Tower Bridge Advisors increased its stake in shares of Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 4.4% during the second quarter, HoldingsChannel.com reports. The firm owned 116,928 shares of the financial services provider's stock after buying an additional 4,950 shares during the period. Tower Bridge Advisors' holdings in Brown & Brown were worth $6,822,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in BRO. Parkside Financial Bank & Trust raised its holdings 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 acquiring an additional 360 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Brown & Brown by 2,485.0% in the 2nd 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 in the last quarter. Destiny Wealth Partners LLC raised its holdings in shares of Brown & Brown by 104.4% in the 2nd quarter. Destiny Wealth Partners LLC now owns 558 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 285 shares in the last quarter. GHP Investment Advisors Inc. purchased a new stake in shares of Brown & Brown in the 1st quarter valued at about $44,000. Finally, Global Wealth Management Investment Advisory Inc. purchased a new stake in shares of Brown & Brown in the 1st quarter valued at about $52,000. Hedge funds and other institutional investors own 72.31% of the company's stock.
Get Brown & Brown alerts:Brown & Brown Trading Down 0.7 %
Brown & Brown stock traded down $0.41 during trading hours on Friday, reaching $60.48. The company had a trading volume of 88,842 shares, compared to its average volume of 1,438,801. 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 company has a 50-day moving average price of $63.83 and a 200 day moving average price of $62.88. The firm has a market cap of $17.08 billion, a price-to-earnings ratio of 28.19 and a beta of 0.80. Brown & Brown, Inc. has a 12-month low of $52.91 and a 12-month high of $74.00.
Brown & Brown (NYSE:BRO – Get Rating) last announced 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. The business had revenue of $838.70 million for the quarter, compared to analysts' expectations of $803.46 million. Brown & Brown had a return on equity of 15.36% and a net margin of 18.86%. The business's quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.49 EPS. Equities analysts forecast that Brown & Brown, Inc. will post 2.31 earnings per share for the current year.Brown & Brown Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 17th. Shareholders of record on Wednesday, August 10th were paid a $0.102 dividend. The ex-dividend date of this dividend was Tuesday, August 9th. This represents a $0.41 dividend on an annualized basis and a yield of 0.67%. Brown & Brown's dividend payout ratio (DPR) is currently 18.98%.
Analyst Upgrades and Downgrades
Several analysts have weighed in on the company. Truist Financial lowered their price target on Brown & Brown from $82.00 to $75.00 in a report on Monday, July 18th. The Goldman Sachs Group began coverage on Brown & Brown in a research report on Tuesday, July 12th. They issued a "neutral" rating and a $67.00 target price for the company. Jefferies Financial Group dropped their target price on Brown & Brown from $82.00 to $70.00 and set a "buy" rating for the company in a research report on Tuesday, July 12th. Wells Fargo & Company dropped their target price on Brown & Brown to $66.00 and set an "outperform" rating for the company in a research report on Wednesday, July 27th. Finally, StockNews.com upgraded Brown & Brown from a "hold" rating to a "buy" rating in a research report on Monday, September 12th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Brown & Brown has an average rating of "Moderate Buy" and an average target price of $70.63.
Brown & Brown Company 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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