Norges Bank Acquires Shares of 3,072,061 Brown & Brown, Inc. (NYSE:BRO)

Norges Bank purchased a new position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,072,061 shares of the financial services provider's stock, valued at approximately $313,412,000. Norges Bank owned approximately 1.07% of Brown & Brown as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the business. Journey Strategic Wealth LLC lifted its stake in Brown & Brown by 2.3% in the fourth quarter. Journey Strategic Wealth LLC now owns 4,486 shares of the financial services provider's stock worth $458,000 after purchasing an additional 99 shares during the last quarter. CWA Asset Management Group LLC lifted its stake in shares of Brown & Brown by 3.7% in the 4th quarter. CWA Asset Management Group LLC now owns 2,916 shares of the financial services provider's stock valued at $297,000 after acquiring an additional 103 shares during the last quarter. Bleakley Financial Group LLC boosted its holdings in Brown & Brown by 3.4% during the 4th quarter. Bleakley Financial Group LLC now owns 3,162 shares of the financial services provider's stock valued at $323,000 after acquiring an additional 103 shares during the period. Harbor Capital Advisors Inc. grew its position in Brown & Brown by 2.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 4,664 shares of the financial services provider's stock worth $476,000 after acquiring an additional 113 shares during the last quarter. Finally, Ascent Group LLC increased its stake in Brown & Brown by 4.5% in the 3rd quarter. Ascent Group LLC now owns 2,722 shares of the financial services provider's stock worth $282,000 after purchasing an additional 117 shares during the period. 71.01% of the stock is currently owned by institutional investors.

Remove Ads

Analysts Set New Price Targets

BRO has been the subject of a number of analyst reports. Morgan Stanley reissued an "equal weight" rating and set a $128.00 price objective on shares of Brown & Brown in a research note on Tuesday, March 25th. Bank of America increased their price target on shares of Brown & Brown from $116.00 to $117.00 and gave the company a "neutral" rating in a research report on Tuesday, January 28th. Keefe, Bruyette & Woods decreased their price objective on shares of Brown & Brown from $99.00 to $97.00 and set an "underperform" rating on the stock in a research report on Friday, January 10th. Wells Fargo & Company increased their target price on shares of Brown & Brown from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Finally, Royal Bank of Canada raised their target price on Brown & Brown from $118.00 to $120.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Brown & Brown has an average rating of "Hold" and a consensus price target of $112.67.

Brown & Brown Stock Up 0.2 %

Shares of BRO stock traded up $0.25 during midday trading on Thursday, reaching $124.48. 495,523 shares of the stock were exchanged, compared to its average volume of 1,392,902. Brown & Brown, Inc. has a 1 year low of $80.33 and a 1 year high of $125.68. The firm has a market cap of $35.59 billion, a PE ratio of 35.98, a price-to-earnings-growth ratio of 2.93 and a beta of 0.86. The company's 50 day moving average is $114.46 and its two-hundred day moving average is $108.78. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.56.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings data on Monday, January 27th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.76 by $0.10. Brown & Brown had a return on equity of 17.81% and a net margin of 20.68%. On average, equities research analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Wednesday, February 5th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend was Wednesday, February 5th. Brown & Brown's payout ratio is currently 17.34%.

Brown & Brown 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.