Moran Wealth Management LLC Invests $7.45 Million in Brown & Brown, Inc. $BRO

Key Points

• Moran Wealth Management LLC initiated a new position in Brown & Brown, buying 93,521 shares worth roughly $7.45 million during the fourth quarter.
• Large institutions continued to add to positions—Vanguard, Capital World Investors, Principal and State Street all increased stakes—and institutional investors now own about 71.01% of the stock.
• Brown & Brown beat Q4 EPS estimates ($0.93 vs. $0.91) though revenue slightly missed ($1.61B vs. $1.65B); the company has a $23.06B market cap, a 1.0% dividend yield, and a consensus analyst rating of "Hold" with an average target of $84.27.

Moran Wealth Management LLC purchased a new position in Brown & Brown, Inc. (NYSE:BRO - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 93,521 shares of the financial services provider's stock, valued at approximately $7,454,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Brown & Brown by 4.8% in the 3rd quarter. Vanguard Group Inc. now owns 37,330,892 shares of the financial services provider's stock worth $3,501,264,000 after buying an additional 1,705,570 shares during the last quarter. Capital World Investors boosted its stake in shares of Brown & Brown by 81.1% in the 3rd quarter. Capital World Investors now owns 17,479,389 shares of the financial services provider's stock worth $1,639,392,000 after buying an additional 7,827,992 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Brown & Brown by 13.4% in the 3rd quarter. Principal Financial Group Inc. now owns 15,416,190 shares of the financial services provider's stock worth $1,445,888,000 after buying an additional 1,821,229 shares during the last quarter. State Street Corp boosted its stake in shares of Brown & Brown by 5.3% in the 3rd quarter. State Street Corp now owns 13,120,826 shares of the financial services provider's stock worth $1,230,602,000 after buying an additional 660,005 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Brown & Brown by 2.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,802,327 shares of the financial services provider's stock worth $217,517,000 after buying an additional 57,274 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

NYSE:BRO opened at $67.74 on Friday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.55. The business's 50-day simple moving average is $68.16 and its two-hundred day simple moving average is $76.89. The stock has a market cap of $23.06 billion, a PE ratio of 21.17, a P/E/G ratio of 1.87 and a beta of 0.83. Brown & Brown, Inc. has a 52 week low of $63.29 and a 52 week high of $119.06.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings results on Monday, January 26th. The financial services provider reported $0.93 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.02. The business had revenue of $1.61 billion for the quarter, compared to analysts' expectations of $1.65 billion. Brown & Brown had a return on equity of 12.93% and a net margin of 17.84%.The business's quarterly revenue was up 35.7% on a year-over-year basis. During the same period last year, the firm earned $0.86 earnings per share. As a group, analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 11th. Stockholders of record on Wednesday, February 4th were issued a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Wednesday, February 4th. Brown & Brown's payout ratio is 20.63%.

Analyst Ratings Changes

BRO has been the topic of a number of recent research reports. Bank of America decreased their target price on Brown & Brown from $90.00 to $88.00 and set a "neutral" rating on the stock in a report on Tuesday, April 14th. Truist Financial decreased their target price on Brown & Brown from $105.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, January 28th. Jefferies Financial Group decreased their target price on Brown & Brown from $89.00 to $84.00 and set a "hold" rating on the stock in a report on Wednesday, January 28th. Barclays decreased their target price on Brown & Brown from $80.00 to $72.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 8th. Finally, The Goldman Sachs Group decreased their target price on Brown & Brown from $82.00 to $73.00 and set a "neutral" rating on the stock in a report on Wednesday, April 8th. Three equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, Brown & Brown currently has a consensus rating of "Hold" and an average target price of $84.27.

Brown & Brown Company Profile

Brown & Brown, Inc NYSE: BRO is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.

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