New York Life Investment Management LLC Has $2.39 Million Stake in Brown & Brown, Inc. (NYSE:BRO)

New York Life Investment Management LLC decreased its stake in Brown & Brown, Inc. (NYSE:BRO) by 0.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 33,637 shares of the financial services provider’s stock after selling 140 shares during the period. New York Life Investment Management LLC’s holdings in Brown & Brown were worth $2,392,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Savant Capital LLC raised its position in Brown & Brown by 4.9% in the 4th quarter. Savant Capital LLC now owns 15,687 shares of the financial services provider’s stock valued at $1,115,000 after purchasing an additional 727 shares during the last quarter. Norden Group LLC bought a new position in Brown & Brown in the 4th quarter valued at $258,000. Penobscot Investment Management Company Inc. raised its position in Brown & Brown by 9.0% in the 4th quarter. Penobscot Investment Management Company Inc. now owns 18,453 shares of the financial services provider’s stock valued at $1,312,000 after purchasing an additional 1,525 shares during the last quarter. Choreo LLC bought a new position in Brown & Brown in the 4th quarter valued at $1,840,000. Finally, Gilbert & Cook Inc. raised its position in Brown & Brown by 6.3% in the 4th quarter. Gilbert & Cook Inc. now owns 10,889 shares of the financial services provider’s stock valued at $774,000 after purchasing an additional 646 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Insiders Place Their Bets

In other Brown & Brown news, Chairman Hyatt J. Brown sold 144,323 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $85.96, for a total value of $12,406,005.08. Following the completion of the sale, the chairman now directly owns 37,460,605 shares in the company, valued at $3,220,113,605.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 16.43% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on BRO. StockNews.com upgraded Brown & Brown from a “hold” rating to a “buy” rating in a research report on Sunday, March 17th. Bank of America lowered Brown & Brown from a “neutral” rating to an “underperform” rating and upped their price target for the company from $80.00 to $86.00 in a research note on Wednesday, March 13th. Royal Bank of Canada upped their price target on Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a research note on Wednesday, March 20th. Truist Financial upped their price target on Brown & Brown from $92.00 to $94.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Finally, Citigroup upped their price target on Brown & Brown from $89.00 to $94.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $87.30.

Brown & Brown Trading Up 0.8 %

NYSE:BRO opened at $83.50 on Monday. Brown & Brown, Inc. has a 1-year low of $61.71 and a 1-year high of $87.99. The business’s 50-day moving average price is $84.18 and its two-hundred day moving average price is $77.67. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $23.82 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 2.28 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last released its earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.07. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the firm posted $0.84 earnings per share. The company’s quarterly revenue was up 12.7% on a year-over-year basis. On average, equities analysts expect that Brown & Brown, Inc. will post 3.62 earnings per share for the current year.

Brown & Brown Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, May 6th will be issued a $0.13 dividend. The ex-dividend date is Friday, May 3rd. This represents a $0.52 annualized dividend and a dividend yield of 0.62%. Brown & Brown’s dividend payout ratio (DPR) is currently 16.00%.

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.