Saudi Central Bank Has $1.30 Million Holdings in Brown & Brown, Inc. $BRO

Saudi Central Bank lifted its position in Brown & Brown, Inc. (NYSE:BRO) by 88.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 20,204 shares of the financial services provider’s stock after acquiring an additional 9,492 shares during the quarter. Saudi Central Bank’s holdings in Brown & Brown were worth $1,296,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Union Bancaire Privee UBP SA purchased a new position in Brown & Brown during the 1st quarter worth approximately $25,000. Basepoint Wealth LLC acquired a new stake in Brown & Brown during the 4th quarter valued at $27,000. Darwin Wealth Management LLC purchased a new stake in shares of Brown & Brown in the second quarter valued at $30,000. DV Equities LLC purchased a new stake in shares of Brown & Brown in the fourth quarter valued at $33,000. Finally, Continuum Advisory LLC acquired a new stake in shares of Brown & Brown in the second quarter worth $34,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on BRO shares. Mizuho lifted their price target on Brown & Brown from $81.00 to $86.00 and gave the company an “outperform” rating in a report on Wednesday, July 29th. JPMorgan Chase & Co. raised their price objective on Brown & Brown from $78.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. Truist Financial set a $90.00 target price on Brown & Brown in a research note on Wednesday, July 29th. Weiss Ratings upgraded Brown & Brown from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, August 19th. Finally, BMO Capital Markets increased their price target on shares of Brown & Brown from $73.00 to $74.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 29th. Four equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $76.80.

Brown & Brown Trading Down 4.7%

NYSE BRO opened at $68.07 on Wednesday. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58. Brown & Brown, Inc. has a 1-year low of $53.81 and a 1-year high of $96.55. The firm’s fifty day simple moving average is $70.36 and its 200-day simple moving average is $65.92. The company has a market capitalization of $22.78 billion, a PE ratio of 21.47, a price-to-earnings-growth ratio of 2.20 and a beta of 0.58.

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

Brown & Brown Dividend Announcement

The company also recently declared 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. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.0%. Brown & Brown’s dividend payout ratio (DPR) is 20.82%.

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.