Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in Brown & Brown, Inc. (NYSE:BRO – Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,364 shares of the financial services provider’s stock, valued at approximately $480,000.
A number of other hedge funds have also modified their holdings of the company. Principal Financial Group Inc. increased its holdings in shares of Brown & Brown by 4.7% in the first quarter. Principal Financial Group Inc. now owns 11,750,736 shares of the financial services provider’s stock valued at $674,727,000 after purchasing an additional 528,096 shares during the period. Morgan Stanley increased its holdings in shares of Brown & Brown by 187.2% in the fourth quarter. Morgan Stanley now owns 9,491,448 shares of the financial services provider’s stock valued at $540,728,000 after purchasing an additional 6,186,323 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Brown & Brown by 1.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 5,761,173 shares of the financial services provider’s stock valued at $330,807,000 after purchasing an additional 96,271 shares during the period. Geode Capital Management LLC increased its holdings in shares of Brown & Brown by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 5,179,408 shares of the financial services provider’s stock valued at $294,601,000 after purchasing an additional 157,366 shares during the period. Finally, First Eagle Investment Management LLC increased its holdings in shares of Brown & Brown by 1.2% in the fourth quarter. First Eagle Investment Management LLC now owns 4,799,990 shares of the financial services provider’s stock valued at $273,455,000 after purchasing an additional 58,543 shares during the period. 69.90% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on BRO shares. Keefe, Bruyette & Woods lowered Brown & Brown from an “outperform” rating to a “market perform” rating and increased their price objective for the company from $73.00 to $76.00 in a report on Tuesday, August 1st. Truist Financial lifted their price target on Brown & Brown from $82.00 to $85.00 in a research report on Wednesday, July 26th. StockNews.com started coverage on Brown & Brown in a research report on Thursday. They set a “buy” rating for the company. Citigroup lifted their price target on Brown & Brown from $72.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday, August 9th. Finally, Raymond James lifted their price target on Brown & Brown from $70.00 to $76.00 and gave the company an “outperform” rating in a research report on Wednesday, July 26th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Brown & Brown presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.70.
Read Our Latest Stock Report on Brown & Brown
Brown & Brown Stock Up 0.2 %
Shares of BRO opened at $71.39 on Friday. The company has a current ratio of 2.78, a quick ratio of 2.78 and a debt-to-equity ratio of 0.74. Brown & Brown, Inc. has a 12 month low of $52.82 and a 12 month high of $72.99. The stock’s 50 day moving average is $68.88 and its two-hundred day moving average is $63.04. The firm has a market cap of $20.25 billion, a P/E ratio of 27.67 and a beta of 0.76.
Brown & Brown (NYSE:BRO – Get Free Report) last issued 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. Brown & Brown had a return on equity of 15.19% and a net margin of 18.34%. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $997.51 million. During the same period last year, the company earned $0.51 earnings per share. Brown & Brown’s quarterly revenue was up 24.9% compared to the same quarter last year. Analysts predict that Brown & Brown, Inc. will post 2.69 earnings per share for the current fiscal year.
Brown & Brown Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 16th. Stockholders of record on Wednesday, August 9th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date of this dividend was Tuesday, August 8th. Brown & Brown’s dividend payout ratio is presently 17.83%.
Insider Transactions at Brown & Brown
In other news, Director Bronislaw Edmund Masojada purchased 4,000 shares of the stock in a transaction dated Wednesday, June 21st. The shares were purchased at an average cost of $65.78 per share, with a total value of $263,120.00. Following the completion of the purchase, the director now directly owns 4,000 shares of the company’s stock, valued at approximately $263,120. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 17.02% of the company’s stock.
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.
Further Reading
Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BRO – Free Report).
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