Brown & Brown, Inc. (NYSE:BRO) Shares Purchased by US Bancorp DE

Key Points

• US Bancorp DE significantly increased its holdings in Brown & Brown, Inc. by 209.0%, now owning 93,057 shares valued at approximately $11.58 million.
• Brown & Brown reported earnings of $1.03 EPS for the last quarter, exceeding estimates and demonstrating a 9.1% revenue increase year-over-year.
• The company has declared a quarterly dividend of $0.15 per share, representing an annualized dividend yield of 0.6%.

US Bancorp DE boosted its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 209.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,057 shares of the financial services provider's stock after buying an additional 62,940 shares during the quarter. US Bancorp DE's holdings in Brown & Brown were worth $11,576,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Johnson Financial Group Inc. raised its position in shares of Brown & Brown by 534.1% during the 4th quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider's stock valued at $29,000 after buying an additional 235 shares during the period. Sunbelt Securities Inc. raised its position in Brown & Brown by 581.8% in 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. Optimum Investment Advisors purchased a new stake in Brown & Brown in the first quarter valued at approximately $31,000. Garde Capital Inc. purchased a new stake in Brown & Brown in the first quarter valued at approximately $46,000. Finally, GW&K Investment Management LLC raised its position in Brown & Brown by 104.4% in the first 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 period. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Stock Performance

Shares of NYSE:BRO traded down $0.97 on Tuesday, reaching $91.73. The company's stock had a trading volume of 3,319,158 shares, compared to its average volume of 3,661,423. The stock's 50-day moving average is $105.87 and its two-hundred day moving average is $111.05. Brown & Brown, Inc. has a 52-week low of $90.55 and a 52-week high of $125.68. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. The stock has a market capitalization of $30.25 billion, a P/E ratio of 26.43, a PEG ratio of 2.11 and a beta of 0.78.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its earnings results on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, beating analysts' consensus estimates of $0.99 by $0.04. The business had revenue of $1.29 billion during 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 revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.93 earnings per share. As a group, sell-side analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.7%. The ex-dividend date is Wednesday, August 13th. Brown & Brown's dividend payout ratio is presently 17.29%.

Analyst Ratings Changes

Several research firms have commented on BRO. The Goldman Sachs Group downgraded shares of Brown & Brown from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $126.00 to $119.00 in a research note on Tuesday, May 13th. Truist Financial set a $120.00 price target on shares of Brown & Brown in a research note on Wednesday, July 30th. Barclays dropped their price target on shares of Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th. Raymond James Financial reiterated an "outperform" rating and set a $120.00 target price (down previously from $125.00) on shares of Brown & Brown in a research note on Monday. Finally, UBS Group boosted their target price 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 research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, Brown & Brown presently has a consensus rating of "Hold" and an average target price of $114.69.

Brown & Brown Company 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.