Wealthfront Advisers LLC Buys Shares of 21,347 Brown & Brown, Inc. $BRO

Wealthfront Advisers LLC bought a new position in Brown & Brown, Inc. (NYSE:BRO) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 21,347 shares of the financial services provider’s stock, valued at approximately $1,369,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. ICONIQ Capital LLC grew its holdings in shares of Brown & Brown by 5.4% in the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock valued at $234,000 after buying an additional 109 shares during the period. Zacks Investment Management raised its stake in Brown & Brown by 0.7% during the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider’s stock worth $1,675,000 after buying an additional 125 shares during the period. Moors & Cabot Inc. lifted its holdings in Brown & Brown by 2.1% during the third quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider’s stock worth $638,000 after acquiring an additional 142 shares in the last quarter. Independent Advisor Alliance lifted its holdings in Brown & Brown by 0.5% during the fourth quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider’s stock worth $2,694,000 after acquiring an additional 162 shares in the last quarter. Finally, Crawford Investment Counsel Inc. grew its stake in Brown & Brown by 0.6% in the fourth quarter. Crawford Investment Counsel Inc. now owns 28,750 shares of the financial services provider’s stock valued at $2,291,000 after acquiring an additional 170 shares during the period. 71.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BRO has been the subject of several recent analyst reports. Morgan Stanley restated an “underweight” rating and issued a $60.00 price target (up from $56.00) on shares of Brown & Brown in a report on Wednesday. Jefferies Financial Group reiterated a “hold” rating on shares of Brown & Brown in a report on Wednesday, July 29th. Mizuho boosted their price objective on Brown & Brown from $81.00 to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, July 29th. Truist Financial set a $90.00 target price on Brown & Brown in a research note on Wednesday, July 29th. Finally, Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a report on Friday, June 26th. Four analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Brown & Brown has an average rating of “Hold” and an average price target of $76.80.

Brown & Brown Stock Performance

BRO opened at $72.89 on Friday. The business’s 50-day moving average price is $67.66 and its two-hundred day moving average price is $65.79. Brown & Brown, Inc. has a 1 year low of $53.81 and a 1 year high of $97.73. The company has a market capitalization of $24.39 billion, a price-to-earnings ratio of 22.99, a P/E/G ratio of 3.59 and a beta of 0.59. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11.

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

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were paid a $0.165 dividend. The ex-dividend date was Wednesday, August 12th. This represents a $0.66 annualized dividend and a yield of 0.9%. Brown & Brown’s payout ratio 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.