Meiji Yasuda Asset Management Co Ltd. Boosts Position in Brown & Brown, Inc. (NYSE:BRO)

Meiji Yasuda Asset Management Co Ltd. raised its position in Brown & Brown, Inc. (NYSE:BRO) by 7.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 3,722 shares of the financial services provider’s stock after purchasing an additional 252 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Brown & Brown were worth $333,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Mercer Global Advisors Inc. ADV grew its stake in Brown & Brown by 6.4% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 14,078 shares of the financial services provider’s stock valued at $1,259,000 after acquiring an additional 841 shares during the last quarter. Argent Trust Co purchased a new stake in shares of Brown & Brown in the second quarter valued at about $315,000. Virtu Financial LLC grew its position in shares of Brown & Brown by 39.1% in the second quarter. Virtu Financial LLC now owns 10,684 shares of the financial services provider’s stock valued at $955,000 after purchasing an additional 3,003 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Brown & Brown during the 2nd quarter worth approximately $17,241,000. Finally, Dimensional Fund Advisors LP raised its position in shares of Brown & Brown by 8.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,553,396 shares of the financial services provider’s stock worth $138,899,000 after purchasing an additional 114,688 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 other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of the transaction, the chief financial officer now owns 88,445 shares in the company, valued at approximately $8,872,802.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the transaction, the chief financial officer now owns 88,445 shares in the company, valued at approximately $8,872,802.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Hyatt J. Brown sold 134,640 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The disclosure for this sale can be found here. Company insiders own 17.02% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BRO. Barclays assumed coverage on Brown & Brown in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 price target for the company. UBS Group boosted their target price on shares of Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Wells Fargo & Company raised shares of Brown & Brown from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $94.00 to $112.00 in a research note on Monday, August 12th. Truist Financial boosted their price objective on shares of Brown & Brown from $104.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, StockNews.com upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Brown & Brown has a consensus rating of “Moderate Buy” and an average price target of $100.00.

Brown & Brown Stock Down 0.4 %

Shares of NYSE:BRO opened at $101.01 on Friday. The stock has a 50-day simple moving average of $100.70 and a 200-day simple moving average of $91.88. The stock has a market capitalization of $28.81 billion, a P/E ratio of 31.08, a PEG ratio of 2.42 and a beta of 0.83. Brown & Brown, Inc. has a 1 year low of $66.73 and a 1 year high of $106.02. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.35 and a current ratio of 2.35.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.05. Brown & Brown had a net margin of 21.95% and a return on equity of 17.00%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the firm earned $0.68 earnings per share. Brown & Brown’s revenue for the quarter was up 12.5% on a year-over-year basis. Equities analysts forecast that Brown & Brown, Inc. will post 3.68 earnings per share for the current year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were paid a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.51%. Brown & Brown’s dividend payout ratio (DPR) is currently 16.00%.

Brown & Brown Company 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.