MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Cuts Stake in Brown & Brown, Inc. (NYSE:BRO)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. cut its holdings in Brown & Brown, Inc. (NYSE:BRO) by 2.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,747 shares of the financial services provider’s stock after selling 593 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Brown & Brown were worth $2,321,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MJP Associates Inc. ADV purchased a new stake in Brown & Brown during the fourth quarter worth $542,000. Laird Norton Wetherby Wealth Management LLC raised its position in shares of Brown & Brown by 16.3% in the 4th quarter. Laird Norton Wetherby Wealth Management LLC now owns 5,153 shares of the financial services provider’s stock worth $526,000 after acquiring an additional 723 shares in the last quarter. Janus Henderson Group PLC lifted its stake in shares of Brown & Brown by 2.2% during the 4th quarter. Janus Henderson Group PLC now owns 25,739 shares of the financial services provider’s stock worth $2,626,000 after purchasing an additional 544 shares during the last quarter. Geller Advisors LLC bought a new stake in Brown & Brown during the fourth quarter valued at about $766,000. Finally, Gotham Asset Management LLC grew its stake in Brown & Brown by 6.3% in the fourth quarter. Gotham Asset Management LLC now owns 202,933 shares of the financial services provider’s stock valued at $20,703,000 after purchasing an additional 12,072 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on BRO shares. Truist Financial lowered their price target on shares of Brown & Brown from $138.00 to $130.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. Jefferies Financial Group lifted their price target on shares of Brown & Brown from $105.00 to $109.00 and gave the stock a “hold” rating in a report on Friday, April 11th. Barclays upped their price target on Brown & Brown from $119.00 to $121.00 and gave the stock an “equal weight” rating in a research report on Friday, April 11th. The Goldman Sachs Group cut Brown & Brown from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $126.00 to $119.00 in a research report on Tuesday, May 13th. Finally, Wells Fargo & Company upped their target price on Brown & Brown from $115.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $116.85.

Brown & Brown Trading Down 1.3%

Shares of NYSE:BRO opened at $110.93 on Thursday. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.56. Brown & Brown, Inc. has a 52-week low of $85.97 and a 52-week high of $125.68. The stock has a market cap of $31.79 billion, a price-to-earnings ratio of 32.06, a PEG ratio of 2.93 and a beta of 0.87. The business has a 50-day moving average price of $115.91 and a 200-day moving average price of $111.15.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, April 28th. The financial services provider reported $1.29 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.01). Brown & Brown had a return on equity of 17.81% and a net margin of 20.68%. The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the company posted $1.14 EPS. Brown & Brown’s quarterly revenue was up 11.6% compared to the same quarter last year. Equities analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Monday, May 12th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $0.60 annualized dividend and a dividend yield of 0.54%. Brown & Brown’s dividend payout ratio (DPR) is presently 16.71%.

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.