Mirae Asset Global Investments Co. Ltd. Has $4.06 Million Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 11.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,993 shares of the financial services provider's stock after buying an additional 3,362 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Brown & Brown were worth $4,056,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of BRO. Kohmann Bosshard Financial Services LLC acquired a new stake in Brown & Brown in the 4th quarter worth about $28,000. Johnson Financial Group Inc. increased its holdings in shares of Brown & Brown by 534.1% during the fourth quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock worth $29,000 after purchasing an additional 235 shares during the period. Sunbelt Securities Inc. raised its position in shares of Brown & Brown by 581.8% in the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock valued at $31,000 after buying an additional 256 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Brown & Brown in the fourth quarter valued at approximately $37,000. Finally, Garde Capital Inc. bought a new stake in shares of Brown & Brown in the first quarter valued at approximately $46,000. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Price Performance

Shares of Brown & Brown stock traded down $1.09 during midday trading on Wednesday, hitting $107.84. 10,207,691 shares of the company traded hands, compared to its average volume of 1,832,560. The firm's fifty day moving average price is $110.45 and its 200-day moving average price is $111.12. The stock has a market cap of $30.92 billion, a price-to-earnings ratio of 30.04, a PEG ratio of 2.43 and a beta of 0.82. Brown & Brown, Inc. has a 12 month low of $88.31 and a 12 month high of $125.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 2.52.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its earnings results on Monday, April 28th. The financial services provider reported $1.29 earnings per share for the quarter, missing analysts' consensus estimates of $1.30 by ($0.01). Brown & Brown had a return on equity of 17.77% and a net margin of 20.84%. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the firm posted $1.14 EPS. The business's quarterly revenue was up 11.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Monday, May 12th were issued a $0.15 dividend. The ex-dividend date was Monday, May 12th. This represents a $0.60 dividend on an annualized basis and a yield of 0.56%. Brown & Brown's payout ratio is presently 16.71%.

Wall Street Analyst Weigh In

BRO has been the topic of a number of recent research reports. Wells Fargo & Company restated an "overweight" rating and set a $127.00 price objective (up previously from $125.00) on shares of Brown & Brown in a research note on Thursday, June 12th. Jefferies Financial Group raised their price target on Brown & Brown from $105.00 to $109.00 and gave the stock a "hold" rating in a research report on Friday, April 11th. Edward Jones assumed coverage on Brown & Brown in a research note on Wednesday, April 16th. They issued a "buy" rating for the company. Truist Financial reduced their price objective on shares of Brown & Brown from $138.00 to $130.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Finally, Morgan Stanley restated an "equal weight" rating and issued a $128.00 target price on shares of Brown & Brown in a research report on Tuesday, March 25th. One equities research 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.com, Brown & Brown has an average rating of "Hold" and an average price target of $118.85.

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.