AE Wealth Management LLC Buys 2,874 Shares of Brown & Brown, Inc. (NYSE:BRO)

Posted by Defense World Staff on Apr 19th, 2023

AE Wealth Management LLC grew its stake in shares of Brown & Brown, Inc. (NYSE:BRO – Get Rating) by 4.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 63,439 shares of the financial services provider’s stock after buying an additional 2,874 shares during the period. AE Wealth Management LLC’s holdings in Brown & Brown were worth $3,614,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Group One Trading L.P. acquired a new stake in shares of Brown & Brown in the 1st quarter valued at approximately $201,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Brown & Brown by 6.6% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 31,373 shares of the financial services provider’s stock worth $2,267,000 after purchasing an additional 1,950 shares during the period. Cibc World Market Inc. acquired a new stake in Brown & Brown in the first quarter worth $354,000. Vontobel Holding Ltd. boosted its position in shares of Brown & Brown by 37.1% during the first quarter. Vontobel Holding Ltd. now owns 5,550 shares of the financial services provider’s stock worth $404,000 after purchasing an additional 1,502 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Brown & Brown by 608.0% in the 1st quarter. Sei Investments Co. now owns 43,409 shares of the financial services provider’s stock valued at $3,135,000 after buying an additional 37,278 shares during the period. Institutional investors own 69.52% of the company’s stock.

Insider Buying and Selling at Brown & Brown

In related news, Director Lawrence L. Gellerstedt III purchased 3,400 shares of the stock in a transaction on Friday, February 10th. The shares were purchased at an average price of $57.92 per share, with a total value of $196,928.00. Following the transaction, the director now directly owns 16,284 shares of the company’s stock, valued at $943,169.28. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 16.58% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on BRO shares. Citigroup upgraded Brown & Brown from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $62.00 to $69.00 in a report on Tuesday. BMO Capital Markets began coverage on Brown & Brown in a report on Thursday, January 19th. They set an “outperform” rating and a $67.00 price objective on the stock. StockNews.com raised Brown & Brown from a “hold” rating to a “buy” rating in a research note on Tuesday. Wells Fargo & Company cut their price target on shares of Brown & Brown from $60.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 25th. Finally, Jefferies Financial Group reduced their price target on shares of Brown & Brown from $69.00 to $68.00 and set a “buy” rating for the company in a report on Monday, April 10th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Brown & Brown has an average rating of “Moderate Buy” and a consensus price target of $66.40.

Brown & Brown Stock Performance

Shares of BRO stock opened at $60.35 on Wednesday. Brown & Brown, Inc. has a 12 month low of $52.82 and a 12 month high of $72.04. The company’s fifty day simple moving average is $56.88 and its 200-day simple moving average is $58.06. The firm has a market cap of $17.12 billion, a PE ratio of 25.57 and a beta of 0.74. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.80.

Brown & Brown (NYSE:BRO – Get Rating) last issued its quarterly earnings results on Tuesday, January 24th. The financial services provider reported $0.50 EPS for the quarter, topping the consensus estimate of $0.46 by $0.04. The firm had revenue of $901.40 million for the quarter, compared to analysts’ expectations of $897.98 million. Brown & Brown had a net margin of 18.80% and a return on equity of 14.88%. The company’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.42 EPS. Equities research analysts expect that Brown & Brown, Inc. will post 2.46 EPS for the current fiscal year.

Brown & Brown Company Profile

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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.