SteelPeak Wealth LLC Invests $2.88 Million in Brown & Brown, Inc. (NYSE:BRO)

SteelPeak Wealth LLC bought a new stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 23,152 shares of the financial services provider's stock, valued at approximately $2,880,000.

Several other large investors have also added to or reduced their stakes in BRO. Vanguard Group Inc. raised its holdings in shares of Brown & Brown by 4.7% in the 4th quarter. Vanguard Group Inc. now owns 29,940,139 shares of the financial services provider's stock worth $3,054,493,000 after purchasing an additional 1,335,964 shares during the period. Principal Financial Group Inc. lifted its stake in Brown & Brown by 0.3% in the first quarter. Principal Financial Group Inc. now owns 12,940,046 shares of the financial services provider's stock worth $1,609,742,000 after purchasing an additional 38,078 shares during the last quarter. Geode Capital Management LLC lifted its stake in Brown & Brown by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 6,099,649 shares of the financial services provider's stock worth $620,737,000 after purchasing an additional 118,569 shares during the last quarter. Capital World Investors lifted its stake in Brown & Brown by 15.6% in the fourth quarter. Capital World Investors now owns 4,195,681 shares of the financial services provider's stock worth $428,043,000 after purchasing an additional 566,116 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Brown & Brown by 11.4% during the fourth quarter. Invesco Ltd. now owns 3,803,616 shares of the financial services provider's stock valued at $388,045,000 after acquiring an additional 388,411 shares during the last quarter. Institutional investors own 71.01% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on BRO shares. Barclays reduced their price target on shares of Brown & Brown from $121.00 to $111.00 and set an "equal weight" rating on the stock in a research report on Monday. The Goldman Sachs Group cut shares of Brown & Brown from a "buy" rating to a "neutral" rating and reduced their price target for the company from $126.00 to $119.00 in a research report on Tuesday, May 13th. Edward Jones began coverage on shares of Brown & Brown in a report on Wednesday, April 16th. They issued a "buy" rating on the stock. UBS Group upped their price objective on shares of Brown & Brown from $110.00 to $120.00 and gave the stock a "neutral" rating in a report on Wednesday, April 9th. Finally, 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 report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Brown & Brown presently has a consensus rating of "Hold" and an average target price of $118.23.

Brown & Brown Price Performance

Shares of NYSE BRO traded down $1.08 during midday trading on Friday, reaching $106.73. The stock had a trading volume of 2,415,776 shares, compared to its average volume of 1,890,293. The stock has a 50-day moving average of $109.61 and a 200-day moving average of $111.33. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 2.52. The company has a market capitalization of $30.60 billion, a price-to-earnings ratio of 29.73, a price-to-earnings-growth ratio of 2.36 and a beta of 0.82. Brown & Brown, Inc. has a 12-month low of $92.11 and a 12-month high of $125.68.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings data 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). The firm 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 business's revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the company earned $1.14 earnings per share. As a group, research analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Monday, May 12th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $0.60 annualized dividend and a yield of 0.56%. Brown & Brown's payout ratio is 16.71%.

Brown & Brown Profile

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.