Somerville Kurt F acquired a new stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The fund acquired 3,000 shares of the financial services provider's stock, valued at approximately $373,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Optimum Investment Advisors bought a new stake in shares of Brown & Brown during the 1st quarter worth approximately $31,000. Johnson Financial Group Inc. raised its holdings in shares of Brown & Brown by 534.1% in the fourth quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 235 shares in the last quarter. Sunbelt Securities Inc. lifted its stake in Brown & Brown by 581.8% in the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock worth $31,000 after acquiring an additional 256 shares during the period. Garde Capital Inc. bought a new stake in shares of Brown & Brown in the 1st quarter valued at about $46,000. Finally, GW&K Investment Management LLC increased its holdings in Brown & Brown by 104.4% during the first quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock valued at $52,000 after buying an additional 214 shares during the period. 71.01% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on BRO. Jefferies Financial Group lifted their price objective on shares of Brown & Brown from $105.00 to $109.00 and gave the stock a "hold" rating in a research report on Friday, April 11th. BMO Capital Markets reiterated an "outperform" rating and issued a $122.00 target price (up previously from $116.00) on shares of Brown & Brown in a research report on Thursday, June 12th. Barclays decreased their target price on shares of Brown & Brown from $121.00 to $111.00 and set an "equal weight" rating for the company in a research report on Monday, July 7th. Truist Financial lowered their target price on 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, UBS Group raised 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. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, Brown & Brown has a consensus rating of "Hold" and an average target price of $118.23.
View Our Latest Analysis on Brown & Brown
Brown & Brown Price Performance
NYSE:BRO traded down $0.28 during trading hours on Thursday, reaching $102.90. 3,159,845 shares of the company traded hands, compared to its average volume of 3,709,608. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.52 and a quick ratio of 2.52. The firm's 50-day moving average is $108.66 and its 200-day moving average is $111.45. The stock has a market cap of $29.50 billion, a P/E ratio of 28.66, a P/E/G ratio of 2.26 and a beta of 0.82. Brown & Brown, Inc. has a 1-year low of $97.21 and a 1-year high of $125.68.
Brown & Brown (NYSE:BRO - Get Free Report) last announced 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 return on equity of 17.77% and a net margin of 20.84%. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the business posted $1.14 EPS. The firm's revenue was up 11.6% compared to the same quarter last year. Equities research analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.
Brown & Brown Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th will be issued a $0.15 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a yield of 0.58%. Brown & Brown's payout ratio is 16.71%.
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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