Occidental Asset Management LLC Makes New $626,000 Investment in Brown & Brown, Inc. $BRO

Occidental Asset Management LLC acquired a new position in shares of Brown & Brown, Inc. (NYSE:BRO) in the 2nd quarter, HoldingsChannel reports. The fund acquired 9,755 shares of the financial services provider’s stock, valued at approximately $626,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. increased its stake in Brown & Brown by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 37,634,847 shares of the financial services provider’s stock valued at $2,999,497,000 after purchasing an additional 303,955 shares during the last quarter. Capital World Investors lifted its position in shares of Brown & Brown by 2.3% during the 4th quarter. Capital World Investors now owns 17,886,395 shares of the financial services provider’s stock worth $1,425,546,000 after buying an additional 407,006 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Brown & Brown by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider’s stock valued at $1,017,847,000 after buying an additional 246,172 shares in the last quarter. State Street Corp boosted its holdings in shares of Brown & Brown by 2.2% in the 4th quarter. State Street Corp now owns 13,403,814 shares of the financial services provider’s stock valued at $1,068,284,000 after buying an additional 282,988 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Brown & Brown by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 7,952,957 shares of the financial services provider’s stock valued at $631,495,000 after buying an additional 118,225 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. BMO Capital Markets boosted their price target on shares of Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Morgan Stanley downgraded Brown & Brown from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $60.00 to $55.00 in a report on Monday, July 6th. Truist Financial set a $90.00 price target on Brown & Brown in a research note on Wednesday, July 29th. Raymond James Financial reissued an “outperform” rating on shares of Brown & Brown in a report on Friday, June 26th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Four investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Brown & Brown currently has an average rating of “Hold” and an average price target of $76.47.

Brown & Brown Stock Performance

Shares of BRO opened at $68.77 on Tuesday. The stock has a market capitalization of $23.01 billion, a P/E ratio of 21.69, a P/E/G ratio of 3.52 and a beta of 0.59. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. Brown & Brown, Inc. has a 1 year low of $53.81 and a 1 year high of $98.30. The company’s fifty day moving average is $66.73 and its two-hundred day moving average is $65.76.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter last year, the firm earned $1.03 earnings per share. The firm’s quarterly revenue was up 30.4% compared to the same quarter last year. On average, sell-side analysts predict that Brown & Brown, Inc. will post 4.5 earnings per share for the current year.

Brown & Brown Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th will be given a dividend of $0.165 per share. The ex-dividend date is Wednesday, August 12th. This represents a $0.66 dividend on an annualized basis and a yield of 1.0%. Brown & Brown’s payout ratio is presently 20.82%.

Brown & Brown 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.