Cvfg LLC Acquires Shares of 15,494 Brown & Brown, Inc. $BRO

Cvfg LLC bought a new stake in Brown & Brown, Inc. (NYSE:BRO) in the first quarter, Holdings Channel reports. The institutional investor bought 15,494 shares of the financial services provider’s stock, valued at approximately $1,010,000.

Several other hedge funds have also made changes to their positions in BRO. Norges Bank acquired a new stake in Brown & Brown in the fourth quarter valued at $516,837,000. Capital International Investors acquired a new position in shares of Brown & Brown during the 4th quarter worth $371,654,000. Van Lanschot Kempen Investment Management N.V. grew its stake in shares of Brown & Brown by 132.8% during the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 4,538,584 shares of the financial services provider’s stock worth $361,725,000 after purchasing an additional 2,589,048 shares during the period. Deutsche Bank AG increased its holdings in shares of Brown & Brown by 53.0% in the 4th quarter. Deutsche Bank AG now owns 3,929,461 shares of the financial services provider’s stock valued at $313,178,000 after purchasing an additional 1,361,934 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Brown & Brown by 1,679.0% in the third quarter. AQR Capital Management LLC now owns 1,204,318 shares of the financial services provider’s stock valued at $112,953,000 after purchasing an additional 1,136,623 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Stock Performance

NYSE BRO opened at $68.44 on Thursday. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $108.36. The business has a fifty day moving average of $59.83 and a 200-day moving average of $67.69. The stock has a market cap of $23.20 billion, a price-to-earnings ratio of 22.01, a price-to-earnings-growth ratio of 3.19 and a beta of 0.60.

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

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 11th were given a dividend of $0.165 per share. The ex-dividend date was Monday, May 11th. This represents a $0.66 dividend on an annualized basis and a yield of 1.0%. Brown & Brown’s dividend payout ratio (DPR) is 21.22%.

Insider Buying and Selling

In other news, Director H Palmer Proctor, Jr. bought 2,000 shares of the stock in a transaction on Tuesday, May 5th. The stock was purchased at an average cost of $57.10 per share, with a total value of $114,200.00. Following the purchase, 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 purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 13.13% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Truist Financial lowered their target price on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. JPMorgan Chase & Co. decreased their price target on Brown & Brown from $91.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. Weiss Ratings cut Brown & Brown from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 23rd. Mizuho dropped their price target on Brown & Brown from $85.00 to $84.00 and set an “outperform” rating for the company in a research report on Monday, April 13th. Finally, UBS Group reaffirmed a “neutral” rating and set a $73.00 price target (up from $65.00) on shares of Brown & Brown in a research note on Wednesday. Five research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Brown & Brown has an average rating of “Hold” and a consensus target price of $78.81.

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.