PNC Financial Services Group Inc. Sells 3,082 Shares of Brown & Brown, Inc. (NYSE:BRO)

PNC Financial Services Group Inc. lowered its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 4.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 73,295 shares of the financial services provider’s stock after selling 3,082 shares during the period. PNC Financial Services Group Inc.’s holdings in Brown & Brown were worth $5,212,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in Brown & Brown in the 4th quarter worth approximately $217,663,000. Congress Asset Management Co. MA purchased a new position in Brown & Brown in the 4th quarter worth approximately $82,445,000. The Manufacturers Life Insurance Company grew its stake in Brown & Brown by 76.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 2,000,227 shares of the financial services provider’s stock worth $142,236,000 after buying an additional 865,082 shares in the last quarter. Allianz Asset Management GmbH grew its stake in Brown & Brown by 339.1% in the 4th quarter. Allianz Asset Management GmbH now owns 648,550 shares of the financial services provider’s stock worth $46,118,000 after buying an additional 500,847 shares in the last quarter. Finally, FMR LLC lifted its holdings in shares of Brown & Brown by 81.9% in the 3rd quarter. FMR LLC now owns 1,021,668 shares of the financial services provider’s stock worth $71,353,000 after acquiring an additional 460,068 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insider Activity at Brown & Brown

In related news, EVP Julie Turpin sold 3,350 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $89.92, for a total transaction of $301,232.00. Following the sale, the executive vice president now directly owns 23,597 shares of the company’s stock, valued at approximately $2,121,842.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 16.43% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

BRO has been the subject of a number of recent research reports. Bank of America upgraded shares of Brown & Brown from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $91.00 to $101.00 in a report on Wednesday, May 22nd. StockNews.com upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating in a report on Wednesday, May 29th. Truist Financial upped their price target on shares of Brown & Brown from $92.00 to $94.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Royal Bank of Canada upped their price target on shares of Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. Finally, Raymond James upped their price objective on shares of Brown & Brown from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, March 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Brown & Brown currently has an average rating of “Hold” and a consensus price target of $89.40.

Brown & Brown Stock Up 0.4 %

NYSE:BRO opened at $92.41 on Wednesday. The firm’s 50-day moving average price is $86.43 and its 200-day moving average price is $81.56. The company has a market capitalization of $26.36 billion, a PE ratio of 28.43, a P/E/G ratio of 2.42 and a beta of 0.82. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.97 and a quick ratio of 1.97. Brown & Brown, Inc. has a 1-year low of $65.51 and a 1-year high of $93.05.

Brown & Brown (NYSE:BRO) last released its earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.07. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.22 billion. Brown & Brown had a net margin of 21.09% and a return on equity of 16.43%. The company’s revenue was up 12.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.84 EPS. On average, equities analysts predict that Brown & Brown, Inc. will post 3.61 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Monday, May 6th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.56%. The ex-dividend date of this dividend was Friday, May 3rd. Brown & Brown’s dividend payout ratio (DPR) is 16.00%.

Brown & Brown Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.