Zurcher Kantonalbank Zurich Cantonalbank Reduces Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Key Points

• Zurcher Kantonalbank reduced its stake in Brown & Brown, Inc. by 5.9%, owning 49,399 shares worth $6.14 million after selling 3,112 shares in the first quarter.
• Analysts have set diverse price targets for Brown & Brown, with institutions like Truist Financial predicting a target price of $120.00 and Bank of America raising it from $126.00 to $130.00.
• Brown & Brown declared a quarterly dividend of $0.15 per share, effective August 20th, which corresponds to an annualized dividend yield of 0.64%.

Zurcher Kantonalbank Zurich Cantonalbank lowered its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 5.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,399 shares of the financial services provider's stock after selling 3,112 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Brown & Brown were worth $6,145,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. First Trust Advisors LP lifted its position in shares of Brown & Brown by 626.6% during the 4th quarter. First Trust Advisors LP now owns 2,350,039 shares of the financial services provider's stock worth $239,751,000 after purchasing an additional 2,026,589 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Brown & Brown by 13,974.9% during the 1st quarter. GAMMA Investing LLC now owns 1,112,758 shares of the financial services provider's stock worth $138,427,000 after buying an additional 1,104,852 shares during the last quarter. Handelsbanken Fonder AB boosted its position in shares of Brown & Brown by 172.5% during the 1st quarter. Handelsbanken Fonder AB now owns 1,314,434 shares of the financial services provider's stock worth $163,516,000 after acquiring an additional 832,100 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of Brown & Brown by 9,262.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 687,095 shares of the financial services provider's stock valued at $70,097,000 after acquiring an additional 679,756 shares during the last quarter. Finally, Capital World Investors raised its position in shares of Brown & Brown by 15.6% during the 4th quarter. Capital World Investors now owns 4,195,681 shares of the financial services provider's stock worth $428,043,000 after acquiring an additional 566,116 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company's stock.

Brown & Brown Stock Performance

NYSE:BRO traded up $0.85 during mid-day trading on Friday, reaching $92.22. The stock had a trading volume of 3,540,428 shares, compared to its average volume of 3,460,361. Brown & Brown, Inc. has a twelve month low of $90.55 and a twelve month high of $125.68. The business has a 50 day simple moving average of $106.64 and a 200 day simple moving average of $111.19. The firm has a market capitalization of $30.42 billion, a price-to-earnings ratio of 26.58, a PEG ratio of 2.06 and a beta of 0.79. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.52 and a current ratio of 6.72.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, beating 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 business had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same period last year, the firm earned $0.93 EPS. The company's quarterly revenue was up 9.1% compared to the same quarter last year. On average, analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th will be paid a $0.15 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.7%. Brown & Brown's dividend payout ratio (DPR) is 17.29%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Jefferies Financial Group increased their price target on shares of Brown & Brown from $105.00 to $109.00 and gave the company a "hold" rating in a research note on Friday, April 11th. Truist Financial set a $120.00 price target on shares of Brown & Brown in a research note on Wednesday. Bank of America raised Brown & Brown from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $126.00 to $130.00 in a report on Wednesday. BMO Capital Markets decreased their target price on Brown & Brown from $122.00 to $106.00 and set an "outperform" rating for the company in a research report on Wednesday. Finally, Keefe, Bruyette & Woods reduced their price objective on Brown & Brown from $104.00 to $87.00 and set an "underperform" rating for the company in a research note on Thursday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Brown & Brown currently has an average rating of "Hold" and an average price target of $114.25.

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.