Brown & Brown, Inc. (NYSE:BRO) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Brown & Brown, Inc. by 8.6%, now owning 471,023 shares valued at approximately $58.6 million.
• Brown & Brown, Inc. reported earnings per share (EPS) of $1.03 for the last quarter, exceeding expectations and showing a 9.1% revenue increase year-over-year.
• The company also announced a $0.15 quarterly dividend, with an annualized yield of 0.6%, to be paid on August 20th to stockholders of record.

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 8.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 471,023 shares of the financial services provider's stock after purchasing an additional 37,179 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.16% of Brown & Brown worth $58,595,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Capital Investment Advisors LLC purchased a new stake in Brown & Brown in the first quarter valued at $1,929,000. GW&K Investment Management LLC raised its position in shares of Brown & Brown by 104.4% in the first quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock worth $52,000 after acquiring an additional 214 shares during the period. Fifth Third Bancorp raised its position in shares of Brown & Brown by 7.1% in the first quarter. Fifth Third Bancorp now owns 6,807 shares of the financial services provider's stock worth $847,000 after acquiring an additional 450 shares during the period. Tandem Investment Advisors Inc. raised its position in shares of Brown & Brown by 2.5% in the first quarter. Tandem Investment Advisors Inc. now owns 764,709 shares of the financial services provider's stock worth $95,130,000 after acquiring an additional 18,677 shares during the period. Finally, FORA Capital LLC acquired a new position in shares of Brown & Brown in the fourth quarter worth about $580,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BRO has been the subject of a number of analyst reports. Truist Financial set a $120.00 price objective on shares of Brown & Brown in a research report on Wednesday, July 30th. Raymond James Financial reiterated an "outperform" rating and issued a $120.00 price objective (down previously from $125.00) on shares of Brown & Brown in a research report on Monday, August 4th. Bank of America upgraded shares of Brown & Brown from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $126.00 to $130.00 in a research report on Wednesday, July 30th. BMO Capital Markets decreased their price objective on shares of Brown & Brown from $122.00 to $106.00 and set an "outperform" rating for the company in a research report on Wednesday, July 30th. Finally, Wells Fargo & Company decreased their price objective on shares of Brown & Brown from $127.00 to $104.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Brown & Brown currently has an average rating of "Hold" and an average target price of $113.23.

Insider Activity

In other news, Director Bronislaw Edmund Masojada purchased 1,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was purchased at an average cost of $91.44 per share, with a total value of $91,440.00. Following the completion of the acquisition, the director directly owned 5,000 shares of the company's stock, valued at approximately $457,200. This trade represents a 25.00% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Paul J. Krump purchased 2,678 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average cost of $93.31 per share, with a total value of $249,884.18. Following the completion of the acquisition, the director directly owned 5,353 shares of the company's stock, valued at $499,488.43. This represents a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 15.59% of the company's stock.

Brown & Brown Stock Performance

NYSE BRO traded up $0.95 during trading hours on Monday, hitting $94.60. The company had a trading volume of 2,979,959 shares, compared to its average volume of 3,807,764. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. Brown & Brown, Inc. has a 1-year low of $90.38 and a 1-year high of $125.68. The company has a market cap of $31.20 billion, a PE ratio of 22.90, a price-to-earnings-growth ratio of 2.13 and a beta of 0.78. The business has a 50 day moving average of $104.35 and a 200-day moving average of $110.75.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its earnings results 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 business had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same period in the prior year, the company earned $0.93 earnings per share. The business's revenue was up 9.1% compared to the same quarter last year. As a group, equities research analysts expect that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is 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.