Brown & Brown, Inc. (NYSE:BRO) Stake Boosted by Vanguard Group Inc.

Vanguard Group Inc. lifted its holdings in Brown & Brown, Inc. (NYSE:BROFree Report) by 0.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,885,759 shares of the financial services provider’s stock after purchasing an additional 33,085 shares during the period. Vanguard Group Inc. owned 9.80% of Brown & Brown worth $1,947,541,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Morgan Stanley lifted 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 acquiring an additional 6,186,323 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Brown & Brown by 658.3% in the second quarter. Goldman Sachs Group Inc. now owns 2,975,944 shares of the financial services provider’s stock valued at $173,617,000 after acquiring an additional 2,583,481 shares during the period. Norges Bank bought a new stake in Brown & Brown in the fourth quarter valued at about $141,841,000. Victory Capital Management Inc. increased its stake in Brown & Brown by 401.0% in the fourth quarter. Victory Capital Management Inc. now owns 1,468,253 shares of the financial services provider’s stock valued at $83,646,000 after acquiring an additional 1,175,211 shares during the period. Finally, Capital World Investors bought a new stake in Brown & Brown in the second quarter valued at about $64,654,000. Institutional investors and hedge funds own 70.33% of the company’s stock.

Brown & Brown Price Performance

Shares of BRO stock opened at $84.94 on Monday. Brown & Brown, Inc. has a 1 year low of $53.14 and a 1 year high of $86.53. The firm’s 50 day moving average is $80.08 and its 200-day moving average is $74.68. The firm has a market capitalization of $24.28 billion, a price-to-earnings ratio of 27.76, a PEG ratio of 3.03 and a beta of 0.78. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.58.

Brown & Brown (NYSE:BROGet Free Report) last announced its quarterly earnings data on Tuesday, January 23rd. The financial services provider reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. Brown & Brown had a net margin of 20.44% and a return on equity of 15.46%. The business had revenue of $1.03 billion for the quarter. During the same quarter in the prior year, the company earned $0.50 earnings per share. Sell-side analysts forecast that Brown & Brown, Inc. will post 3.2 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Friday, February 2nd were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $0.52 annualized dividend and a yield of 0.61%. Brown & Brown’s dividend payout ratio is currently 16.99%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Truist Financial upped their price objective on shares of Brown & Brown from $85.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. The Goldman Sachs Group raised shares of Brown & Brown from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $84.00 to $83.00 in a research note on Monday, January 8th. Keefe, Bruyette & Woods upped their price objective on shares of Brown & Brown from $70.00 to $75.00 and gave the stock an “underperform” rating in a research note on Friday, January 26th. Royal Bank of Canada upped their price objective on shares of Brown & Brown from $81.00 to $87.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. Finally, Wells Fargo & Company upped their price objective on shares of Brown & Brown from $72.00 to $81.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 24th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $83.60.

Check Out Our Latest Analysis on BRO

Insider Activity at Brown & Brown

In related news, Chairman Hyatt J. Brown sold 144,323 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $85.96, for a total value of $12,406,005.08. Following the transaction, the chairman now directly owns 37,460,605 shares in the company, valued at $3,220,113,605.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 17.02% of the stock is currently owned by company insiders.

Brown & Brown Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

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