M&T Bank Corp Purchases 5,323 Shares of Brown & Brown, Inc. (NYSE:BRO)

M&T Bank Corp raised its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 56.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,693 shares of the financial services provider's stock after acquiring an additional 5,323 shares during the quarter. M&T Bank Corp's holdings in Brown & Brown were worth $1,828,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Brown & Brown in the fourth quarter worth approximately $313,412,000. First Trust Advisors LP raised its position in Brown & Brown by 626.6% in the fourth quarter. First Trust Advisors LP now owns 2,350,039 shares of the financial services provider's stock worth $239,751,000 after acquiring an additional 2,026,589 shares during the period. Vanguard Group Inc. boosted its stake in shares of Brown & Brown by 4.7% during 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 acquiring an additional 1,335,964 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Brown & Brown by 13,974.9% in the 1st quarter. GAMMA Investing LLC now owns 1,112,758 shares of the financial services provider's stock worth $138,427,000 after purchasing an additional 1,104,852 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its stake in shares of Brown & Brown by 172.5% in the 1st quarter. Handelsbanken Fonder AB now owns 1,314,434 shares of the financial services provider's stock worth $163,516,000 after purchasing an additional 832,100 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Trading Down 1.0%

Shares of Brown & Brown stock opened at $106.73 on Friday. Brown & Brown, Inc. has a twelve month low of $92.29 and a twelve month high of $125.68. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.55. The business has a 50-day moving average price of $109.61 and a 200-day moving average price of $111.38. The firm has a market cap of $30.60 billion, a price-to-earnings ratio of 29.73, a PEG ratio of 2.34 and a beta of 0.82.

Brown & Brown (NYSE:BRO - Get Free Report) last released 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). The firm had revenue of $1.40 billion for the quarter, compared to analysts' expectations of $1.41 billion. Brown & Brown had a net margin of 20.84% and a return on equity of 17.77%. The business's quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.14 EPS. Equities research analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Announces Dividend

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

Analyst Ratings Changes

Several research firms recently weighed in on BRO. The Goldman Sachs Group downgraded Brown & Brown from a "buy" rating to a "neutral" rating and lowered their target price for the company from $126.00 to $119.00 in a research report on Tuesday, May 13th. Wells Fargo & Company reiterated an "overweight" rating and set a $127.00 price objective (up from $125.00) on shares of Brown & Brown in a research note on Thursday, June 12th. Edward Jones initiated coverage on shares of Brown & Brown in a research note on Wednesday, April 16th. They set a "buy" rating on the stock. UBS Group lifted their price target on shares of Brown & Brown from $110.00 to $120.00 and gave the company a "neutral" rating in a report on Wednesday, April 9th. Finally, Barclays reduced their price objective on shares of Brown & Brown from $121.00 to $111.00 and set an "equal weight" rating for the company in a research note on Monday, July 7th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Brown & Brown has a consensus rating of "Hold" and a consensus price target of $118.23.

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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