Corient Private Wealth LP Invests $2.68 Million in Brown & Brown, Inc. $BRO

Corient Private Wealth LP bought a new position in shares of Brown & Brown, Inc. (NYSE:BRO) in the 2nd quarter, Holdings Channel.com reports. The firm bought 41,768 shares of the financial services provider’s stock, valued at approximately $2,679,000.

Other large investors also recently added to or reduced their stakes in the company. Union Bancaire Privee UBP SA bought a new position in Brown & Brown in the 1st quarter worth approximately $25,000. Basepoint Wealth LLC bought a new stake in shares of Brown & Brown during the fourth quarter valued at approximately $27,000. Darwin Wealth Management LLC purchased a new position in shares of Brown & Brown in the second quarter worth $30,000. DV Equities LLC bought a new position in shares of Brown & Brown during the fourth quarter worth $33,000. Finally, Allied Private Wealth LLC purchased a new position in Brown & Brown during the second quarter valued at $35,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BRO. The Goldman Sachs Group lifted their price target on shares of Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, July 1st. Truist Financial set a $90.00 price objective on Brown & Brown in a research report on Wednesday, July 29th. BMO Capital Markets boosted their target price on Brown & Brown from $73.00 to $74.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 29th. Citizens Jmp increased their price target on Brown & Brown from $70.00 to $78.00 and gave the company a “market outperform” rating in a research note on Friday, July 10th. Finally, Wells Fargo & Company cut their price target on Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating for the company in a report on Thursday, July 9th. Four research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $76.80.

Brown & Brown Stock Performance

Shares of NYSE:BRO opened at $71.92 on Wednesday. The firm has a fifty day simple moving average of $69.56 and a two-hundred day simple moving average of $65.85. Brown & Brown, Inc. has a 52 week low of $53.81 and a 52 week high of $97.15. 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 stock has a market capitalization of $24.07 billion, a P/E ratio of 22.69, a PEG ratio of 2.22 and a beta of 0.58.

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

Brown & Brown Announces Dividend

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 $0.165 dividend. This represents a $0.66 annualized dividend 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 presently 20.82%.

About Brown & Brown

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.