Brown & Brown, Inc. $BRO Holdings Cut by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its stake in Brown & Brown, Inc. (NYSE:BRO) by 9.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,544,886 shares of the financial services provider’s stock after selling 257,441 shares during the period. Allspring Global Investments Holdings LLC owned 0.75% of Brown & Brown worth $163,891,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. ICONIQ Capital LLC boosted its holdings in shares of Brown & Brown by 5.4% during the second quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock valued at $234,000 after acquiring an additional 109 shares during the period. Zacks Investment Management grew its position in Brown & Brown by 0.7% in the 3rd quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider’s stock worth $1,675,000 after purchasing an additional 125 shares during the last quarter. Private Trust Co. NA increased its stake in shares of Brown & Brown by 13.1% in the fourth quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider’s stock valued at $91,000 after purchasing an additional 133 shares during the period. Moors & Cabot Inc. raised its holdings in shares of Brown & Brown by 2.1% during the third quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider’s stock valued at $638,000 after buying an additional 142 shares during the last quarter. Finally, Independent Advisor Alliance raised its holdings in shares of Brown & Brown by 0.5% during the fourth quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider’s stock valued at $2,694,000 after buying an additional 162 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Insider Buying and Selling at Brown & Brown

In other Brown & Brown news, Director H Palmer Proctor, Jr. acquired 2,000 shares of the stock in a transaction dated Tuesday, May 5th. The shares were bought at an average price of $57.10 per share, with a total value of $114,200.00. Following the purchase, the director directly owned 47,621 shares of the company’s stock, valued at approximately $2,719,159.10. This trade represents a 4.38% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 13.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Keefe, Bruyette & Woods raised their target price on Brown & Brown from $72.00 to $74.00 and gave the company a “market perform” rating in a research report on Wednesday, July 8th. Truist Financial reduced their price target on Brown & Brown from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. JPMorgan Chase & Co. lowered their price target on Brown & Brown from $81.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday. Morgan Stanley lowered Brown & Brown from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $60.00 to $55.00 in a report on Monday, July 6th. Finally, Wells Fargo & Company cut their price objective on shares of Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 9th. Five research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $78.62.

Brown & Brown Stock Up 3.7%

Shares of BRO stock opened at $69.34 on Friday. Brown & Brown, Inc. has a 1 year low of $53.81 and a 1 year high of $105.06. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.64 and a current ratio of 1.64. The business’s fifty day moving average is $60.88 and its 200-day moving average is $67.17. The stock has a market cap of $23.50 billion, a PE ratio of 22.30, a price-to-earnings-growth ratio of 3.09 and a beta of 0.60.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.89 billion. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The company’s revenue was up 35.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.29 earnings per share. Equities analysts expect that Brown & Brown, Inc. will post 4.5 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Monday, May 11th were given a dividend of $0.165 per share. The ex-dividend date was Monday, May 11th. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. Brown & Brown’s dividend payout ratio (DPR) is 21.22%.

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.