QRG Capital Management Inc. Grows Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

QRG Capital Management Inc. raised its position in Brown & Brown, Inc. (NYSE:BRO) by 15.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,331 shares of the financial services provider’s stock after acquiring an additional 3,141 shares during the quarter. QRG Capital Management Inc.’s holdings in Brown & Brown were worth $2,902,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of BRO. Vontobel Holding Ltd. increased its position in shares of Brown & Brown by 13.5% in the fourth quarter. Vontobel Holding Ltd. now owns 5,112 shares of the financial services provider’s stock valued at $522,000 after acquiring an additional 607 shares during the period. Bank Pictet & Cie Europe AG bought a new stake in shares of Brown & Brown during the 4th quarter valued at about $907,000. CIBC Asset Management Inc boosted its stake in shares of Brown & Brown by 4.6% during the 4th quarter. CIBC Asset Management Inc now owns 38,706 shares of the financial services provider’s stock valued at $3,949,000 after purchasing an additional 1,707 shares in the last quarter. Truist Financial Corp boosted its stake in shares of Brown & Brown by 2.0% during the 4th quarter. Truist Financial Corp now owns 279,134 shares of the financial services provider’s stock valued at $28,477,000 after purchasing an additional 5,521 shares in the last quarter. Finally, D.A. Davidson & CO. boosted its stake in shares of Brown & Brown by 1.2% during the 4th quarter. D.A. Davidson & CO. now owns 29,841 shares of the financial services provider’s stock valued at $3,044,000 after purchasing an additional 361 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Barclays lifted their target price on shares of Brown & Brown from $119.00 to $121.00 and gave the company an “equal weight” rating in a research note on Friday, April 11th. Keefe, Bruyette & Woods lifted their target price on shares of Brown & Brown from $100.00 to $102.00 and gave the company an “underperform” rating in a research note on Friday, June 13th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $127.00 target price (up previously from $125.00) on shares of Brown & Brown in a research note on Thursday, June 12th. BMO Capital Markets reaffirmed an “outperform” rating and set a $122.00 target price (up previously from $116.00) on shares of Brown & Brown in a research note on Thursday, June 12th. Finally, The Goldman Sachs Group lowered shares of Brown & Brown from a “buy” rating to a “neutral” rating and cut their target price for the company from $126.00 to $119.00 in a research note on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $118.85.

Brown & Brown Trading Up 0.2%

NYSE:BRO opened at $108.31 on Thursday. Brown & Brown, Inc. has a one year low of $88.31 and a one year high of $125.68. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.52 and a quick ratio of 2.52. The company’s 50-day simple moving average is $111.94 and its 200 day simple moving average is $110.96. The firm has a market capitalization of $31.05 billion, a P/E ratio of 30.17, a PEG ratio of 2.37 and a beta of 0.84.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, April 28th. The financial services provider reported $1.29 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.01). Brown & Brown had a return on equity of 17.77% and a net margin of 20.84%. The business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the firm earned $1.14 EPS. The company’s revenue was up 11.6% on a year-over-year basis. As a group, analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Monday, May 12th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $0.60 annualized dividend and a dividend yield of 0.55%. Brown & Brown’s dividend payout ratio is presently 16.71%.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.