NBC Securities Inc. Increases Position in Brown & Brown, Inc. (NYSE:BRO)

NBC Securities Inc. increased its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 115,600.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,314 shares of the financial services provider's stock after purchasing an additional 2,312 shares during the quarter. NBC Securities Inc.'s holdings in Brown & Brown were worth $287,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Brown & Brown by 4.7% in the 4th quarter. Vanguard Group Inc. now owns 29,940,139 shares of the financial services provider's stock valued at $3,054,493,000 after purchasing an additional 1,335,964 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Brown & Brown by 0.7% during 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 acquiring an additional 94,121 shares in the last quarter. Geode Capital Management LLC increased its holdings in Brown & Brown by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 6,099,649 shares of the financial services provider's stock valued at $620,737,000 after acquiring an additional 118,569 shares in the last quarter. Capital World Investors increased its holdings in 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 valued at $428,043,000 after acquiring an additional 566,116 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Brown & Brown by 11.4% during the 4th quarter. Invesco Ltd. now owns 3,803,616 shares of the financial services provider's stock valued at $388,045,000 after acquiring an additional 388,411 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Morgan Stanley restated an "equal weight" rating and set a $128.00 target price on shares of Brown & Brown in a report on Tuesday, March 25th. Truist Financial dropped their target price on shares of Brown & Brown from $138.00 to $130.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Keefe, Bruyette & Woods dropped their target price on shares of Brown & Brown from $102.00 to $100.00 and set an "underperform" rating for the company in a report on Monday, May 5th. Jefferies Financial Group raised their target price on shares of Brown & Brown from $105.00 to $109.00 and gave the company a "hold" rating in a report on Friday, April 11th. Finally, The Goldman Sachs Group downgraded shares of Brown & Brown from a "buy" rating to a "neutral" rating and dropped their target price for the company from $126.00 to $119.00 in a report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $118.25.

Brown & Brown Price Performance

Brown & Brown stock opened at $110.65 on Friday. Brown & Brown, Inc. has a 1 year low of $88.31 and a 1 year high of $125.68. The firm has a 50 day moving average price of $113.53 and a 200 day moving average price of $111.27. The company has a market cap of $31.71 billion, a price-to-earnings ratio of 31.98, a PEG ratio of 2.93 and a beta of 0.84. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.79 and a current ratio of 1.79.

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

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Investors 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 0.54%. Brown & Brown's payout ratio is 16.71%.

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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