Trust Co. of Vermont purchased a new position in shares of Brown & Brown, Inc. (NYSE:BRO – Get Rating) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,401 shares of the financial services provider's stock, valued at approximately $82,000.
Several other hedge funds have also recently modified their holdings of the stock. LPL Financial LLC raised its position in Brown & Brown by 14.4% in the fourth quarter. LPL Financial LLC now owns 91,238 shares of the financial services provider's stock worth $6,412,000 after acquiring an additional 11,479 shares in the last quarter. Eaton Vance Management raised its position in Brown & Brown by 1.1% in the fourth quarter. Eaton Vance Management now owns 33,709 shares of the financial services provider's stock worth $1,968,000 after acquiring an additional 367 shares in the last quarter. Squarepoint Ops LLC increased its position in shares of Brown & Brown by 376.7% in the fourth quarter. Squarepoint Ops LLC now owns 64,401 shares of the financial services provider's stock valued at $4,526,000 after buying an additional 50,890 shares in the last quarter. Canada Pension Plan Investment Board increased its position in shares of Brown & Brown by 1,004.9% in the fourth quarter. Canada Pension Plan Investment Board now owns 186,143 shares of the financial services provider's stock valued at $13,082,000 after buying an additional 169,296 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in shares of Brown & Brown by 227.0% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 664,800 shares of the financial services provider's stock valued at $46,722,000 after buying an additional 461,500 shares in the last quarter. 72.31% of the stock is owned by institutional investors and hedge funds.
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Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on BRO. Wells Fargo & Company dropped their price target on Brown & Brown to $66.00 and set an "outperform" rating for the company in a research report on Wednesday, July 27th. StockNews.com upgraded Brown & Brown from a "hold" rating to a "buy" rating in a research report on Monday, September 12th. Truist Financial dropped their price objective on Brown & Brown from $82.00 to $75.00 in a research report on Monday, July 18th. Jefferies Financial Group decreased their price target on Brown & Brown from $82.00 to $70.00 and set a "buy" rating on the stock in a research note on Tuesday, July 12th. Finally, The Goldman Sachs Group began coverage on Brown & Brown in a research note on Tuesday, July 12th. They issued a "neutral" rating and a $67.00 price target on the stock. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Brown & Brown has a consensus rating of "Moderate Buy" and an average price target of $70.63.
Brown & Brown Stock Performance
NYSE BRO opened at $60.48 on Monday. The firm has a market capitalization of $17.08 billion, a P/E ratio of 28.00 and a beta of 0.80. Brown & Brown, Inc. has a 1-year low of $52.91 and a 1-year high of $74.00. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.90 and a quick ratio of 3.90. The business's 50-day simple moving average is $63.80 and its 200-day simple moving average is $62.78.
Brown & Brown (NYSE:BRO – Get Rating) last released 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 business had revenue of $838.70 million for the quarter, compared to analyst estimates of $803.46 million. Brown & Brown had a return on equity of 15.36% and a net margin of 18.86%. The company's revenue was up 15.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.49 EPS. Equities analysts predict that Brown & Brown, Inc. will post 2.31 EPS for the current year.
Brown & Brown Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 17th. Investors of record on Wednesday, August 10th were given a dividend of $0.102 per share. This represents a $0.41 annualized dividend and a yield of 0.67%. The ex-dividend date was Tuesday, August 9th. Brown & Brown's dividend payout ratio (DPR) is presently 18.98%.
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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