Deutsche Bank AG raised its position in shares of Brown & Brown, Inc. (NYSE:BRO – Free Report) by 53.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 3,929,461 shares of the financial services provider’s stock after buying an additional 1,361,934 shares during the period. Deutsche Bank AG’s holdings in Brown & Brown were worth $313,178,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the company. Darwin Wealth Management LLC purchased a new position in shares of Brown & Brown during the second quarter valued at $30,000. Basepoint Wealth LLC purchased a new stake in Brown & Brown in the 4th quarter worth about $27,000. Board of the Pension Protection Fund acquired a new stake in Brown & Brown during the 4th quarter worth about $40,000. Smartleaf Asset Management LLC boosted its position in Brown & Brown by 36.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 735 shares of the financial services provider’s stock worth $68,000 after acquiring an additional 198 shares during the period. Finally, Maseco LLP purchased a new position in Brown & Brown during the 4th quarter valued at about $60,000. 71.01% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, Director H Palmer Proctor, Jr. purchased 2,000 shares of the stock in a transaction on Tuesday, May 5th. The shares were bought at an average price of $57.10 per share, for a total transaction of $114,200.00. Following the completion of the acquisition, the director directly owned 47,621 shares in the company, valued at approximately $2,719,159.10. This trade represents a 4.38% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 13.13% of the stock is currently owned by company insiders.
Brown & Brown Trading Up 1.7%
Brown & Brown (NYSE:BRO – Get Free Report) last announced its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The company had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter last year, the company posted $1.29 earnings per share. The company’s revenue for the quarter was up 35.4% compared to the same quarter last year. On average, research analysts forecast that Brown & Brown, Inc. will post 4.51 EPS for the current fiscal year.
Brown & Brown Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Shareholders of record on Monday, May 11th were issued a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 1.1%. The ex-dividend date was Monday, May 11th. Brown & Brown’s dividend payout ratio (DPR) is 21.22%.
Analyst Ratings Changes
Several research firms have weighed in on BRO. Morgan Stanley lowered their target price on Brown & Brown from $65.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 21st. Barclays reduced their price target on shares of Brown & Brown from $80.00 to $72.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 8th. JPMorgan Chase & Co. reduced their price target on shares of Brown & Brown from $91.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Truist Financial reduced their price target on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Finally, Citizens Jmp began coverage on shares of Brown & Brown in a research report on Thursday, May 21st. They issued a “market outperform” rating and a $70.00 price target for the company. Five research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $78.44.
Check Out Our Latest Stock Analysis on Brown & Brown
Brown & Brown Company 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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