Swiss National Bank Has $54.87 Million Stake in Brown & Brown, Inc. (NYSE:BRO)

Posted by Defense World Staff on Aug 20th, 2023

Swiss National Bank decreased its position in Brown & Brown, Inc. (NYSE:BRO – Free Report) by 2.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 955,500 shares of the financial services provider’s stock after selling 20,200 shares during the quarter. Swiss National Bank owned 0.34% of Brown & Brown worth $54,865,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of BRO. Morgan Stanley increased its position in shares of Brown & Brown by 187.2% in the fourth quarter. Morgan Stanley now owns 9,491,448 shares of the financial services provider’s stock valued at $540,728,000 after acquiring an additional 6,186,323 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Brown & Brown by 658.3% in the second quarter. Goldman Sachs Group Inc. now owns 2,975,944 shares of the financial services provider’s stock valued at $173,617,000 after acquiring an additional 2,583,481 shares during the last quarter. Norges Bank acquired a new stake in shares of Brown & Brown in the fourth quarter valued at about $141,841,000. Victory Capital Management Inc. increased its position in shares of Brown & Brown by 401.0% in the fourth quarter. Victory Capital Management Inc. now owns 1,468,253 shares of the financial services provider’s stock valued at $83,646,000 after acquiring an additional 1,175,211 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Brown & Brown by 10.8% in the fourth quarter. Principal Financial Group Inc. now owns 11,222,640 shares of the financial services provider’s stock valued at $639,354,000 after acquiring an additional 1,091,719 shares during the last quarter. Institutional investors and hedge funds own 69.90% of the company’s stock.

Brown & Brown Trading Up 0.2 %

Shares of NYSE:BRO opened at $71.39 on Friday. Brown & Brown, Inc. has a 12-month low of $52.82 and a 12-month high of $72.99. The stock has a market cap of $20.25 billion, a PE ratio of 27.67 and a beta of 0.76. The business has a 50 day moving average of $68.88 and a 200-day moving average of $63.04. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.74.

Brown & Brown (NYSE:BRO – Get Free Report) last issued its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.08. Brown & Brown had a return on equity of 15.19% and a net margin of 18.34%. The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $997.51 million. During the same quarter in the previous year, the company posted $0.51 earnings per share. The business’s revenue was up 24.9% on a year-over-year basis. As a group, equities research analysts forecast that Brown & Brown, Inc. will post 2.69 earnings per share for the current year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 16th. Investors of record on Wednesday, August 9th were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.64%. The ex-dividend date of this dividend was Tuesday, August 8th. Brown & Brown’s dividend payout ratio (DPR) is currently 17.83%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Royal Bank of Canada lifted their price target on Brown & Brown from $72.00 to $77.00 in a report on Wednesday, July 26th. StockNews.com assumed coverage on Brown & Brown in a report on Thursday. They set a “buy” rating for the company. Citigroup lifted their price target on Brown & Brown from $72.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th. Truist Financial lifted their price target on Brown & Brown from $82.00 to $85.00 in a report on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods cut Brown & Brown from an “outperform” rating to a “market perform” rating and lifted their price target for the stock from $73.00 to $76.00 in a report on Tuesday, August 1st. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $72.70.

View Our Latest Stock Report on BRO

Insider Activity at Brown & Brown

In related news, Director Bronislaw Edmund Masojada purchased 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 21st. The stock was acquired at an average cost of $65.78 per share, for a total transaction of $263,120.00. Following the completion of the purchase, the director now owns 4,000 shares in the company, valued at approximately $263,120. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 17.02% of the stock is currently owned by corporate insiders.

Brown & Brown Profile

(Free Report)

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.