DNB Asset Management AS Acquires 2,965 Shares of Brown & Brown, Inc. (NYSE:BRO)

DNB Asset Management AS grew its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 7.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,976 shares of the financial services provider’s stock after buying an additional 2,965 shares during the period. DNB Asset Management AS’s holdings in Brown & Brown were worth $3,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. State Board of Administration of Florida Retirement System boosted its holdings in shares of Brown & Brown by 2.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 267,190 shares of the financial services provider’s stock valued at $23,390,000 after purchasing an additional 6,613 shares during the last quarter. Sei Investments Co. increased its position in Brown & Brown by 12.7% in the first quarter. Sei Investments Co. now owns 276,090 shares of the financial services provider’s stock worth $24,169,000 after purchasing an additional 31,071 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in Brown & Brown by 206.0% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 15,302 shares of the financial services provider’s stock valued at $1,088,000 after purchasing an additional 10,301 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Brown & Brown by 55.4% in the 4th quarter. Russell Investments Group Ltd. now owns 358,929 shares of the financial services provider’s stock worth $25,519,000 after buying an additional 127,903 shares during the last quarter. Finally, WCM Investment Management LLC raised its position in shares of Brown & Brown by 13.4% during the 4th quarter. WCM Investment Management LLC now owns 107,979 shares of the financial services provider’s stock valued at $7,658,000 after buying an additional 12,748 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Trading Up 1.0 %

Shares of Brown & Brown stock opened at $99.37 on Wednesday. Brown & Brown, Inc. has a 12-month low of $66.73 and a 12-month high of $103.16. The firm’s 50 day simple moving average is $92.71 and its two-hundred day simple moving average is $86.88. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $28.35 billion, a price-to-earnings ratio of 30.58, a PEG ratio of 2.51 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.88 by $0.05. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the prior year, the firm posted $0.68 EPS. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. Analysts predict that Brown & Brown, Inc. will post 3.67 EPS for the current year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date is Wednesday, August 7th. Brown & Brown’s dividend payout ratio is presently 16.00%.

Analysts Set New Price Targets

Several research firms have recently weighed in on BRO. Bank of America raised Brown & Brown from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $91.00 to $101.00 in a research report on Wednesday, May 22nd. Wells Fargo & Company boosted their target price on Brown & Brown from $88.00 to $94.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 24th. Raymond James boosted their target price on shares of Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Truist Financial raised their target price on shares of Brown & Brown from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods increased their price objective on Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $97.40.

Insider Activity

In related news, EVP Julie Turpin sold 3,350 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $89.92, for a total transaction of $301,232.00. Following the completion of the sale, the executive vice president now owns 23,597 shares of the company’s stock, valued at approximately $2,121,842.24. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 17.02% of the company’s stock.

Brown & Brown 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.