Truist Financial Corp Acquires 376,892 Shares of Brown & Brown, Inc. (NYSE:BRO)

Truist Financial Corp boosted its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 392.3% during the second quarter, HoldingsChannel reports. The fund owned 472,953 shares of the financial services provider’s stock after purchasing an additional 376,892 shares during the quarter. Truist Financial Corp’s holdings in Brown & Brown were worth $42,287,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Congress Asset Management Co. MA bought a new stake in shares of Brown & Brown in the fourth quarter worth $82,445,000. Royal London Asset Management Ltd. raised its position in Brown & Brown by 105.1% during the 2nd quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock worth $184,930,000 after purchasing an additional 1,059,711 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Brown & Brown by 24.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock worth $311,979,000 after buying an additional 687,783 shares during the period. Confluence Investment Management LLC acquired a new stake in shares of Brown & Brown in the first quarter valued at about $49,598,000. Finally, Capital World Investors raised its position in shares of 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 acquiring an additional 473,982 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BRO. Truist Financial increased their target price on shares of Brown & Brown from $104.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Raymond James boosted their price objective on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Barclays initiated coverage on Brown & Brown in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 target price for the company. UBS Group lifted their price objective on shares of Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Finally, StockNews.com raised shares of Brown & Brown from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.67.

Brown & Brown Stock Up 0.0 %

Shares of NYSE BRO opened at $105.04 on Thursday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35. The company has a 50-day moving average price of $102.03 and a 200-day moving average price of $92.81. The stock has a market capitalization of $29.96 billion, a P/E ratio of 32.32, a P/E/G ratio of 2.38 and a beta of 0.83. Brown & Brown, Inc. has a 1 year low of $66.73 and a 1 year high of $106.02.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.05. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.14 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The company’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.68 EPS. On average, equities research analysts forecast that Brown & Brown, Inc. will post 3.68 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were issued a dividend of $0.13 per share. The ex-dividend date was Wednesday, August 7th. This represents a $0.52 annualized dividend and a yield of 0.50%. Brown & Brown’s dividend payout ratio (DPR) is currently 16.00%.

Insider Activity at Brown & Brown

In other news, CFO R. Andrew Watts sold 2,500 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were 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 in the company, valued at approximately $8,872,802.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the sale, the chief financial officer now owns 88,445 shares in the company, valued at $8,872,802.40. The disclosure for this sale can be found here. 17.02% of the stock is currently owned by insiders.

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.