Vancity Investment Management Ltd Has $13.18 Million Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Posted by Defense World Staff on Sep 9th, 2023

Vancity Investment Management Ltd increased its holdings in shares of Brown & Brown, Inc. (NYSE:BRO – Free Report) by 8.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 229,462 shares of the financial services provider’s stock after buying an additional 17,462 shares during the period. Brown & Brown comprises approximately 1.8% of Vancity Investment Management Ltd’s portfolio, making the stock its 20th largest position. Vancity Investment Management Ltd owned 0.08% of Brown & Brown worth $13,176,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in BRO. Clear Street Markets LLC boosted its position in Brown & Brown by 93.7% during the 1st quarter. Clear Street Markets LLC now owns 461 shares of the financial services provider’s stock worth $26,000 after buying an additional 223 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in shares of Brown & Brown in the 1st quarter valued at $45,000. Orion Capital Management LLC bought a new stake in shares of Brown & Brown in the 1st quarter valued at $46,000. Global Wealth Management Investment Advisory Inc. bought a new stake in shares of Brown & Brown in the 1st quarter valued at $52,000. Finally, Atlas Capital Advisors LLC bought a new stake in shares of Brown & Brown in the 2nd quarter valued at $52,000. 70.33% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods lowered shares of Brown & Brown from an “outperform” rating to a “market perform” rating and upped their price objective for the company from $73.00 to $76.00 in a research note on Tuesday, August 1st. Citigroup upped their price objective on shares of Brown & Brown from $72.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. StockNews.com upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating in a research report on Tuesday, August 29th. Truist Financial boosted their target price on shares of Brown & Brown from $82.00 to $85.00 in a research report on Wednesday, July 26th. Finally, Wells Fargo & Company boosted their target price on shares of Brown & Brown from $62.00 to $70.00 in a research report on Wednesday, July 26th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $72.70.

Get Our Latest Stock Report on Brown & Brown

Brown & Brown Stock Performance

BRO opened at $73.12 on Friday. The company has a current ratio of 2.78, a quick ratio of 2.78 and a debt-to-equity ratio of 0.74. The company’s fifty day moving average price is $70.97 and its two-hundred day moving average price is $64.55. Brown & Brown, Inc. has a 1-year low of $52.82 and a 1-year high of $74.57. The company has a market cap of $20.74 billion, a price-to-earnings ratio of 28.34 and a beta of 0.75.

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

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 16th. Stockholders of record on Wednesday, August 9th were issued a $0.115 dividend. The ex-dividend date was Tuesday, August 8th. This represents a $0.46 annualized dividend and a dividend yield of 0.63%. Brown & Brown’s dividend payout ratio is currently 17.83%.

Insider Activity

In other news, Director Bronislaw Edmund Masojada bought 4,000 shares of the stock in a transaction dated Wednesday, June 21st. The stock was bought at an average price of $65.78 per share, for a total transaction of $263,120.00. Following the completion of the acquisition, the director now directly owns 4,000 shares in the company, valued at approximately $263,120. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.