Allstate Corp Increases Stake in Brown & Brown, Inc. $BRO

Allstate Corp raised its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 95.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 21,182 shares of the financial services provider’s stock after acquiring an additional 10,332 shares during the period. Allstate Corp’s holdings in Brown & Brown were worth $1,688,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Triad Investment Management purchased a new stake in shares of Brown & Brown in the 4th quarter valued at approximately $4,314,000. Bank of New York Mellon Corp raised its stake in shares of Brown & Brown by 3.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,420,814 shares of the financial services provider’s stock valued at $133,258,000 after acquiring an additional 51,959 shares during the period. Tandem Investment Advisors Inc. raised its stake in shares of Brown & Brown by 69.7% in the 3rd quarter. Tandem Investment Advisors Inc. now owns 1,385,214 shares of the financial services provider’s stock valued at $129,919,000 after acquiring an additional 569,037 shares during the period. Vanguard Group Inc. boosted its position in Brown & Brown by 4.8% in the 3rd quarter. Vanguard Group Inc. now owns 37,330,892 shares of the financial services provider’s stock valued at $3,501,264,000 after buying an additional 1,705,570 shares during the period. Finally, Vest Financial LLC grew its stake in shares of Brown & Brown by 3.7% in the fourth quarter. Vest Financial LLC now owns 552,994 shares of the financial services provider’s stock worth $44,074,000 after acquiring an additional 19,503 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on BRO. Royal Bank Of Canada dropped their price target on shares of Brown & Brown from $76.00 to $72.00 and set a “sector perform” rating for the company in a research note on Wednesday, April 29th. Bank of America dropped their price target on shares of Brown & Brown from $90.00 to $88.00 and set a “neutral” rating for the company in a research note on Tuesday, April 14th. The Goldman Sachs Group dropped their price objective on shares of Brown & Brown from $82.00 to $73.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 8th. Truist Financial dropped their price objective on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Finally, Citizens Jmp started coverage on shares of Brown & Brown in a research report on Thursday, May 21st. They issued a “market outperform” rating and a $70.00 price objective on the stock. Five research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat.com, Brown & Brown has a consensus rating of “Hold” and a consensus target price of $79.44.

Brown & Brown Trading Down 0.1%

NYSE BRO opened at $56.77 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.64 and a quick ratio of 1.64. The firm’s fifty day moving average price is $62.78 and its 200 day moving average price is $71.48. The company has a market capitalization of $19.24 billion, a price-to-earnings ratio of 18.26, a price-to-earnings-growth ratio of 2.62 and a beta of 0.66. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $113.83.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. Brown & Brown’s quarterly revenue was up 35.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.29 EPS. On average, sell-side analysts expect that Brown & Brown, Inc. will post 4.51 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 11th were paid a dividend of $0.165 per share. The ex-dividend date was Monday, May 11th. This represents a $0.66 dividend on an annualized basis and a yield of 1.2%. Brown & Brown’s dividend payout ratio is currently 21.22%.

Insiders Place Their Bets

In other Brown & Brown news, Director H Palmer Proctor, Jr. purchased 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average price of $57.10 per share, for a total transaction of $114,200.00. Following the purchase, the director directly owned 47,621 shares in the company, valued at approximately $2,719,159.10. This trade represents a 4.38% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 13.13% of the stock is currently owned by corporate insiders.

Brown & Brown Profile

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.