Golden State Equity Partners Increases Holdings in Brown & Brown, Inc. (NYSE:BRO)

Golden State Equity Partners grew its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 26.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,669 shares of the financial services provider’s stock after purchasing an additional 982 shares during the quarter. Golden State Equity Partners’ holdings in Brown & Brown were worth $332,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Truist Financial Corp increased its position in shares of Brown & Brown by 21.0% during the 4th quarter. Truist Financial Corp now owns 116,090 shares of the financial services provider’s stock valued at $8,255,000 after purchasing an additional 20,109 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. increased its position in shares of Brown & Brown by 10.2% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,522 shares of the financial services provider’s stock valued at $464,000 after purchasing an additional 602 shares during the last quarter. Atria Wealth Solutions Inc. purchased a new stake in shares of Brown & Brown during the 4th quarter valued at $250,000. GAMMA Investing LLC bought a new position in shares of Brown & Brown during the 4th quarter worth $184,000. Finally, Wedge Capital Management L L P NC grew its stake in shares of Brown & Brown by 26.8% during the 4th quarter. Wedge Capital Management L L P NC now owns 89,992 shares of the financial services provider’s stock worth $6,399,000 after acquiring an additional 19,021 shares during the period. 71.01% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 144,323 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $85.96, for a total value of $12,406,005.08. Following the sale, the chairman now directly owns 37,460,605 shares of the company’s stock, valued at $3,220,113,605.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 17.02% of the company’s stock.

Brown & Brown Stock Performance

Shares of NYSE BRO opened at $81.46 on Friday. The stock has a market cap of $23.24 billion, a price-to-earnings ratio of 25.06, a P/E/G ratio of 2.23 and a beta of 0.78. The company has a current ratio of 1.97, a quick ratio of 1.95 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a 1-year low of $61.71 and a 1-year high of $87.99. The stock’s 50-day moving average is $84.27 and its 200 day moving average is $77.17.

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

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, May 6th will be given a $0.13 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.64%. Brown & Brown’s dividend payout ratio is currently 16.00%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Bank of America downgraded Brown & Brown from a “neutral” rating to an “underperform” rating and increased their price target for the stock from $80.00 to $86.00 in a research note on Wednesday, March 13th. Truist Financial raised their target price on Brown & Brown from $92.00 to $94.00 and gave the stock a “buy” rating in a research note on Wednesday. StockNews.com upgraded Brown & Brown from a “hold” rating to a “buy” rating in a research note on Sunday, March 17th. Royal Bank of Canada raised their target price on Brown & Brown from $87.00 to $95.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 20th. Finally, UBS Group raised their target price on Brown & Brown from $75.00 to $81.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $87.10.

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.