Envestnet Asset Management Inc. Has $99.67 Million Position in Brown & Brown, Inc. (NYSE:BRO)

Envestnet Asset Management Inc. increased its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 6.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 801,194 shares of the financial services provider's stock after purchasing an additional 46,638 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.28% of Brown & Brown worth $99,669,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Brown & Brown by 4.7% in the 4th quarter. Vanguard Group Inc. now owns 29,940,139 shares of the financial services provider's stock worth $3,054,493,000 after purchasing an additional 1,335,964 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Brown & Brown by 0.3% in the 1st quarter. Principal Financial Group Inc. now owns 12,940,046 shares of the financial services provider's stock worth $1,609,742,000 after purchasing an additional 38,078 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Brown & Brown by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 6,099,649 shares of the financial services provider's stock worth $620,737,000 after purchasing an additional 118,569 shares during the last quarter. Capital World Investors lifted its holdings in Brown & Brown by 15.6% in the 4th quarter. Capital World Investors now owns 4,195,681 shares of the financial services provider's stock worth $428,043,000 after purchasing an additional 566,116 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Brown & Brown by 11.4% during the fourth quarter. Invesco Ltd. now owns 3,803,616 shares of the financial services provider's stock worth $388,045,000 after buying an additional 388,411 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BRO has been the subject of a number of research analyst reports. Jefferies Financial Group upped their price target on Brown & Brown from $105.00 to $109.00 and gave the stock a "hold" rating in a report on Friday, April 11th. Edward Jones initiated coverage on Brown & Brown in a report on Wednesday, April 16th. They set a "buy" rating for the company. Truist Financial cut their price target on Brown & Brown from $138.00 to $130.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Wells Fargo & Company reiterated an "overweight" rating and set a $127.00 price target (up from $125.00) on shares of Brown & Brown in a report on Thursday, June 12th. Finally, The Goldman Sachs Group lowered Brown & Brown from a "buy" rating to a "neutral" rating and cut their price target for the stock from $126.00 to $119.00 in a report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Brown & Brown presently has an average rating of "Hold" and an average price target of $118.23.

Brown & Brown Stock Performance

BRO opened at $107.99 on Thursday. The stock has a market cap of $30.96 billion, a PE ratio of 30.08, a P/E/G ratio of 2.35 and a beta of 0.82. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.55. Brown & Brown, Inc. has a 1 year low of $90.04 and a 1 year high of $125.68. The stock's 50 day simple moving average is $109.71 and its 200-day simple moving average is $111.27.

Brown & Brown (NYSE:BRO - Get Free Report) last released 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). Brown & Brown had a net margin of 20.84% and a return on equity of 17.77%. The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the firm posted $1.14 earnings per share. The business's revenue for the quarter was up 11.6% on a year-over-year basis. Sell-side analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date was Monday, May 12th. Brown & Brown's dividend payout ratio (DPR) is 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.

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