Allworth Financial LP grew its stake in shares of Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 2,485.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 517 shares of the financial services provider's stock after acquiring an additional 497 shares during the period. Allworth Financial LP's holdings in Brown & Brown were worth $30,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Claro Advisors LLC lifted its position in shares of Brown & Brown by 4.5% in the 4th quarter. Claro Advisors LLC now owns 3,937 shares of the financial services provider's stock worth $277,000 after buying an additional 171 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Brown & Brown by 4.2% in the 1st quarter. Parallel Advisors LLC now owns 4,466 shares of the financial services provider's stock worth $325,000 after buying an additional 180 shares during the last quarter. Spire Wealth Management lifted its position in shares of Brown & Brown by 26.3% in the 1st quarter. Spire Wealth Management now owns 1,028 shares of the financial services provider's stock worth $74,000 after buying an additional 214 shares during the last quarter. Hotaling Investment Management LLC lifted its position in shares of Brown & Brown by 4.9% in the 1st quarter. Hotaling Investment Management LLC now owns 4,758 shares of the financial services provider's stock worth $344,000 after buying an additional 221 shares during the last quarter. Finally, V Wealth Advisors LLC lifted its position in shares of Brown & Brown by 0.7% in the 4th quarter. V Wealth Advisors LLC now owns 34,416 shares of the financial services provider's stock worth $2,419,000 after buying an additional 224 shares during the last quarter. 72.31% of the stock is owned by institutional investors and hedge funds.
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Brown & Brown Stock Up 1.1 %
BRO stock opened at $60.89 on Friday. Brown & Brown, Inc. has a 52 week low of $52.91 and a 52 week high of $74.00. The company has a market capitalization of $17.20 billion, a price-to-earnings ratio of 28.19 and a beta of 0.80. The firm's 50-day moving average is $63.83 and its two-hundred day moving average is $62.88. The company has a current ratio of 3.90, a quick ratio of 3.90 and a debt-to-equity ratio of 0.97.
Brown & Brown (NYSE:BRO – Get Rating) last released its quarterly earnings results on Monday, July 25th. The financial services provider reported $0.51 EPS for the quarter, topping analysts' consensus estimates of $0.49 by $0.02. Brown & Brown had a net
margin of 18.86% and a return on equity of 15.36%. The company had revenue of $838.70 million for the quarter, compared to the consensus estimate of $803.46 million. During the same period in the previous year, the firm earned $0.49 EPS. Brown & Brown's revenue was up 15.5% on a year-over-year basis. On average, analysts forecast that Brown & Brown, Inc. will post 2.31 earnings per share for the current fiscal year.
Brown & Brown Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 17th. Investors of record on Wednesday, August 10th were issued a $0.102 dividend. The ex-dividend date was Tuesday, August 9th. This represents a $0.41 dividend on an annualized basis and a dividend yield of 0.67%. Brown & Brown's payout ratio is currently 18.98%.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on the stock. 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 research report on Tuesday, July 12th. Morgan Stanley lifted 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 report on Friday, August 19th. The Goldman Sachs Group began coverage on shares of Brown & Brown in a research report on Tuesday, July 12th. They issued a "neutral" rating and a $67.00 price objective on the stock. StockNews.com upgraded shares of Brown & Brown from a "hold" rating to a "buy" rating in a research report on Monday, September 12th. Finally, Truist Financial cut their price objective on shares of Brown & Brown from $82.00 to $75.00 in a research report on Monday, July 18th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $70.63.
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.
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