State Street Corp Increases Position in Brown & Brown, Inc. $BRO

State Street Corp boosted its position in Brown & Brown, Inc. (NYSE:BRO) by 11.3% during the second quarter, Holdings Channel reports. The fund owned 12,460,821 shares of the financial services provider’s stock after acquiring an additional 1,262,139 shares during the period. State Street Corp’s holdings in Brown & Brown were worth $1,381,531,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in BRO. Bares Capital Management Inc. purchased a new position in shares of Brown & Brown in the 1st quarter worth about $26,000. ST Germain D J Co. Inc. raised its holdings in shares of Brown & Brown by 298.5% during the 2nd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $30,000 after buying an additional 200 shares in the last quarter. SouthState Corp lifted its position in Brown & Brown by 188.6% in the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock worth $32,000 after buying an additional 166 shares during the last quarter. Motco purchased a new stake in Brown & Brown in the second quarter worth approximately $32,000. Finally, Bruce G. Allen Investments LLC grew its position in Brown & Brown by 1,129.6% during the second quarter. Bruce G. Allen Investments LLC now owns 332 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 305 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Performance

Brown & Brown stock opened at $77.49 on Thursday. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.62. The firm has a market cap of $26.45 billion, a P/E ratio of 23.20, a P/E/G ratio of 1.83 and a beta of 0.82. Brown & Brown, Inc. has a 1-year low of $76.17 and a 1-year high of $125.68. The firm has a 50-day moving average of $83.99 and a 200-day moving average of $94.98.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. Brown & Brown had a return on equity of 13.64% and a net margin of 18.23%.Brown & Brown’s quarterly revenue was up 35.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.91 EPS. Sell-side analysts expect that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 12th. Investors of record on Wednesday, November 5th were paid a $0.165 dividend. 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. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. Brown & Brown’s payout ratio is 19.76%.

Analyst Ratings Changes

Several research firms have commented on BRO. Wolfe Research started coverage on shares of Brown & Brown in a research note on Thursday, November 20th. They set a “peer perform” rating on the stock. Barclays decreased their target price on shares of Brown & Brown from $102.00 to $84.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 20th. Citigroup downgraded shares of Brown & Brown from a “buy” rating to a “neutral” rating in a research note on Monday, November 3rd. Bank of America reaffirmed a “neutral” rating and set a $97.00 price objective (down from $135.00) on shares of Brown & Brown in a research note on Monday, November 3rd. Finally, Keefe, Bruyette & Woods decreased their price objective on Brown & Brown from $92.00 to $79.00 and set an “underperform” rating on the stock in a report on Tuesday, November 4th. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $102.69.

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.