Brown & Brown, Inc. $BRO Stake Boosted by ProShare Advisors LLC

ProShare Advisors LLC raised its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 20.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,699,669 shares of the financial services provider’s stock after buying an additional 293,692 shares during the quarter. ProShare Advisors LLC owned 0.50% of Brown & Brown worth $159,412,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in BRO. Vanguard Group Inc. raised its position in Brown & Brown by 16.8% during the second quarter. Vanguard Group Inc. now owns 35,625,322 shares of the financial services provider’s stock valued at $3,949,779,000 after buying an additional 5,124,203 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Brown & Brown by 13.4% in the 3rd quarter. Principal Financial Group Inc. now owns 15,416,190 shares of the financial services provider’s stock valued at $1,445,888,000 after purchasing an additional 1,821,229 shares during the period. State Street Corp lifted its position in shares of Brown & Brown by 11.3% in the second quarter. State Street Corp now owns 12,460,821 shares of the financial services provider’s stock worth $1,381,531,000 after purchasing an additional 1,262,139 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Brown & Brown by 16.6% during the second quarter. Geode Capital Management LLC now owns 7,369,576 shares of the financial services provider’s stock worth $813,624,000 after purchasing an additional 1,050,350 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Brown & Brown by 1.1% during the second quarter. Invesco Ltd. now owns 4,166,370 shares of the financial services provider’s stock worth $461,925,000 after purchasing an additional 46,235 shares during the period. 71.01% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BRO has been the subject of a number of research analyst reports. Barclays cut their target price on shares of Brown & Brown from $83.00 to $82.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 27th. Citigroup lowered Brown & Brown from a “buy” rating to a “neutral” rating in a report on Monday, November 3rd. Bank of America lowered their target price on Brown & Brown from $94.00 to $90.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 27th. Truist Financial dropped their target price on Brown & Brown from $105.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, January 28th. Finally, Wolfe Research initiated coverage on Brown & Brown in a report on Thursday, November 20th. They set a “peer perform” rating for the company. Three analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. According to MarketBeat, Brown & Brown currently has an average rating of “Hold” and a consensus price target of $90.64.

Brown & Brown Stock Up 1.6%

Shares of Brown & Brown stock opened at $73.87 on Monday. The stock has a market capitalization of $25.22 billion, a P/E ratio of 23.08, a PEG ratio of 2.23 and a beta of 0.79. The company has a quick ratio of 2.10, a current ratio of 1.67 and a debt-to-equity ratio of 0.55. The stock has a 50 day moving average price of $78.53 and a two-hundred day moving average price of $86.07. Brown & Brown, Inc. has a 12-month low of $70.45 and a 12-month high of $125.68.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, January 26th. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. Brown & Brown had a net margin of 17.84% and a return on equity of 12.93%. The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same period in the previous year, the company earned $0.86 earnings per share. Brown & Brown’s revenue for the quarter was up 35.7% on a year-over-year basis. Equities analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 11th. Stockholders of record on Wednesday, February 4th will be paid a $0.165 dividend. The ex-dividend date is Wednesday, February 4th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.9%. Brown & Brown’s payout ratio is presently 20.63%.

About Brown & Brown

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.