Raymond James Trust N.A. raised its stake in Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 2.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 15,547 shares of the financial services provider's stock after purchasing an additional 300 shares during the period. Raymond James Trust N.A.'s holdings in Brown & Brown were worth $907,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Parkside Financial Bank & Trust boosted its position in shares of Brown & Brown by 259.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 499 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 360 shares during the period. Allworth Financial LP boosted its holdings in shares of Brown & Brown by 2,485.0% in the second quarter. Allworth Financial LP now owns 517 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 497 shares during the period. GHP Investment Advisors Inc. acquired a new stake in shares of Brown & Brown in the first quarter valued at approximately $44,000. Global Wealth Management Investment Advisory Inc. purchased a new position in shares of Brown & Brown during the first quarter worth approximately $52,000. Finally, Meeder Asset Management Inc. purchased a new stake in Brown & Brown in the 1st quarter valued at $54,000. Hedge funds and other institutional investors own 72.31% of the company's stock.

Brown & Brown Price Performance

Brown & Brown stock opened at $58.92 on Friday. The company has a market cap of $16.64 billion, a P/E ratio of 27.28 and a beta of 0.80. Brown & Brown, Inc. has a one year low of $52.91 and a one year high of $74.00. The business has a fifty day moving average of $63.90 and a two-hundred day moving average of $62.98. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.90 and a current ratio of 3.90.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 17th. Investors of record on Wednesday, August 10th were paid a $0.102 dividend. This represents a $0.41 annualized dividend and a yield of 0.69%. The ex-dividend date was Tuesday, August 9th. Brown & Brown's payout ratio is currently 18.98%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Morgan Stanley raised their price objective on shares of Brown & Brown from $64.00 to $69.00 and gave the stock an "equal weight" rating in a research report on Friday, August 19th. 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 report on Tuesday, July 12th. StockNews.com raised Brown & Brown from a "hold" rating to a "buy" rating in a research report on Monday, September 12th. Truist Financial dropped their target price on Brown & Brown from $82.00 to $75.00 in a report on Monday, July 18th. Finally, Wells Fargo & Company lowered their price objective on shares of Brown & Brown to $66.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 27th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $70.63.

About Brown & Brown

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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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