Fjarde AP Fonden Fourth Swedish National Pension Fund lessened its stake in Brown & Brown, Inc. (NYSE:BRO – Free Report) by 11.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 131,743 shares of the financial services provider’s stock after selling 17,800 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Brown & Brown were worth $10,500,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of BRO. AQR Capital Management LLC lifted its stake in shares of Brown & Brown by 38.3% in the 1st quarter. AQR Capital Management LLC now owns 33,444 shares of the financial services provider’s stock valued at $4,132,000 after acquiring an additional 9,264 shares during the last quarter. Focus Partners Wealth lifted its stake in shares of Brown & Brown by 5.2% in the 1st quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider’s stock valued at $1,387,000 after acquiring an additional 547 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Brown & Brown by 1,824.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 53,103 shares of the financial services provider’s stock valued at $5,888,000 after acquiring an additional 50,344 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Brown & Brown by 27.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the financial services provider’s stock valued at $116,000 after acquiring an additional 223 shares during the last quarter. Finally, Cary Street Partners Financial LLC lifted its stake in shares of Brown & Brown by 60.9% in the 2nd quarter. Cary Street Partners Financial LLC now owns 933 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 353 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.
Brown & Brown Stock Up 2.6%
Shares of NYSE:BRO opened at $58.85 on Friday. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $111.51. The firm has a market capitalization of $19.95 billion, a P/E ratio of 18.92, a P/E/G ratio of 2.71 and a beta of 0.63. The stock has a 50 day moving average price of $61.63 and a 200-day moving average price of $70.57. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.64 and a current ratio of 1.64.
Brown & Brown Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Monday, May 11th were given a $0.165 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $0.66 annualized dividend and a dividend yield of 1.1%. Brown & Brown’s dividend payout ratio is currently 21.22%.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on BRO shares. Truist Financial lowered their target price on Brown & Brown from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. JPMorgan Chase & Co. lowered their target price on Brown & Brown from $91.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Citizens Jmp assumed coverage on Brown & Brown in a research report on Thursday, May 21st. They set a “market outperform” rating and a $70.00 price target for the company. Citigroup assumed coverage on Brown & Brown in a research report on Thursday, May 21st. They set a “market outperform” rating for the company. Finally, Keefe, Bruyette & Woods lowered their price target on Brown & Brown from $74.00 to $72.00 and set a “market perform” rating for the company in a research report on Wednesday, April 29th. Five research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $79.44.
Get Our Latest Stock Report on BRO
Insider Activity
In other news, Director H Palmer Proctor, Jr. bought 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was purchased at an average price of $57.10 per share, with a total value of $114,200.00. Following the transaction, the director owned 47,621 shares of the company’s stock, valued at approximately $2,719,159.10. The trade was a 4.38% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 13.13% of the company’s stock.
Brown & Brown Profile
Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.
Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.
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