Brown & Brown, Inc. (NYSE:BRO) Position Lifted by State Street Corp

State Street Corp raised its stake in Brown & Brown, Inc. (NYSE:BRO) by 0.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 10,866,620 shares of the financial services provider’s stock after purchasing an additional 3,842 shares during the period. State Street Corp’s holdings in Brown & Brown were worth $1,125,782,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Principal Financial Group Inc. raised its stake in Brown & Brown by 0.7% during the second quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider’s stock valued at $1,144,893,000 after buying an additional 86,824 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Brown & Brown by 0.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider’s stock valued at $405,638,000 after purchasing an additional 28,180 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Brown & Brown by 24.6% during the second quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock worth $311,979,000 after purchasing an additional 687,783 shares during the period. Royal London Asset Management Ltd. lifted its position in shares of Brown & Brown by 105.1% in the 2nd quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock worth $184,930,000 after buying an additional 1,059,711 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Brown & Brown by 8.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,553,396 shares of the financial services provider’s stock valued at $138,899,000 after buying an additional 114,688 shares during the period. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Trading Down 1.2 %

Shares of BRO opened at $109.18 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73. The company has a market cap of $31.22 billion, a price-to-earnings ratio of 29.75, a PEG ratio of 2.56 and a beta of 0.84. The stock has a fifty day moving average price of $107.99 and a two-hundred day moving average price of $100.58. Brown & Brown, Inc. has a 52-week low of $69.13 and a 52-week high of $114.15.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the business earned $0.71 earnings per share. Brown & Brown’s quarterly revenue was up 11.0% on a year-over-year basis. Analysts predict that Brown & Brown, Inc. will post 3.74 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were paid a $0.15 dividend. The ex-dividend date was Wednesday, November 6th. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 0.55%. Brown & Brown’s dividend payout ratio (DPR) is presently 16.35%.

Analysts Set New Price Targets

A number of research firms recently issued reports on BRO. Wells Fargo & Company boosted their price objective on Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. Truist Financial raised their price target on shares of Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Jefferies Financial Group boosted their price objective on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Finally, Argus assumed coverage on Brown & Brown in a report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight 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 an average price target of $109.46.

Brown & Brown Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.