Destiny Wealth Partners LLC lifted its position in shares of Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 104.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 558 shares of the financial services provider's stock after purchasing an additional 285 shares during the period. Destiny Wealth Partners LLC's holdings in Brown & Brown were worth $33,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of BRO. Parkside Financial Bank & Trust lifted its position in Brown & Brown by 259.0% in the second quarter. Parkside Financial Bank & Trust now owns 499 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 360 shares during the last quarter. Allworth Financial LP increased its stake in shares of Brown & Brown by 2,485.0% during the second quarter. Allworth Financial LP now owns 517 shares of the financial services provider's stock worth $30,000 after acquiring an additional 497 shares during the period. GHP Investment Advisors Inc. purchased a new stake in Brown & Brown during the first quarter worth about $44,000. Global Wealth Management Investment Advisory Inc. purchased a new stake in Brown & Brown during the first quarter worth about $52,000. Finally, Meeder Asset Management Inc. purchased a new stake in Brown & Brown during the first quarter worth about $54,000. 72.31% of the stock is owned by hedge funds and other institutional investors.
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Analyst Upgrades and Downgrades
BRO has been the topic of several recent research reports. Jefferies Financial Group reduced their price target on shares of Brown & Brown from $82.00 to $70.00 and set a "buy" rating on the stock in a report on Tuesday, July 12th. Morgan Stanley upped their price objective on shares of Brown & Brown from $64.00 to $69.00 and gave the company an "equal weight" rating in a research note on Friday, August 19th. Wells Fargo & Company reduced their price objective on shares of Brown & Brown to $66.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 27th. StockNews.com raised shares of Brown & Brown from a "hold" rating to a "buy" rating in a research report on Monday, September 12th. Finally, Truist Financial dropped their price target on shares of Brown & Brown from $82.00 to $75.00 in a research report on Monday, July 18th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $70.63.
Brown & Brown Trading Down 0.5 %
Shares of NYSE:BRO opened at $58.92 on Monday. The company has a market cap of $16.64 billion, a PE ratio of 27.28 and a beta of 0.80. The company's 50-day moving average price is $63.90 and its 200 day moving average price is $62.97. Brown & Brown, Inc. has a fifty-two week low of $52.91 and a fifty-two week high of $74.00. The company has a quick ratio of 3.90, a current ratio of 3.90 and a debt-to-equity ratio of 0.97.
Brown & Brown (NYSE:BRO – Get Rating) last issued its quarterly earnings data on Monday, July 25th. The financial services provider reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.02. The firm had revenue of $838.70 million for 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%. Brown & Brown's quarterly revenue was up 15.5% compared to the same quarter last year. During the same period last year, the firm posted $0.49 EPS. Sell-side analysts anticipate that Brown & Brown, Inc. will post 2.31 earnings per share for the current year.
Brown & Brown Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, August 17th. Shareholders of record on Wednesday, August 10th were paid a dividend of $0.102 per share. The ex-dividend date of this dividend was Tuesday, August 9th. This represents a $0.41 annualized dividend and a yield of 0.69%. Brown & Brown's payout ratio is 18.98%.
Brown & Brown Profile
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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.
Further Reading
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