Vident Investment Advisory LLC lifted its stake in shares of Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 7.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 83,212 shares of the financial services provider’s stock after buying an additional 5,716 shares during the quarter. Vident Investment Advisory LLC’s holdings in Brown & Brown were worth $6,014,000 as of its most recent filing with the SEC.
Several other large investors also recently bought and sold shares of the company. BlackRock Inc. grew its stake in shares of Brown & Brown by 0.5% during the first quarter. BlackRock Inc. now owns 19,448,540 shares of the financial services provider’s stock valued at $1,405,544,000 after acquiring an additional 98,905 shares in the last quarter. Select Equity Group L.P. grew its position in shares of Brown & Brown by 1.6% during the fourth quarter. Select Equity Group L.P. now owns 18,275,989 shares of the financial services provider’s stock worth $1,284,437,000 after buying an additional 290,645 shares in the last quarter. State Street Corp increased its position in shares of Brown & Brown by 1.0% in the 4th quarter. State Street Corp now owns 12,070,204 shares of the financial services provider’s stock worth $848,294,000 after purchasing an additional 120,650 shares during the last quarter. Principal Financial Group Inc. raised its stake in Brown & Brown by 8.9% during the first quarter. Principal Financial Group Inc. now owns 8,854,266 shares of the financial services provider’s stock valued at $639,898,000 after buying an additional 723,275 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Brown & Brown by 9.1% during the fourth quarter. Geode Capital Management LLC now owns 4,873,604 shares of the financial services provider’s stock worth $341,895,000 after purchasing an additional 405,556 shares during the last quarter. Institutional investors and hedge funds own 72.31% of the company’s stock.
Analyst Ratings Changes
BRO has been the subject of a number of recent research reports. Jefferies Financial Group lowered their price objective on shares of Brown & Brown from $82.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, July 12th. The Goldman Sachs Group initiated coverage on Brown & Brown in a research report on Tuesday, July 12th. They set a “neutral” rating and a $67.00 price target on the stock. Truist Financial reduced their price objective on Brown & Brown from $82.00 to $75.00 in a research report on Monday, July 18th. Morgan Stanley increased their target price on Brown & Brown from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Friday, August 19th. Finally, Wells Fargo & Company cut their target price on Brown & Brown to $66.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 27th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $70.63.
Brown & Brown Trading Down 0.2 %
Brown & Brown (NYSE:BRO – Get Rating) last posted its quarterly earnings data on Monday, July 25th. The financial services provider reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.02. The business had revenue of $838.70 million during the quarter, compared to the consensus estimate of $803.46 million. Brown & Brown had a net margin of 18.86% and a return on equity of 15.36%. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.49 earnings per share. As a group, research analysts expect that Brown & Brown, Inc. will post 2.31 EPS for the current year.
Brown & Brown Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 17th. Shareholders of record on Wednesday, August 10th were given a $0.102 dividend. The ex-dividend date of this dividend was Tuesday, August 9th. This represents a $0.41 dividend on an annualized basis and a yield of 0.62%. Brown & Brown’s dividend payout ratio (DPR) is 18.98%.
About Brown & Brown
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.
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