CoreCap Advisors LLC Purchases New Position in Brown & Brown, Inc. (NYSE:BRO)

Posted by Defense World Staff on Jun 1st, 2023

CoreCap Advisors LLC purchased a new stake in shares of Brown & Brown, Inc. (NYSE:BRO – Get Rating) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 969 shares of the financial services provider’s stock, valued at approximately $55,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in BRO. Goldman Sachs Group Inc. grew its holdings in shares of Brown & Brown by 658.3% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,975,944 shares of the financial services provider’s stock valued at $173,617,000 after purchasing an additional 2,583,481 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Brown & Brown by 392.8% during the 4th quarter. Victory Capital Management Inc. now owns 1,444,087 shares of the financial services provider’s stock worth $82,587,000 after acquiring an additional 1,151,045 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Brown & Brown by 10.8% during the 4th quarter. Principal Financial Group Inc. now owns 11,222,640 shares of the financial services provider’s stock worth $639,354,000 after acquiring an additional 1,091,719 shares during the last quarter. Liontrust Investment Partners LLP grew its holdings in Brown & Brown by 201.1% during the 3rd quarter. Liontrust Investment Partners LLP now owns 1,550,300 shares of the financial services provider’s stock worth $93,762,000 after acquiring an additional 1,035,472 shares during the last quarter. Finally, TimesSquare Capital Management LLC bought a new stake in Brown & Brown during the 4th quarter worth approximately $46,455,000. 69.52% of the stock is owned by institutional investors.

Brown & Brown Stock Down 1.1 %

Brown & Brown stock opened at $62.31 on Thursday. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.76. Brown & Brown, Inc. has a 12-month low of $52.82 and a 12-month high of $68.43. The firm’s fifty day moving average is $61.71 and its 200 day moving average is $59.04. The company has a market capitalization of $17.67 billion, a PE ratio of 25.75 and a beta of 0.75.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 17th. Investors of record on Monday, May 8th were given a dividend of $0.115 per share. The ex-dividend date was Friday, May 5th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.74%. Brown & Brown’s payout ratio is presently 19.01%.

Wall Street Analysts Forecast Growth

BRO has been the topic of a number of research reports. Jefferies Financial Group reduced their target price on shares of Brown & Brown from $69.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, April 10th. Keefe, Bruyette & Woods boosted their price target on shares of Brown & Brown from $66.00 to $69.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 18th. Citigroup upgraded shares of Brown & Brown from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $62.00 to $69.00 in a research report on Tuesday, April 18th. Finally, StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a research report on Friday, May 26th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.64.

Brown & Brown 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.