NorthRock Partners LLC Acquires New Position in Brown & Brown, Inc. (NYSE:BRO)

NorthRock Partners LLC acquired a new position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 2,427 shares of the financial services provider's stock, valued at approximately $248,000.

Several other large investors have also recently modified their holdings of the company. Numerai GP LLC bought a new position in shares of Brown & Brown during the 4th quarter worth approximately $584,000. OMERS ADMINISTRATION Corp increased its stake in Brown & Brown by 1.2% during the 4th quarter. OMERS ADMINISTRATION Corp now owns 146,411 shares of the financial services provider's stock valued at $14,937,000 after purchasing an additional 1,731 shares in the last quarter. Millennium Management LLC increased its stake in Brown & Brown by 9.2% during the 4th quarter. Millennium Management LLC now owns 627,813 shares of the financial services provider's stock valued at $64,049,000 after purchasing an additional 53,080 shares in the last quarter. MJP Associates Inc. ADV acquired a new position in Brown & Brown during the 4th quarter valued at approximately $542,000. Finally, Laird Norton Wetherby Wealth Management LLC increased its stake in shares of Brown & Brown by 16.3% in the fourth quarter. Laird Norton Wetherby Wealth Management LLC now owns 5,153 shares of the financial services provider's stock worth $526,000 after acquiring an additional 723 shares during the period. Institutional investors own 71.01% of the company's stock.

Brown & Brown Price Performance

Shares of NYSE:BRO traded up $0.40 during midday trading on Friday, hitting $110.83. The company's stock had a trading volume of 1,210,539 shares, compared to its average volume of 1,482,809. The business's 50 day simple moving average is $115.55 and its 200 day simple moving average is $111.21. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.79 and a current ratio of 1.79. The company has a market cap of $31.76 billion, a P/E ratio of 32.03, a price-to-earnings-growth ratio of 2.93 and a beta of 0.87. Brown & Brown, Inc. has a 12-month low of $85.97 and a 12-month high of $125.68.

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

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Monday, May 12th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend was Monday, May 12th. Brown & Brown's dividend payout ratio is presently 16.71%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BRO shares. Keefe, Bruyette & Woods cut their price objective on shares of Brown & Brown from $102.00 to $100.00 and set an "underperform" rating on the stock in a research note on Monday, May 5th. UBS Group increased their price objective on shares of Brown & Brown from $110.00 to $120.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 9th. The Goldman Sachs Group lowered shares of Brown & Brown from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $126.00 to $119.00 in a research note on Tuesday, May 13th. Truist Financial cut their price objective on shares of Brown & Brown from $138.00 to $130.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Finally, Bank of America increased their price objective on shares of Brown & Brown from $116.00 to $117.00 and gave the stock a "neutral" rating in a research note on Tuesday, January 28th. One equities 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, the stock currently has a consensus rating of "Hold" and an average price target of $116.85.

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.