Bank of New York Mellon Corp Has $110.71 Million Stock Position in Brown & Brown, Inc. $BRO

Bank of New York Mellon Corp lowered its position in Brown & Brown, Inc. (NYSE:BRO) by 2.2% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,389,128 shares of the financial services provider’s stock after selling 31,686 shares during the period. Bank of New York Mellon Corp’s holdings in Brown & Brown were worth $110,713,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Brown & Brown by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 37,634,847 shares of the financial services provider’s stock worth $2,999,497,000 after acquiring an additional 303,955 shares during the period. Capital World Investors grew its stake in Brown & Brown by 81.1% during the third quarter. Capital World Investors now owns 17,479,389 shares of the financial services provider’s stock worth $1,639,392,000 after purchasing an additional 7,827,992 shares during the period. State Street Corp lifted its stake in Brown & Brown by 5.3% in the third quarter. State Street Corp now owns 13,120,826 shares of the financial services provider’s stock valued at $1,230,602,000 after buying an additional 660,005 shares during the period. Geode Capital Management LLC lifted its stake in Brown & Brown by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 7,952,957 shares of the financial services provider’s stock valued at $631,495,000 after buying an additional 118,225 shares during the period. Finally, Norges Bank bought a new position in shares of Brown & Brown during the 4th quarter worth approximately $516,837,000. 71.01% of the stock is owned by institutional investors.

Brown & Brown Price Performance

BRO opened at $58.85 on Monday. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $111.51. The firm has a 50-day moving average of $61.63 and a 200 day moving average of $70.50. 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 firm has a market cap of $19.95 billion, a P/E ratio of 18.92, a PEG ratio of 2.71 and a beta of 0.63.

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

Brown & Brown Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders 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 annualized dividend and a dividend yield of 1.1%. Brown & Brown’s dividend payout ratio is presently 21.22%.

Insiders Place Their Bets

In other Brown & Brown news, Director H Palmer Proctor, Jr. purchased 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 completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 13.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Truist Financial decreased their price target on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Royal Bank Of Canada cut their price objective on shares of Brown & Brown from $76.00 to $72.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 29th. The Goldman Sachs Group reduced their target price on Brown & Brown from $82.00 to $73.00 and set a “neutral” rating for the company in a research note on Wednesday, April 8th. JPMorgan Chase & Co. dropped their price target on Brown & Brown from $91.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. Finally, Mizuho dropped their price target on Brown & Brown from $85.00 to $84.00 and set an “outperform” rating on the stock in a research note on Monday, April 13th. Five investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $79.44.

Brown & Brown Company 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.