Forsta AP Fonden Grows Holdings in Brown & Brown, Inc. $BRO

Forsta AP Fonden grew its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 5.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 45,800 shares of the financial services provider’s stock after buying an additional 2,500 shares during the quarter. Forsta AP Fonden’s holdings in Brown & Brown were worth $5,078,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWM LLC boosted its holdings in shares of Brown & Brown by 3.7% in the 1st quarter. CWM LLC now owns 6,342 shares of the financial services provider’s stock worth $789,000 after purchasing an additional 227 shares in the last quarter. SBI Securities Co. Ltd. boosted its stake in shares of Brown & Brown by 26.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 454 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 96 shares in the last quarter. Wealthfront Advisers LLC grew its holdings in shares of Brown & Brown by 26.4% during the 1st quarter. Wealthfront Advisers LLC now owns 13,189 shares of the financial services provider’s stock valued at $1,641,000 after purchasing an additional 2,752 shares during the last quarter. Larson Financial Group LLC raised its position in Brown & Brown by 340.8% in the 1st quarter. Larson Financial Group LLC now owns 1,415 shares of the financial services provider’s stock worth $176,000 after purchasing an additional 1,094 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in Brown & Brown by 6.5% in the first quarter. Victory Capital Management Inc. now owns 324,055 shares of the financial services provider’s stock worth $40,312,000 after purchasing an additional 19,650 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BRO has been the topic of several analyst reports. UBS Group decreased their price objective on Brown & Brown from $120.00 to $106.00 and set a “neutral” rating on the stock in a report on Wednesday, October 8th. Truist Financial lowered their price objective on Brown & Brown from $120.00 to $114.00 and set a “buy” rating for the company in a research report on Wednesday, October 29th. Citigroup cut shares of Brown & Brown from a “buy” rating to a “neutral” rating in a report on Monday, November 3rd. Weiss Ratings lowered shares of Brown & Brown from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Finally, Morgan Stanley dropped their price target 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. Five analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Brown & Brown presently has an average rating of “Hold” and a consensus target price of $105.23.

Brown & Brown Stock Performance

NYSE:BRO opened at $80.70 on Friday. The company has a quick ratio of 6.72, a current ratio of 2.10 and a debt-to-equity ratio of 0.62. The firm’s fifty day simple moving average is $88.74 and its 200 day simple moving average is $98.95. The stock has a market cap of $27.55 billion, a P/E ratio of 24.16, a price-to-earnings-growth ratio of 1.70 and a beta of 0.77. Brown & Brown, Inc. has a twelve month low of $76.17 and a twelve month high of $125.68.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, topping the consensus estimate of $0.90 by $0.15. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The company’s quarterly revenue was up 35.4% compared to the same quarter last year. During the same period last year, the company posted $0.91 EPS. As a group, research analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th were given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Wednesday, November 5th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.15. Brown & Brown’s payout ratio is presently 19.76%.

Brown & Brown 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.