V Wealth Advisors LLC lowered its stake in Brown & Brown, Inc. (NYSE:BRO – Free Report) by 8.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,214 shares of the financial services provider’s stock after selling 3,062 shares during the period. V Wealth Advisors LLC’s holdings in Brown & Brown were worth $1,792,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the stock. Principal Financial Group Inc. increased its holdings in shares of Brown & Brown by 10.8% in the fourth quarter. Principal Financial Group Inc. now owns 11,222,640 shares of the financial services provider’s stock valued at $639,354,000 after purchasing an additional 1,091,719 shares during the period. Morgan Stanley grew its holdings in Brown & Brown by 187.2% during the fourth 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 period. Allspring Global Investments Holdings LLC grew its holdings in Brown & Brown by 1.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 5,761,173 shares of the financial services provider’s stock worth $330,807,000 after acquiring an additional 96,271 shares during the period. Geode Capital Management LLC grew its holdings in Brown & Brown by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 5,179,408 shares of the financial services provider’s stock worth $294,601,000 after acquiring an additional 157,366 shares during the period. Finally, First Eagle Investment Management LLC grew its holdings in Brown & Brown by 1.2% during the fourth quarter. First Eagle Investment Management LLC now owns 4,799,990 shares of the financial services provider’s stock worth $273,455,000 after acquiring an additional 58,543 shares during the period. Institutional investors and hedge funds own 69.90% of the company’s stock.
Insider Buying and Selling
In other Brown & Brown news, Director Bronislaw Edmund Masojada bought 4,000 shares of Brown & Brown stock in a transaction that occurred on Wednesday, June 21st. The shares were purchased at an average cost of $65.78 per share, for a total transaction of $263,120.00. Following the completion of the transaction, the director now owns 4,000 shares of the company’s stock, valued at approximately $263,120. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 16.58% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
A number of research analysts recently weighed in on the company. Keefe, Bruyette & Woods upped their price objective on Brown & Brown from $66.00 to $69.00 and gave the stock an “outperform” rating in a report on Tuesday, April 18th. Truist Financial boosted their target price on Brown & Brown from $73.00 to $82.00 and gave the stock a “buy” rating in a research report on Wednesday. Citigroup upgraded Brown & Brown from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $62.00 to $69.00 in a research report on Tuesday, April 18th. Jefferies Financial Group decreased their target price on Brown & Brown from $69.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, April 10th. Finally, StockNews.com upgraded Brown & Brown from a “hold” rating to a “buy” rating in a research report on Friday, June 23rd. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $67.30.
Brown & Brown Price Performance
Shares of NYSE:BRO traded up $0.16 on Friday, hitting $71.19. The company had a trading volume of 98,391 shares, compared to its average volume of 1,212,172. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.76. Brown & Brown, Inc. has a 52-week low of $52.82 and a 52-week high of $71.50. The business has a 50 day moving average of $66.04 and a 200 day moving average of $61.34. The company has a market cap of $20.19 billion, a PE ratio of 29.35 and a beta of 0.77.
Brown & Brown (NYSE:BRO – Get Free Report) last issued its quarterly earnings data on Monday, April 24th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.03. Brown & Brown had a return on equity of 14.80% and a net margin of 18.15%. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.06 billion. As a group, equities analysts anticipate that Brown & Brown, Inc. will post 2.51 earnings per share for the current fiscal year.
Brown & Brown Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 16th. Investors of record on Wednesday, August 9th will be given a dividend of $0.115 per share. The ex-dividend date is Tuesday, August 8th. This represents a $0.46 annualized dividend and a yield of 0.65%. Brown & Brown’s dividend payout ratio (DPR) is presently 19.01%.
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.
See Also
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