Wealth Enhancement Advisory Services LLC Increases Stock Position in Brown & Brown, Inc. (NYSE:BRO)

Wealth Enhancement Advisory Services LLC boosted its holdings in Brown & Brown, Inc. (NYSE:BRO) by 5.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,185 shares of the financial services provider’s stock after purchasing an additional 506 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Brown & Brown were worth $892,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of BRO. Norges Bank purchased a new stake in shares of Brown & Brown in the fourth quarter valued at about $217,663,000. Congress Asset Management Co. MA acquired a new stake in Brown & Brown during the 4th quarter worth approximately $82,445,000. The Manufacturers Life Insurance Company grew its stake in shares of 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 valued at $142,236,000 after purchasing an additional 865,082 shares during the last quarter. Confluence Investment Management LLC acquired a new position in shares of Brown & Brown in the first quarter valued at approximately $49,598,000. Finally, Allianz Asset Management GmbH raised its stake in shares of Brown & Brown by 339.1% during the fourth quarter. Allianz Asset Management GmbH now owns 648,550 shares of the financial services provider’s stock worth $46,118,000 after purchasing an additional 500,847 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Insider Transactions at Brown & Brown

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

Analysts Set New Price Targets

Several brokerages have issued reports on BRO. Wells Fargo & Company boosted their price objective on shares of Brown & Brown from $84.00 to $85.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 24th. Truist Financial increased their price target on shares of Brown & Brown from $92.00 to $94.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Keefe, Bruyette & Woods lifted their price objective on Brown & Brown from $80.00 to $82.00 and gave the company an “underperform” rating in a report on Friday, May 3rd. StockNews.com downgraded Brown & Brown from a “buy” rating to a “hold” rating in a research note on Thursday, July 4th. Finally, Bank of America raised Brown & Brown from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $91.00 to $101.00 in a report on Wednesday, May 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $89.40.

Brown & Brown Stock Up 0.0 %

Shares of NYSE BRO opened at $90.55 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.97 and a quick ratio of 1.97. The firm’s 50-day moving average is $88.95 and its two-hundred day moving average is $83.34. Brown & Brown, Inc. has a 12-month low of $66.73 and a 12-month high of $93.75. The company has a market capitalization of $25.83 billion, a PE ratio of 27.86, a price-to-earnings-growth ratio of 2.38 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.07. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the firm earned $0.84 EPS. Brown & Brown’s quarterly revenue was up 12.7% on a year-over-year basis. Equities analysts anticipate that Brown & Brown, Inc. will post 3.61 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Monday, May 6th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $0.52 annualized dividend and a dividend yield of 0.57%. Brown & Brown’s dividend payout ratio is currently 16.00%.

About Brown & Brown

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.