Allspring Global Investments Holdings LLC Trims Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Allspring Global Investments Holdings LLC lowered its position in Brown & Brown, Inc. (NYSE:BRO) by 5.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,706,927 shares of the financial services provider’s stock after selling 215,374 shares during the quarter. Brown & Brown makes up approximately 0.8% of Allspring Global Investments Holdings LLC’s portfolio, making the stock its 14th biggest position. Allspring Global Investments Holdings LLC’s holdings in Brown & Brown were worth $460,067,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BRO. Bank Pictet & Cie Europe AG purchased a new stake in Brown & Brown in the fourth quarter valued at approximately $907,000. Amalgamated Bank lifted its stake in Brown & Brown by 0.8% in the fourth quarter. Amalgamated Bank now owns 51,904 shares of the financial services provider’s stock valued at $5,295,000 after buying an additional 421 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Brown & Brown by 0.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 20,379 shares of the financial services provider’s stock worth $2,079,000 after purchasing an additional 130 shares during the last quarter. New York Life Investment Management LLC raised its stake in shares of Brown & Brown by 1.0% during the fourth quarter. New York Life Investment Management LLC now owns 31,937 shares of the financial services provider’s stock worth $3,258,000 after purchasing an additional 322 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. raised its stake in shares of Brown & Brown by 1.7% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 94,400 shares of the financial services provider’s stock worth $9,631,000 after purchasing an additional 1,600 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on BRO shares. UBS Group upped their price target on Brown & Brown from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 9th. Morgan Stanley restated an “equal weight” rating and set a $128.00 price target on shares of Brown & Brown in a research note on Tuesday, March 25th. BMO Capital Markets restated an “outperform” rating and set a $122.00 price target (up previously from $116.00) on shares of Brown & Brown in a research note on Thursday, June 12th. The Goldman Sachs Group cut Brown & Brown from a “buy” rating to a “neutral” rating and cut their price target for the stock from $126.00 to $119.00 in a research note on Tuesday, May 13th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $127.00 price target (up previously from $125.00) on shares of Brown & Brown in a research note on Thursday, June 12th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and an average price target of $118.85.

Brown & Brown Trading Up 0.4%

NYSE:BRO opened at $109.74 on Friday. The stock has a fifty day moving average price of $110.68 and a two-hundred day moving average price of $110.99. The stock has a market capitalization of $31.46 billion, a price-to-earnings ratio of 30.57, a PEG ratio of 2.40 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.52 and a current ratio of 2.52. Brown & Brown, Inc. has a 1 year low of $88.31 and a 1 year high of $125.68.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, April 28th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.01). The business had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Brown & Brown had a return on equity of 17.77% and a net margin of 20.84%. The company’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.14 EPS. As a group, sell-side analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Monday, May 12th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date of this dividend was Monday, May 12th. Brown & Brown’s dividend payout ratio is currently 16.71%.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.