Brown Brothers Harriman & Co. grew its holdings in shares of Brown & Brown, Inc. (NYSE:BRO – Free Report) by 398.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 93,656 shares of the financial services provider’s stock after acquiring an additional 74,872 shares during the period. Brown Brothers Harriman & Co.’s holdings in Brown & Brown were worth $5,378,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Global Wealth Management Investment Advisory Inc. acquired a new stake in Brown & Brown during the 1st quarter worth about $52,000. U.S. Capital Wealth Advisors LLC bought a new position in shares of Brown & Brown during the 4th quarter worth about $42,000. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in shares of Brown & Brown during the 1st quarter worth about $45,000. Orion Capital Management LLC bought a new position in shares of Brown & Brown during the 1st quarter worth about $46,000. Finally, Atlas Capital Advisors LLC bought a new position in shares of Brown & Brown during the 2nd quarter worth about $52,000. 69.90% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Brown & Brown
In other news, Director Bronislaw Edmund Masojada acquired 4,000 shares of the firm’s stock in a transaction on Wednesday, June 21st. The stock was purchased at an average price of $65.78 per share, for a total transaction of $263,120.00. Following the purchase, the director now owns 4,000 shares in the company, valued at approximately $263,120. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 17.02% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on BRO. Raymond James increased their price objective on shares of Brown & Brown from $70.00 to $76.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 26th. Citigroup increased their price objective on shares of Brown & Brown from $72.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Wells Fargo & Company increased their price objective on shares of Brown & Brown from $62.00 to $70.00 in a research report on Wednesday, July 26th. Truist Financial increased their price objective on shares of Brown & Brown from $82.00 to $85.00 in a research report on Wednesday, July 26th. Finally, StockNews.com initiated coverage on shares of Brown & Brown in a research report on Thursday, August 17th. They issued a “buy” rating on the stock. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Brown & Brown presently has an average rating of “Moderate Buy” and a consensus price target of $72.70.
Check Out Our Latest Analysis on Brown & Brown
Brown & Brown Stock Up 0.6 %
NYSE:BRO traded up $0.45 on Friday, hitting $72.75. The stock had a trading volume of 303,103 shares, compared to its average volume of 1,189,842. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.78 and a current ratio of 2.78. The stock has a market cap of $20.63 billion, a P/E ratio of 28.02 and a beta of 0.76. Brown & Brown, Inc. has a 1 year low of $52.82 and a 1 year high of $73.43. The firm’s fifty day simple moving average is $69.47 and its two-hundred day simple moving average is $63.39.
Brown & Brown (NYSE:BRO – Get Free Report) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.68 EPS for the quarter, beating the consensus estimate of $0.60 by $0.08. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $997.51 million. Brown & Brown had a net margin of 18.34% and a return on equity of 15.19%. The company’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same quarter last year, the business posted $0.51 EPS. Analysts predict that Brown & Brown, Inc. will post 2.69 earnings per share for the current year.
Brown & Brown Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 16th. Shareholders of record on Wednesday, August 9th were paid a $0.115 dividend. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $0.46 annualized dividend and a yield of 0.63%. Brown & Brown’s dividend payout ratio (DPR) is 17.83%.
About Brown & Brown
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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