Principal Financial Group Inc. Has $1.61 Billion Holdings in Brown & Brown, Inc. (NYSE:BRO)

Principal Financial Group Inc. raised its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 0.3% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 12,940,046 shares of the financial services provider's stock after buying an additional 38,078 shares during the quarter. Brown & Brown makes up about 0.9% of Principal Financial Group Inc.'s investment portfolio, making the stock its 17th largest holding. Principal Financial Group Inc. owned about 4.53% of Brown & Brown worth $1,609,742,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Johnson Financial Group Inc. increased its holdings in shares of Brown & Brown by 534.1% during the fourth quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 235 shares during the period. Sunbelt Securities Inc. increased its holdings in shares of Brown & Brown by 581.8% during the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 256 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Brown & Brown during the fourth quarter valued at $37,000. Garde Capital Inc. acquired a new position in shares of Brown & Brown during the first quarter valued at $46,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Brown & Brown by 79.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 490 shares of the financial services provider's stock valued at $50,000 after purchasing an additional 217 shares during the period. 71.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on BRO shares. Edward Jones started coverage on Brown & Brown in a report on Wednesday, April 16th. They set a "buy" rating on the stock. Wells Fargo & Company reaffirmed an "overweight" rating and set a $127.00 target price (up from $125.00) on shares of Brown & Brown in a report on Thursday, June 12th. Barclays lifted their target price on Brown & Brown from $119.00 to $121.00 and gave the stock an "equal weight" rating in a report on Friday, April 11th. Morgan Stanley reaffirmed an "equal weight" rating and set a $128.00 target price on shares of Brown & Brown in a report on Tuesday, March 25th. Finally, The Goldman Sachs Group lowered Brown & Brown from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $126.00 to $119.00 in a report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $118.85.

Brown & Brown Trading Up 0.1%

BRO traded up $0.07 during trading on Friday, reaching $107.88. The company had a trading volume of 2,979,841 shares, compared to its average volume of 1,849,714. The firm's 50-day simple moving average is $109.92 and its 200 day simple moving average is $111.29. The company has a market cap of $30.93 billion, a price-to-earnings ratio of 30.05, a PEG ratio of 2.38 and a beta of 0.82. Brown & Brown, Inc. has a 12-month low of $89.92 and a 12-month high of $125.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 2.52.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The financial services provider reported $1.29 earnings per share for the quarter, missing analysts' consensus estimates of $1.30 by ($0.01). The company had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.41 billion. Brown & Brown had a return on equity of 17.77% and a net margin of 20.84%. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.14 EPS. Equities research analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

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