Allspring Global Investments Holdings LLC Grows Holdings in Brown & Brown, Inc. (NYSE:BRO)

Allspring Global Investments Holdings LLC grew its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 0.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,915,425 shares of the financial services provider's stock after purchasing an additional 28,180 shares during the period. Brown & Brown makes up about 0.6% of Allspring Global Investments Holdings LLC's holdings, making the stock its 19th largest position. Allspring Global Investments Holdings LLC owned about 1.37% of Brown & Brown worth $405,638,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in BRO. Royal London Asset Management Ltd. increased its holdings in Brown & Brown by 105.1% in the second quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider's stock valued at $184,930,000 after buying an additional 1,059,711 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Brown & Brown by 24.6% during the second quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider's stock worth $311,979,000 after purchasing an additional 687,783 shares during the last quarter. Capital World Investors boosted its position in Brown & Brown by 50.5% during the first quarter. Capital World Investors now owns 1,413,224 shares of the financial services provider's stock worth $123,714,000 after purchasing an additional 473,982 shares in the last quarter. Natixis Advisors LLC increased its position in shares of Brown & Brown by 123.9% in the second quarter. Natixis Advisors LLC now owns 733,668 shares of the financial services provider's stock valued at $65,597,000 after buying an additional 406,064 shares in the last quarter. Finally, Truist Financial Corp raised its stake in shares of Brown & Brown by 392.3% during the 2nd quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider's stock worth $42,287,000 after buying an additional 376,892 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on BRO. Bank of America raised their target price on shares of Brown & Brown from $108.00 to $117.00 and gave the company a "neutral" rating in a report on Thursday, October 10th. Barclays started coverage on Brown & Brown in a research report on Wednesday, September 4th. They set an "equal weight" rating and a $108.00 price objective for the company. UBS Group increased their target price on Brown & Brown from $91.00 to $94.00 and gave the company a "neutral" rating in a report on Tuesday, July 9th. Argus began coverage on Brown & Brown in a report on Tuesday, September 24th. They issued a "buy" rating and a $120.00 price target for the company. Finally, Truist Financial lifted their price objective on Brown & Brown from $112.00 to $116.00 and gave the stock a "buy" rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $105.67.

Insider Activity

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO R. Andrew Watts sold 2,500 shares of the company's stock in a transaction dated 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 sale, the chief financial officer now owns 88,445 shares of the company's stock, valued at $8,872,802.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The disclosure for this sale can be found here. Corporate insiders own 17.02% of the company's stock.

Brown & Brown Trading Down 0.5 %

NYSE:BRO traded down $0.54 during trading hours on Friday, reaching $106.39. 4,537,563 shares of the company were exchanged, compared to its average volume of 1,317,795. The firm has a market cap of $30.35 billion, a price-to-earnings ratio of 32.74, a PEG ratio of 2.49 and a beta of 0.83. The stock has a 50 day simple moving average of $103.57 and a 200 day simple moving average of $94.56. Brown & Brown, Inc. has a 52-week low of $66.73 and a 52-week high of $107.67. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35.

Brown & Brown (NYSE:BRO - Get Free Report) last issued its earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.05. The firm had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.14 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The firm's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.68 earnings per share. As a group, analysts predict that Brown & Brown, Inc. will post 3.69 EPS for the current year.

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.