Kayne Anderson Rudnick Investment Management LLC Boosts Stake in Brown & Brown, Inc. (NYSE:BRO)

Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 3.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,611,286 shares of the financial services provider's stock after purchasing an additional 46,912 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned approximately 0.56% of Brown & Brown worth $164,383,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of BRO. Vanguard Group Inc. lifted its holdings in Brown & Brown by 4.7% in the fourth quarter. Vanguard Group Inc. now owns 29,940,139 shares of the financial services provider's stock valued at $3,054,493,000 after acquiring an additional 1,335,964 shares during the period. Principal Financial Group Inc. increased its stake in shares of Brown & Brown by 0.7% in the 4th quarter. Principal Financial Group Inc. now owns 12,901,968 shares of the financial services provider's stock valued at $1,316,259,000 after purchasing an additional 94,121 shares in the last quarter. Geode Capital Management LLC raised its position in Brown & Brown by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 6,099,649 shares of the financial services provider's stock worth $620,737,000 after acquiring an additional 118,569 shares during the period. Capital World Investors raised its position in shares of Brown & Brown by 15.6% during 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. boosted its holdings in Brown & Brown by 11.4% in the 4th 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. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Trading Down 1.1%

Brown & Brown stock traded down $1.23 during midday trading on Wednesday, hitting $110.85. 1,268,583 shares of the stock were exchanged, compared to its average volume of 1,484,455. Brown & Brown, Inc. has a fifty-two week low of $85.97 and a fifty-two week high of $125.68. The stock has a market capitalization of $31.77 billion, a price-to-earnings ratio of 32.04, a PEG ratio of 2.93 and a beta of 0.87. The stock's 50-day simple moving average is $115.06 and its 200 day simple moving average is $111.21. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.56.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The financial services provider reported $1.29 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.01). Brown & Brown had a net margin of 20.68% and a return on equity of 17.81%. The firm had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.41 billion. During the same period last year, the company earned $1.14 EPS. The business's quarterly revenue was up 11.6% on a year-over-year basis. On average, equities analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Monday, May 12th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.54%. The ex-dividend date was Monday, May 12th. Brown & Brown's dividend payout ratio (DPR) is presently 16.71%.

Analyst Ratings Changes

BRO has been the topic of several research analyst reports. Wells Fargo & Company lifted their price objective on Brown & Brown from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Morgan Stanley reiterated an "equal weight" rating and set a $128.00 price target on shares of Brown & Brown in a research report on Tuesday, March 25th. Truist Financial dropped their price target on Brown & Brown from $138.00 to $130.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. The Goldman Sachs Group cut shares of Brown & Brown from a "buy" rating to a "neutral" rating and reduced their target price for the company from $126.00 to $119.00 in a research report on Tuesday, May 13th. Finally, Barclays raised their price target on shares of Brown & Brown from $119.00 to $121.00 and gave the stock an "equal weight" rating in a research note on Friday, April 11th. 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 stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $116.85.

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.