Brown & Brown, Inc. (NYSE:BRO) Shares Bought by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 7.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,508,123 shares of the financial services provider’s stock after purchasing an additional 99,155 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Brown & Brown were worth $134,841,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. State Board of Administration of Florida Retirement System boosted its position in shares of Brown & Brown by 2.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 267,190 shares of the financial services provider’s stock valued at $23,390,000 after acquiring an additional 6,613 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Brown & Brown by 12.7% during the 1st quarter. Sei Investments Co. now owns 276,090 shares of the financial services provider’s stock worth $24,169,000 after buying an additional 31,071 shares during the last quarter. Great Valley Advisor Group Inc. purchased a new stake in shares of Brown & Brown during the 2nd quarter valued at approximately $1,512,000. DekaBank Deutsche Girozentrale lifted its holdings in Brown & Brown by 12.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock valued at $21,855,000 after acquiring an additional 27,879 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its holdings in Brown & Brown by 339.1% in the fourth quarter. Allianz Asset Management GmbH now owns 648,550 shares of the financial services provider’s stock valued at $46,118,000 after acquiring an additional 500,847 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BRO. Royal Bank of Canada upped their price target on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Truist Financial increased their target price on shares of Brown & Brown from $104.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Citigroup upped their price objective on shares of Brown & Brown from $94.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Keefe, Bruyette & Woods lifted their target price on shares of Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a report on Friday, July 26th. Finally, Wells Fargo & Company upgraded Brown & Brown from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $94.00 to $112.00 in a research report on Monday, August 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.00.

Insider Buying and Selling at Brown & Brown

In related news, CFO R. Andrew Watts sold 2,500 shares of the firm’s stock in a transaction dated 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 $8,872,802.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction that occurred 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 directly owns 88,445 shares in the company, valued at approximately $8,872,802.40. The disclosure for this sale can be found here. 17.02% of the stock is currently owned by corporate insiders.

Brown & Brown Trading Down 0.4 %

Shares of NYSE:BRO opened at $101.01 on Friday. The company has a market cap of $28.81 billion, a PE ratio of 31.08, a P/E/G ratio of 2.42 and a beta of 0.83. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.56. Brown & Brown, Inc. has a 52 week low of $66.73 and a 52 week high of $106.02. The company’s 50 day moving average is $100.70 and its two-hundred day moving average is $91.83.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.88 by $0.05. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the business earned $0.68 EPS. The firm’s revenue was up 12.5% compared to the same quarter last year. Equities analysts predict that Brown & Brown, Inc. will post 3.68 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were given a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $0.52 dividend on an annualized basis and a yield of 0.51%. Brown & Brown’s dividend payout ratio (DPR) is 16.00%.

Brown & Brown 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.