Citigroup Inc. boosted its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 37.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 279,713 shares of the financial services provider's stock after buying an additional 76,247 shares during the period. Citigroup Inc. owned approximately 0.10% of Brown & Brown worth $34,796,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Johnson Financial Group Inc. boosted its position in Brown & Brown by 534.1% during the 4th quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock worth $29,000 after buying an additional 235 shares during the period. Sunbelt Securities Inc. increased its stake in shares of Brown & Brown by 581.8% in the 4th quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 256 shares in the last quarter. Optimum Investment Advisors bought a new stake in shares of Brown & Brown in the 1st quarter valued at $31,000. Garde Capital Inc. bought a new stake in shares of Brown & Brown in the 1st quarter valued at $46,000. Finally, GW&K Investment Management LLC increased its stake in shares of Brown & Brown by 104.4% in the 1st quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 214 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.
Brown & Brown Stock Up 0.9%
BRO traded up $0.85 on Friday, hitting $95.98. 1,351,017 shares of the company were exchanged, compared to its average volume of 2,570,728. Brown & Brown, Inc. has a twelve month low of $90.38 and a twelve month high of $125.68. The company has a market cap of $31.66 billion, a price-to-earnings ratio of 27.69, a price-to-earnings-growth ratio of 2.18 and a beta of 0.78. 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 firm has a 50-day moving average price of $103.39 and a two-hundred day moving average price of $110.45.
Brown & Brown (NYSE:BRO - Get Free Report) last posted its earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.04. The business 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 business's quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.93 EPS. On average, equities analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.
Brown & Brown Announces Dividend
The firm 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 dividend of $0.15 per share. The ex-dividend date is Wednesday, August 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.6%. Brown & Brown's dividend payout ratio (DPR) is 17.29%.
Insider Buying and Selling at Brown & Brown
In other Brown & Brown news, Director Bronislaw Edmund Masojada bought 1,000 shares of the company's stock in a transaction dated Wednesday, August 6th. The shares were acquired at an average cost of $91.44 per share, with a total value of $91,440.00. Following the completion of the transaction, the director 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul J. Krump bought 2,678 shares of the company's stock in a transaction dated Friday, August 8th. The shares were acquired at an average cost 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. The trade was a 100.11% increase in their position. The disclosure for this purchase can be found here. 17.02% of the stock is owned by company insiders.
Analyst Ratings Changes
A number of brokerages have commented on BRO. Truist Financial set a $120.00 price target on shares of Brown & Brown in a research note on Wednesday, July 30th. Barclays dropped their price objective on shares of Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 29th. Keefe, Bruyette & Woods lowered their price target on shares of Brown & Brown from $104.00 to $87.00 and set an "underperform" rating on the stock in a report on Thursday, July 31st. Argus restated a "hold" rating on shares of Brown & Brown in a research report on Thursday, July 31st. Finally, Morgan Stanley reduced their price target on shares of Brown & Brown from $120.00 to $109.00 and set an "equal weight" rating on the stock in a research report on Friday, August 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Brown & Brown has a consensus rating of "Hold" and a consensus target price of $112.93.
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About Brown & Brown
(
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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