expectations, with a revenue of $1.29 billion, a 9.1% increase compared to the prior year.
• The company will pay a quarterly dividend of $0.15 per share on August 20th, representing an annual yield of 0.7%.

Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 63.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 530,887 shares of the financial services provider's stock after acquiring an additional 206,645 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.19% of Brown & Brown worth $66,042,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Baker Avenue Asset Management LP acquired a new position in Brown & Brown in the first quarter valued at about $1,355,000. Jefferies Financial Group Inc. acquired a new position in Brown & Brown in the first quarter valued at about $3,043,000. US Bancorp DE lifted its position in Brown & Brown by 209.0% in the first quarter. US Bancorp DE now owns 93,057 shares of the financial services provider's stock valued at $11,576,000 after buying an additional 62,940 shares during the last quarter. Peninsula Asset Management Inc. acquired a new position in Brown & Brown in the first quarter valued at about $3,027,000. Finally, Natixis Advisors LLC lifted its position in Brown & Brown by 13.8% in the first quarter. Natixis Advisors LLC now owns 958,273 shares of the financial services provider's stock valued at $119,209,000 after buying an additional 116,505 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company's stock.

Analyst Ratings Changes

BRO has been the topic of a number of recent analyst reports. BMO Capital Markets decreased their target price on shares of Brown & Brown from $122.00 to $106.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 30th. Edward Jones initiated coverage on shares of Brown & Brown in a research report on Wednesday, April 16th. They issued a "buy" rating on the stock. Truist Financial set a $120.00 target price on shares of Brown & Brown in a research report on Wednesday, July 30th. UBS Group boosted their price target on shares of Brown & Brown from $110.00 to $120.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 9th. Finally, Wells Fargo & Company cut their price target on shares of Brown & Brown from $127.00 to $104.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Brown & Brown currently has an average rating of "Hold" and an average price target of $114.69.

Brown & Brown Stock Up 0.7%

BRO traded up $0.65 on Thursday, reaching $92.45. The company's stock had a trading volume of 301,000 shares, compared to its average volume of 2,541,878. The stock has a 50 day moving average of $105.49 and a two-hundred day moving average of $110.92. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $30.49 billion, a price-to-earnings ratio of 26.54, a P/E/G ratio of 2.08 and a beta of 0.78. Brown & Brown, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $125.68.

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

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, August 13th. Brown & Brown's dividend payout ratio is presently 17.29%.

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.