Glenview Trust Co Acquires Shares of 7,924 Brown & Brown, Inc. $BRO

Glenview Trust Co bought a new position in shares of Brown & Brown, Inc. (NYSE:BRO) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 7,924 shares of the financial services provider’s stock, valued at approximately $508,000.

A number of other hedge funds have also bought and sold shares of the business. AQR Capital Management LLC increased its position in shares of Brown & Brown by 38.3% in the first quarter. AQR Capital Management LLC now owns 33,444 shares of the financial services provider’s stock worth $4,132,000 after purchasing an additional 9,264 shares during the period. Focus Partners Wealth lifted its stake in Brown & Brown by 5.2% in the 1st quarter. Focus Partners Wealth now owns 11,149 shares of the financial services provider’s stock valued at $1,387,000 after purchasing an additional 547 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Brown & Brown by 1,824.7% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 53,103 shares of the financial services provider’s stock worth $5,888,000 after acquiring an additional 50,344 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Brown & Brown by 27.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,045 shares of the financial services provider’s stock worth $116,000 after purchasing an additional 223 shares during the last quarter. Finally, Cary Street Partners Financial LLC grew its holdings in Brown & Brown by 60.9% during the 2nd quarter. Cary Street Partners Financial LLC now owns 933 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 353 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Brown & Brown Trading Up 2.7%

Shares of BRO stock opened at $73.32 on Friday. The business has a 50-day moving average price of $69.05 and a two-hundred day moving average price of $65.80. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $97.49. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The firm has a market cap of $24.53 billion, a P/E ratio of 23.13, a price-to-earnings-growth ratio of 3.65 and a beta of 0.59.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the firm earned $1.03 EPS. The business’s quarterly revenue was up 30.4% compared to the same quarter last year. Equities analysts anticipate that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were paid a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Wednesday, August 12th. Brown & Brown’s dividend payout ratio (DPR) is 20.82%.

Wall Street Analyst Weigh In

BRO has been the topic of a number of recent analyst reports. Morgan Stanley reissued an “underweight” rating and issued a $60.00 price objective (up from $56.00) on shares of Brown & Brown in a research note on Wednesday, August 19th. Keefe, Bruyette & Woods upped their price objective on shares of Brown & Brown from $72.00 to $74.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 8th. Mizuho lifted their target price on Brown & Brown from $81.00 to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. Citigroup downgraded Brown & Brown from an “outperform” rating to a “neutral” rating and upped their price objective for the company from $70.00 to $79.00 in a research note on Wednesday, July 29th. Finally, Truist Financial set a $90.00 target price on shares of Brown & Brown in a research note on Wednesday, July 29th. Four investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Brown & Brown currently has an average rating of “Hold” and a consensus price target of $76.80.

Brown & Brown Company Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.