Victory Capital Management Inc. Buys 16,013 Shares of Brown & Brown, Inc. (NYSE:BRO)

Victory Capital Management Inc. lifted its stake in shares of Brown & Brown, Inc. (NYSE:BROGet Rating) by 5.1% during the first quarter, HoldingsChannel reports. The firm owned 331,976 shares of the financial services provider’s stock after acquiring an additional 16,013 shares during the quarter. Victory Capital Management Inc.’s holdings in Brown & Brown were worth $20,576,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in BRO. Commonwealth Equity Services LLC raised its stake in shares of Brown & Brown by 2.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 62,643 shares of the financial services provider’s stock worth $4,402,000 after purchasing an additional 1,238 shares in the last quarter. State of New Jersey Common Pension Fund D raised its stake in shares of Brown & Brown by 2.5% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 112,986 shares of the financial services provider’s stock worth $7,941,000 after purchasing an additional 2,736 shares in the last quarter. Yousif Capital Management LLC bought a new stake in shares of Brown & Brown during the 4th quarter worth approximately $3,383,000. CWM LLC bought a new stake in shares of Brown & Brown during the 4th quarter worth approximately $209,000. Finally, Xponance Inc. raised its stake in shares of Brown & Brown by 25.4% during the 4th quarter. Xponance Inc. now owns 16,249 shares of the financial services provider’s stock worth $1,142,000 after purchasing an additional 3,292 shares in the last quarter. Institutional investors own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

BRO has been the topic of a number of research analyst reports. UBS Group initiated coverage on Brown & Brown in a research note on Monday, April 18th. They issued a “neutral” rating and a $76.00 price target on the stock. Truist Financial dropped their price target on Brown & Brown from $82.00 to $75.00 in a research note on Monday, July 18th. Jefferies Financial Group dropped their price target on Brown & Brown from $82.00 to $70.00 and set a “buy” rating on the stock in a research note on Tuesday, July 12th. Wells Fargo & Company dropped their price target on Brown & Brown to $66.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 27th. Finally, The Goldman Sachs Group initiated coverage on Brown & Brown in a research note on Tuesday, July 12th. They issued a “neutral” rating and a $67.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Brown & Brown presently has a consensus rating of “Hold” and an average target price of $69.00.

Insider Transactions at Brown & Brown

In related news, Director Lawrence L. Gellerstedt III bought 1,800 shares of Brown & Brown stock in a transaction dated Thursday, May 19th. The shares were bought at an average cost of $54.95 per share, with a total value of $98,910.00. Following the acquisition, the director now owns 12,884 shares in the company, valued at approximately $707,975.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 17.02% of the stock is currently owned by insiders.

Brown & Brown Stock Performance

Shares of NYSE BRO opened at $64.31 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.90 and a quick ratio of 3.90. The stock’s fifty day moving average price is $59.19 and its two-hundred day moving average price is $63.41. Brown & Brown, Inc. has a one year low of $52.91 and a one year high of $74.00. The firm has a market cap of $18.16 billion, a price-to-earnings ratio of 29.77 and a beta of 0.80.

Brown & Brown (NYSE:BROGet Rating) last issued its quarterly earnings data on Monday, July 25th. The financial services provider reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.02. The firm had revenue of $838.70 million for the quarter, compared to analyst estimates of $803.46 million. Brown & Brown had a return on equity of 15.36% and a net margin of 18.86%. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.49 EPS. On average, equities analysts forecast that Brown & Brown, Inc. will post 2.31 EPS for the current year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 17th. Stockholders of record on Wednesday, August 10th will be issued a dividend of $0.102 per share. This represents a $0.41 annualized dividend and a dividend yield of 0.63%. The ex-dividend date is Tuesday, August 9th. Brown & Brown’s dividend payout ratio (DPR) is currently 18.98%.

About Brown & Brown

(Get Rating)

Brown & Brown, Inc markets and sells insurance products and services in the United States, Bermuda, Canada, Ireland, the United Kingdom, and the Cayman Islands. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment offers property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, 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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