Vanguard Group Inc. increased its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 1.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,501,119 shares of the financial services provider's stock after purchasing an additional 560,980 shares during the quarter. Vanguard Group Inc. owned 10.64% of Brown & Brown worth $3,794,339,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of BRO. Intrust Bank NA raised its stake in shares of Brown & Brown by 11.0% during the first quarter. Intrust Bank NA now owns 3,372 shares of the financial services provider's stock valued at $419,000 after purchasing an additional 333 shares in the last quarter. Cary Street Partners Investment Advisory LLC increased its stake in Brown & Brown by 17.3% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 1,863 shares of the financial services provider's stock worth $232,000 after purchasing an additional 275 shares in the last quarter. IPG Investment Advisors LLC purchased a new position in Brown & Brown in the 1st quarter worth about $1,397,000. Commonwealth Equity Services LLC increased its stake in Brown & Brown by 1.7% in the 1st quarter. Commonwealth Equity Services LLC now owns 171,763 shares of the financial services provider's stock worth $21,367,000 after purchasing an additional 2,925 shares in the last quarter. Finally, Raiffeisen Bank International AG acquired a new stake in Brown & Brown during the 1st quarter worth about $66,000. 71.01% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Brown & Brown
In related news, Director Paul J. Krump bought 2,678 shares of the business's stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $93.31 per share, with a total value of $249,884.18. Following the completion of the purchase, the director owned 5,353 shares of the company's stock, valued at $499,488.43. This represents a 100.11% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the stock in a transaction on Wednesday, August 6th. The stock was acquired at an average price of $91.44 per share, with a total value of $91,440.00. Following the completion of the acquisition, the director directly owned 5,000 shares of the company's stock, valued at approximately $457,200. This represents a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 17.02% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on the company. Edward Jones began coverage on Brown & Brown in a research note on Wednesday, April 16th. They set a "buy" rating on the stock. Wells Fargo & Company reduced their target price on Brown & Brown from $127.00 to $104.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. BMO Capital Markets reduced their target price on Brown & Brown from $122.00 to $106.00 and set an "outperform" rating for the company in a report on Wednesday, July 30th. Barclays cut their price target on Brown & Brown from $111.00 to $108.00 and set an "equal weight" rating for the company in a report on Tuesday, July 29th. Finally, Argus reiterated a "hold" rating on shares of Brown & Brown in a report on Thursday, July 31st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $113.23.
Read Our Latest Analysis on Brown & Brown
Brown & Brown Price Performance
NYSE:BRO traded up $1.20 during trading hours on Friday, reaching $93.71. The company had a trading volume of 3,643,512 shares, compared to its average volume of 3,746,375. The stock has a 50-day moving average of $104.73 and a two-hundred day moving average of $110.79. The company has a quick ratio of 6.72, a current ratio of 6.72 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $30.91 billion, a PE ratio of 27.01, a PEG ratio of 2.13 and a beta of 0.78. Brown & Brown, Inc. has a one year low of $90.38 and a one year high of $125.68.
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, topping the consensus estimate of $0.99 by $0.04. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%. The company had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.28 billion. During the same quarter in the prior year, the business earned $0.93 earnings per share. The business's revenue for the quarter was up 9.1% on a year-over-year basis. Analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.
Brown & Brown Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, August 13th. Brown & Brown's dividend payout ratio is 17.29%.
Brown & Brown Company Profile
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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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