Orrstown Financial Services Inc. Invests $203,000 in Brown & Brown, Inc. (NYSE:BRO)

Orrstown Financial Services Inc. bought a new position in Brown & Brown, Inc. (NYSE:BRO) during the 1st quarter, HoldingsChannel reports. The fund bought 1,632 shares of the financial services provider’s stock, valued at approximately $203,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC bought a new position in Brown & Brown in the 4th quarter worth $28,000. Johnson Financial Group Inc. boosted its position in shares of Brown & Brown by 534.1% in the 4th quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 235 shares in the last quarter. Sunbelt Securities Inc. boosted its stake in Brown & Brown by 581.8% in the 4th quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 256 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Brown & Brown in the 4th quarter valued at approximately $37,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Brown & Brown by 79.5% during the 4th quarter. EverSource Wealth Advisors LLC now owns 490 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 217 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Truist Financial dropped their price objective on shares of Brown & Brown from $138.00 to $130.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. Morgan Stanley reissued an “equal weight” rating and issued a $128.00 price objective on shares of Brown & Brown in a research note on Tuesday, March 25th. Edward Jones began coverage on shares of Brown & Brown in a report on Wednesday, April 16th. They set a “buy” rating on the stock. UBS Group raised their target price on shares of Brown & Brown from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 9th. Finally, The Goldman Sachs Group downgraded Brown & Brown from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $126.00 to $119.00 in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Brown & Brown presently has an average rating of “Hold” and a consensus price target of $118.25.

Brown & Brown Stock Up 0.6%

BRO stock opened at $110.65 on Monday. The stock has a market cap of $31.71 billion, a P/E ratio of 31.98, a PEG ratio of 2.93 and a beta of 0.84. Brown & Brown, Inc. has a twelve month low of $88.31 and a twelve month high of $125.68. The company’s 50 day moving average is $113.53 and its two-hundred day moving average is $111.27. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.56.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, April 28th. The financial services provider reported $1.29 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.01). Brown & Brown had a return on equity of 17.81% and a net margin of 20.68%. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the business posted $1.14 earnings per share. The firm’s revenue was up 11.6% compared to the same quarter last year. Research analysts expect that Brown & Brown, Inc. will post 4.18 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 21st. Stockholders of record on Monday, May 12th were given a dividend of $0.15 per share. The ex-dividend date was Monday, May 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.54%. Brown & Brown’s payout ratio is 16.71%.

About Brown & Brown

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.