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National Bank of Canada FI Boosts Stock Position in Brown & Brown, Inc. (NYSE:BRO)

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Key Points

  • National Bank of Canada FI increased its stake in Brown & Brown, Inc. (NYSE:BRO) by 2.1%, owning approximately 0.07% of the company worth $24.12 million.
  • Multiple institutional investors have significantly raised their stakes, with First Trust Advisors LP increasing its stake by 626.6%, and GAMMA Investing LLC by an astounding 13,974.9% in the first quarter.
  • Brown & Brown recently announced a quarterly dividend of $0.15 per share, with a dividend yield of 0.6%, and the payout ratio currently at 17.29%.
  • Want stock alerts on Brown & Brown? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

National Bank of Canada FI raised its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 193,872 shares of the financial services provider's stock after buying an additional 4,074 shares during the quarter. National Bank of Canada FI owned about 0.07% of Brown & Brown worth $24,117,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Citigroup Inc. grew its position in Brown & Brown by 37.5% during the first quarter. Citigroup Inc. now owns 279,713 shares of the financial services provider's stock worth $34,796,000 after buying an additional 76,247 shares in the last quarter. Fayez Sarofim & Co purchased a new position in Brown & Brown during the first quarter worth about $596,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Brown & Brown by 8.6% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 471,023 shares of the financial services provider's stock worth $58,595,000 after purchasing an additional 37,179 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Brown & Brown by 1.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,374,678 shares of the financial services provider's stock worth $171,010,000 after purchasing an additional 18,143 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. purchased a new position in shares of Brown & Brown in the 1st quarter worth about $527,000. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Brown & Brown Trading Up 0.9%

BRO traded up $0.82 during midday trading on Friday, reaching $95.95. 744,398 shares of the company's stock traded hands, compared to its average volume of 2,566,597. The firm has a fifty day moving average of $103.39 and a two-hundred day moving average of $110.45. The stock has a market capitalization of $31.65 billion, a price-to-earnings ratio of 27.66, a P/E/G ratio of 2.18 and a beta of 0.78. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. Brown & Brown, Inc. has a 52 week low of $90.38 and a 52 week high of $125.68.

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

Brown & Brown Announces Dividend

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

Analysts Set New Price Targets

BRO has been the subject of a number of research reports. Argus reiterated a "hold" rating on shares of Brown & Brown in a report on Thursday, July 31st. Keefe, Bruyette & Woods cut their price objective on Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a report on Thursday, July 31st. Truist Financial set a $120.00 price objective on Brown & Brown in a report on Wednesday, July 30th. Bank of America upgraded Brown & Brown from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $126.00 to $130.00 in a report on Wednesday, July 30th. Finally, The Goldman Sachs Group cut Brown & Brown from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $126.00 to $119.00 in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $112.93.

Get Our Latest Research Report on Brown & Brown

Brown & Brown Profile

(Free Report)

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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Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

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