Intech Investment Management LLC lowered its position in Brown & Brown, Inc. (NYSE:BRO – Free Report) by 10.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 141,697 shares of the financial services provider’s stock after selling 16,809 shares during the period. Intech Investment Management LLC’s holdings in Brown & Brown were worth $9,754,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of Brown & Brown by 1.3% in the 1st quarter. BlackRock Inc. now owns 16,764,258 shares of the financial services provider’s stock valued at $962,604,000 after acquiring an additional 218,939 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in Brown & Brown by 2.3% in the second quarter. Principal Financial Group Inc. now owns 12,025,025 shares of the financial services provider’s stock valued at $827,803,000 after purchasing an additional 274,289 shares during the last quarter. Morgan Stanley grew its position in Brown & Brown by 187.2% during the 4th quarter. Morgan Stanley now owns 9,491,448 shares of the financial services provider’s stock worth $540,728,000 after purchasing an additional 6,186,323 shares during the period. Geode Capital Management LLC raised its stake in shares of Brown & Brown by 2.1% during the 1st quarter. Geode Capital Management LLC now owns 5,287,929 shares of the financial services provider’s stock valued at $303,385,000 after buying an additional 108,521 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Brown & Brown by 9.7% in the 1st quarter. Invesco Ltd. now owns 3,207,698 shares of the financial services provider’s stock valued at $231,821,000 after buying an additional 284,786 shares during the period. Institutional investors and hedge funds own 70.33% of the company’s stock.
Wall Street Analyst Weigh In
BRO has been the topic of several analyst reports. Jefferies Financial Group raised their target price on Brown & Brown from $83.00 to $85.00 in a report on Friday, October 6th. StockNews.com began coverage on shares of Brown & Brown in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Truist Financial restated a “buy” rating and set a $85.00 price target on shares of Brown & Brown in a research report on Friday, September 15th. Citigroup upped their price objective on shares of Brown & Brown from $81.00 to $83.00 and gave the stock a “buy” rating in a research report on Tuesday, September 19th. Finally, Keefe, Bruyette & Woods cut Brown & Brown from an “outperform” rating to a “market perform” rating and raised their target price for the company from $73.00 to $76.00 in a research report on Tuesday, August 1st. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.00.
In related news, EVP Stephen M. Boyd sold 2,500 shares of the business’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $70.64, for a total transaction of $176,600.00. Following the transaction, the executive vice president now directly owns 64,471 shares in the company, valued at $4,554,231.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 16.58% of the company’s stock.
Brown & Brown Trading Up 0.9 %
Shares of Brown & Brown stock opened at $73.51 on Tuesday. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.60. Brown & Brown, Inc. has a twelve month low of $52.82 and a twelve month high of $74.57. The firm has a market capitalization of $20.92 billion, a PE ratio of 27.95 and a beta of 0.76. The firm’s 50-day moving average price is $70.98 and its 200 day moving average price is $68.99.
Brown & Brown (NYSE:BRO – Get Free Report) last announced its earnings results on Monday, October 23rd. The financial services provider reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.09. Brown & Brown had a return on equity of 15.72% and a net margin of 18.08%. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the firm earned $0.50 earnings per share. The business’s revenue was up 15.1% compared to the same quarter last year. On average, sell-side analysts predict that Brown & Brown, Inc. will post 2.75 EPS for the current fiscal year.
Brown & Brown Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be issued a dividend of $0.13 per share. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.12. The ex-dividend date is Tuesday, October 31st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.71%. Brown & Brown’s dividend payout ratio is presently 19.77%.
Brown & Brown Company Profile
Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.
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