NewEdge Advisors LLC Has $7.82 Million Stock Holdings in Brown & Brown, Inc. $BRO

NewEdge Advisors LLC increased its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 146.1% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 121,921 shares of the financial services provider's stock after purchasing an additional 72,372 shares during the quarter. NewEdge Advisors LLC's holdings in Brown & Brown were worth $7,821,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of BRO. Union Bancaire Privee UBP SA bought a new stake in shares of Brown & Brown during the first quarter worth $25,000. Basepoint Wealth LLC bought a new stake in Brown & Brown in the 4th quarter valued at $27,000. Darwin Wealth Management LLC acquired a new position in Brown & Brown in the 2nd quarter worth $30,000. DV Equities LLC acquired a new position in Brown & Brown in the 4th quarter worth $33,000. Finally, Continuum Advisory LLC acquired a new position in Brown & Brown in the 2nd quarter worth $34,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BRO shares. The Goldman Sachs Group lifted their price target on Brown & Brown from $62.00 to $70.00 and gave the company a "neutral" rating in a research note on Wednesday, July 1st. Truist Financial set a $90.00 price objective on Brown & Brown in a report on Wednesday, July 29th. Barclays lifted their target price on Brown & Brown from $72.00 to $76.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 7th. Morgan Stanley restated an "underweight" rating and issued a $60.00 target price (up from $56.00) on shares of Brown & Brown in a research note on Wednesday, August 19th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Brown & Brown in a research note on Wednesday, July 29th. Four equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Brown & Brown presently has an average rating of "Hold" and an average price target of $76.80.

Brown & Brown Stock Performance

Shares of BRO opened at $66.28 on Friday. The company has a market cap of $22.18 billion, a PE ratio of 20.91, a price-to-earnings-growth ratio of 2.03 and a beta of 0.58. The firm has a 50-day moving average of $70.20 and a 200-day moving average of $65.88. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $96.55. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The firm's revenue for the quarter was up 30.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.03 earnings per share. As a group, equities analysts forecast that Brown & Brown, Inc. will post 4.5 earnings per share for the current year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Wednesday, August 12th. Brown & Brown's payout ratio is 20.82%.

Brown & Brown Company Profile

Brown & Brown, Inc is an independent insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk by providing insurance products and related advisory services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialty insurance programs. Brown & Brown also operates wholesale brokerage and managing general agency businesses, which provide specialized coverage and market access to retail insurance agents and brokers.

Founded in 1939 by J.

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