Russell Investments Group Ltd. boosted its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 22.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 216,438 shares of the financial services provider's stock after buying an additional 39,654 shares during the quarter. Russell Investments Group Ltd. owned 0.08% of Brown & Brown worth $26,911,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Capital Investment Advisors LLC purchased a new position in Brown & Brown during the 1st quarter worth approximately $1,929,000. GW&K Investment Management LLC lifted its stake in shares of Brown & Brown by 104.4% in the 1st quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 214 shares during the last quarter. Fifth Third Bancorp lifted its position in Brown & Brown by 7.1% during the 1st quarter. Fifth Third Bancorp now owns 6,807 shares of the financial services provider's stock worth $847,000 after acquiring an additional 450 shares during the last quarter. Tandem Investment Advisors Inc. lifted its position in Brown & Brown by 2.5% during the 1st quarter. Tandem Investment Advisors Inc. now owns 764,709 shares of the financial services provider's stock worth $95,130,000 after acquiring an additional 18,677 shares during the last quarter. Finally, FORA Capital LLC acquired a new position in Brown & Brown during the 4th quarter worth $580,000. Institutional investors and hedge funds own 71.01% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on BRO. Barclays cut their price objective on shares of Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 29th. BMO Capital Markets dropped their price objective on shares of Brown & Brown from $122.00 to $106.00 and set an "outperform" rating for the company in a report on Wednesday, July 30th. Citigroup started coverage on shares of Brown & Brown in a research note on Wednesday, August 13th. They set a "buy" rating and a $112.00 price target on the stock. Truist Financial set a $120.00 price target on shares of Brown & Brown in a research note on Wednesday, July 30th. Finally, Wells Fargo & Company cut shares of Brown & Brown from an "overweight" rating to an "equal weight" rating and decreased their price target for the company from $104.00 to $101.00 in a research note on Wednesday, August 13th. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $112.64.
Read Our Latest Stock Report on Brown & Brown
Insiders Place Their Bets
In other news, Director Bronislaw Edmund Masojada purchased 1,000 shares of Brown & Brown stock in a transaction dated Wednesday, August 6th. The shares were bought at an average cost of $91.44 per share, with a total value of $91,440.00. Following the completion of the transaction, the director directly owned 5,000 shares in the company, valued at $457,200. This trade represents a 25.00% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul J. Krump acquired 2,678 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was bought at an average cost of $93.31 per share, for a total transaction of $249,884.18. Following the completion of the transaction, the director directly owned 5,353 shares in the company, valued at $499,488.43. This represents a 100.11% increase in their position. The disclosure for this purchase can be found here. Company insiders own 17.02% of the company's stock.
Brown & Brown Trading Down 0.4%
BRO traded down $0.4310 during trading on Thursday, reaching $96.3590. 2,248,184 shares of the company's stock were exchanged, compared to its average volume of 3,894,441. The company's fifty day moving average price is $102.29 and its 200-day moving average price is $110.14. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. Brown & Brown, Inc. has a fifty-two week low of $90.38 and a fifty-two week high of $125.68. The firm has a market capitalization of $31.78 billion, a PE ratio of 27.77, a P/E/G ratio of 2.20 and a beta of 0.78.
Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.99 by $0.04. The company had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.28 billion. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The business's quarterly revenue was up 9.1% compared to the same quarter last year. During the same period last year, the firm posted $0.93 earnings per share. As a group, equities analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current year.
Brown & Brown Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Wednesday, August 13th. Brown & Brown's dividend payout ratio (DPR) is currently 17.29%.
About Brown & Brown
(
Free Report)
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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