Eastern Bank Has $69,000 Holdings in Brown & Brown, Inc. $BRO

Eastern Bank boosted its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 274.5% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 618 shares of the financial services provider’s stock after purchasing an additional 453 shares during the quarter. Eastern Bank’s holdings in Brown & Brown were worth $69,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of BRO. Parnassus Investments LLC acquired a new position in Brown & Brown during the 1st quarter worth $899,139,000. Nuveen LLC acquired a new position in Brown & Brown during the 1st quarter worth $72,895,000. Vanguard Group Inc. lifted its holdings in Brown & Brown by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider’s stock worth $3,794,339,000 after buying an additional 560,980 shares in the last quarter. Raymond James Financial Inc. lifted its holdings in Brown & Brown by 66.0% during the 1st quarter. Raymond James Financial Inc. now owns 1,169,936 shares of the financial services provider’s stock worth $145,540,000 after buying an additional 465,028 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in Brown & Brown by 51.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 952,423 shares of the financial services provider’s stock worth $105,595,000 after buying an additional 323,733 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Analyst Upgrades and Downgrades

BRO has been the topic of several research reports. Bank of America raised Brown & Brown from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $126.00 to $130.00 in a report on Wednesday, July 30th. Wall Street Zen raised Brown & Brown from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Morgan Stanley dropped their target price on shares of Brown & Brown from $105.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 7th. Truist Financial set a $120.00 target price on shares of Brown & Brown in a research report on Wednesday, July 30th. Finally, Wells Fargo & Company dropped their target price on shares of Brown & Brown from $101.00 to $98.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Brown & Brown presently has a consensus rating of “Hold” and a consensus target price of $109.92.

Brown & Brown Stock Performance

Shares of Brown & Brown stock opened at $96.01 on Monday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. Brown & Brown, Inc. has a 52 week low of $89.99 and a 52 week high of $125.68. The firm has a fifty day moving average of $94.34 and a two-hundred day moving average of $104.76. The stock has a market capitalization of $31.67 billion, a price-to-earnings ratio of 27.67, a PEG ratio of 2.17 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. Brown & Brown had a net margin of 19.89% and a return on equity of 15.10%. The business had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter in the prior year, the company earned $0.93 EPS. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. As a group, equities research analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th were given a $0.15 dividend. The ex-dividend date was Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. Brown & Brown’s dividend payout ratio is currently 17.29%.

Insiders Place Their Bets

In other news, Director Bronislaw Edmund Masojada acquired 1,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was acquired at an average price of $91.44 per share, for a total transaction of $91,440.00. Following the transaction, the director directly owned 5,000 shares in the company, valued at approximately $457,200. This represents a 25.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Paul J. Krump acquired 2,678 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average price of $93.31 per share, with a total value of $249,884.18. Following the transaction, the director owned 5,353 shares in the company, valued at $499,488.43. This represents a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 15.59% of the stock is owned by corporate insiders.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.