DnB Asset Management AS increased its stake in shares of Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 5.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 38,438 shares of the financial services provider’s stock after purchasing an additional 2,145 shares during the quarter. DnB Asset Management AS’s holdings in Brown & Brown were worth $2,242,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in BRO. GHP Investment Advisors Inc. acquired a new stake in shares of Brown & Brown during the first quarter worth approximately $44,000. Global Wealth Management Investment Advisory Inc. acquired a new stake in shares of Brown & Brown during the first quarter worth approximately $52,000. Meeder Asset Management Inc. acquired a new stake in shares of Brown & Brown during the first quarter worth approximately $54,000. Spire Wealth Management boosted its holdings in shares of Brown & Brown by 26.3% during the first quarter. Spire Wealth Management now owns 1,028 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 214 shares during the period. Finally, Cullen Frost Bankers Inc. acquired a new stake in shares of Brown & Brown during the first quarter worth approximately $75,000. 72.31% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities analysts recently weighed in on BRO shares. Wells Fargo & Company cut their price objective on shares of Brown & Brown to $66.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 27th. The Goldman Sachs Group began coverage on shares of Brown & Brown in a research report on Tuesday, July 12th. They issued a “neutral” rating and a $67.00 price target on the stock. Truist Financial dropped their target price on shares of Brown & Brown from $82.00 to $75.00 in a research report on Monday, July 18th. Morgan Stanley lifted their price target on shares of Brown & Brown from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Friday, August 19th. Finally, Jefferies Financial Group lowered their price target on Brown & Brown from $82.00 to $70.00 and set a “buy” rating for the company in a research note on Tuesday, July 12th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $70.63.
Brown & Brown Stock Down 0.5 %
Brown & Brown (NYSE:BRO – Get Rating) last posted its quarterly earnings data on Monday, July 25th. The financial services provider reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.02. The firm had revenue of $838.70 million for the quarter, compared to analysts’ expectations of $803.46 million. Brown & Brown had a return on equity of 15.36% and a net margin of 18.86%. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.49 EPS. As a group, research analysts expect that Brown & Brown, Inc. will post 2.31 earnings per share for the current year.
Brown & Brown Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 17th. Investors of record on Wednesday, August 10th were given a $0.102 dividend. This represents a $0.41 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date was Tuesday, August 9th. Brown & Brown’s payout ratio is currently 18.98%.
Brown & Brown Profile
Brown & Brown, Inc markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, loss control survey and analysis, consultancy, and claims processing services.
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