BNP Paribas Financial Markets Buys 289,638 Shares of Brown & Brown, Inc. $BRO

by · The Cerbat Gem

BNP Paribas Financial Markets increased its stake in Brown & Brown, Inc. (NYSE:BRO – Free Report) by 90.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 609,825 shares of the financial services provider’s stock after purchasing an additional 289,638 shares during the quarter. BNP Paribas Financial Markets’ holdings in Brown & Brown were worth $48,603,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Brown & Brown by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 37,634,847 shares of the financial services provider’s stock valued at $2,999,497,000 after acquiring an additional 303,955 shares in the last quarter. Capital World Investors grew its position in Brown & Brown by 81.1% in the 3rd quarter. Capital World Investors now owns 17,479,389 shares of the financial services provider’s stock valued at $1,639,392,000 after purchasing an additional 7,827,992 shares during the period. State Street Corp grew its position in Brown & Brown by 5.3% in the 3rd quarter. State Street Corp now owns 13,120,826 shares of the financial services provider’s stock valued at $1,230,602,000 after purchasing an additional 660,005 shares during the period. Geode Capital Management LLC grew its position in Brown & Brown by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 7,952,957 shares of the financial services provider’s stock valued at $631,495,000 after purchasing an additional 118,225 shares during the period. Finally, Norges Bank acquired a new stake in Brown & Brown in the 4th quarter valued at $516,837,000. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Price Performance

BRO opened at $56.63 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.64 and a quick ratio of 1.64. The company has a market capitalization of $19.20 billion, a price-to-earnings ratio of 18.21, a P/E/G ratio of 2.62 and a beta of 0.63. The firm’s fifty day moving average price is $62.37 and its two-hundred day moving average price is $71.16. Brown & Brown, Inc. has a 1 year low of $53.81 and a 1 year high of $113.83.

Brown & Brown (NYSE:BRO – Get Free Report) last posted its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.89 billion. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The business’s revenue for the quarter was up 35.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.29 EPS. As a group, analysts anticipate that Brown & Brown, Inc. will post 4.51 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 11th were issued a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, May 11th. Brown & Brown’s payout ratio is 21.22%.

Analysts Set New Price Targets

Several research firms recently issued reports on BRO. 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. Morgan Stanley reduced their price target on shares of Brown & Brown from $65.00 to $60.00 and set an “equal weight” rating for the company in a research report on Thursday, May 21st. The Goldman Sachs Group reduced their price target on shares of Brown & Brown from $82.00 to $73.00 and set a “neutral” rating for the company in a research report on Wednesday, April 8th. Citigroup began coverage on shares of Brown & Brown in a research report on Thursday, May 21st. They issued a “market outperform” rating for the company. Finally, Royal Bank Of Canada reduced their price target on shares of Brown & Brown from $76.00 to $72.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 29th. Five analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. Based on data from MarketBeat, Brown & Brown presently has an average rating of “Hold” and a consensus price target of $79.44.

Check Out Our Latest Stock Analysis on Brown & Brown

Insider Buying and Selling at Brown & Brown

In related news, Director H Palmer Proctor, Jr. purchased 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were bought at an average cost of $57.10 per share, with a total value of $114,200.00. Following the acquisition, the director owned 47,621 shares of the company’s stock, valued at $2,719,159.10. This represents a 4.38% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 13.13% of the company’s stock.

Brown & Brown Company Profile

(Free Report)

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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