Chevy Chase Trust Holdings LLC Boosts Stake in Brown & Brown, Inc. $BRO

Key Points

• Chevy Chase Trust Holdings LLC has increased its stake in Brown & Brown, Inc. by 18.8%, now owning approximately 0.05% of the company, valued at $16.4 million.
• Several hedge funds have made significant changes to their positions in Brown & Brown, indicating strong institutional interest, with a total of 71.01% of the company's stock owned by institutional investors.
• Analysts have set new price targets for Brown & Brown, with the consensus rating being "Hold" and an average price target of $109.92, reflecting mixed sentiments towards the company's stock performance.

Chevy Chase Trust Holdings LLC increased its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 18.8% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 147,924 shares of the financial services provider's stock after purchasing an additional 23,458 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Brown & Brown worth $16,400,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in BRO. Bares Capital Management Inc. purchased a new position in shares of Brown & Brown during the 1st quarter worth approximately $26,000. ST Germain D J Co. Inc. boosted its position in shares of Brown & Brown by 298.5% during the 2nd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider's stock worth $30,000 after purchasing an additional 200 shares during the period. Optimum Investment Advisors purchased a new position in shares of Brown & Brown during the 1st quarter worth approximately $31,000. SouthState Corp lifted its holdings in Brown & Brown by 188.6% during the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider's stock worth $32,000 after buying an additional 166 shares in the last quarter. Finally, Bruce G. Allen Investments LLC lifted its holdings in Brown & Brown by 1,129.6% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider's stock worth $37,000 after buying an additional 305 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company's stock.

Analysts Set New Price Targets

BRO has been the topic of a number of research reports. Morgan Stanley reduced their target price on shares of Brown & Brown from $105.00 to $100.00 and set an "equal weight" rating on the stock in a report on Tuesday, October 7th. Weiss Ratings lowered shares of Brown & Brown from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, October 8th. Barclays reduced their target price on shares of Brown & Brown from $108.00 to $102.00 and set an "equal weight" rating on the stock in a report on Wednesday, October 8th. Truist Financial set a $120.00 target price on shares of Brown & Brown in a report on Wednesday, July 30th. Finally, UBS Group reduced their target price on shares of Brown & Brown from $120.00 to $106.00 and set a "neutral" rating on the stock in a report on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Brown & Brown has a consensus rating of "Hold" and an average price target of $109.92.

Insider Activity

In other news, Director Paul J. Krump bought 2,678 shares of the business's stock in a transaction dated Friday, August 8th. The shares were acquired at an average price of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the transaction, the director owned 5,353 shares of the company's stock, valued at approximately $499,488.43. This trade represents a 100.11% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the company's stock in a transaction that occurred 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 purchase, the director directly owned 5,000 shares in the company, valued at $457,200. The trade was a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 17.02% of the company's stock.

Brown & Brown Trading Up 0.4%

Shares of NYSE:BRO opened at $87.79 on Friday. Brown & Brown, Inc. has a 52 week low of $87.26 and a 52 week high of $125.68. The company's 50 day moving average is $94.26 and its two-hundred day moving average is $103.77. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. The company has a market cap of $28.96 billion, a PE ratio of 25.30, a P/E/G ratio of 1.98 and a beta of 0.79.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings data 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. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the firm posted $0.93 EPS. The company's quarterly revenue was up 9.1% compared to the same quarter last year. Equities analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.7%. The ex-dividend date was Wednesday, August 13th. Brown & Brown's dividend payout ratio is currently 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.

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