Deutsche Bank AG purchased a new stake in Brown & Brown, Inc. (NYSE:BRO – Free Report) during the 2nd quarter, HoldingsChannel reports. The firm purchased 4,161,199 shares of the financial services provider’s stock, valued at approximately $266,941,000.
Other institutional investors have also made changes to their positions in the company. ICONIQ Capital LLC lifted its position in shares of Brown & Brown by 5.4% during the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock worth $234,000 after purchasing an additional 109 shares during the last quarter. Zacks Investment Management grew its holdings in Brown & Brown by 0.7% in the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider’s stock valued at $1,675,000 after buying an additional 125 shares during the last quarter. Private Trust Co. NA grew its holdings in Brown & Brown by 13.1% in the 4th quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider’s stock valued at $91,000 after buying an additional 133 shares during the last quarter. Moors & Cabot Inc. increased its position in Brown & Brown by 2.1% in the 3rd quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider’s stock worth $638,000 after buying an additional 142 shares during the period. Finally, Independent Advisor Alliance increased its position in Brown & Brown by 0.5% in the 4th quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider’s stock worth $2,694,000 after buying an additional 162 shares during the period. 71.01% of the stock is currently owned by institutional investors.
Brown & Brown Stock Performance
Shares of NYSE BRO opened at $69.41 on Wednesday. The business has a fifty day simple moving average of $66.93 and a 200 day simple moving average of $65.74. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $23.23 billion, a price-to-earnings ratio of 21.90, a PEG ratio of 3.52 and a beta of 0.59. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $98.30.
Brown & Brown Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th will be given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, August 12th. Brown & Brown’s payout ratio is 20.82%.
Analyst Ratings Changes
BRO has been the subject of several research reports. JPMorgan Chase & Co. increased their price objective on Brown & Brown from $78.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, August 3rd. Citizens Jmp boosted their target price on shares of Brown & Brown from $70.00 to $78.00 and gave the stock a “market outperform” rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods upped their target price on shares of Brown & Brown from $72.00 to $74.00 and gave the company a “market perform” rating in a research note on Wednesday, July 8th. BMO Capital Markets increased their price target on shares of Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. Finally, Weiss Ratings lowered shares of Brown & Brown from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, June 23rd. Four investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $76.47.
Get Our Latest Analysis on BRO
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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