Sumitomo Mitsui Trust Group Inc. Grows Position in Brown & Brown, Inc. (NYSE:BRO)

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 1.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 577,705 shares of the financial services provider’s stock after purchasing an additional 5,790 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.20% of Brown & Brown worth $58,937,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of BRO. Allspring Global Investments Holdings LLC increased its holdings in shares of Brown & Brown by 0.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider’s stock worth $405,638,000 after buying an additional 28,180 shares during the last quarter. Barclays PLC grew its position in Brown & Brown by 17.8% during the third quarter. Barclays PLC now owns 2,466,582 shares of the financial services provider’s stock valued at $255,537,000 after acquiring an additional 371,980 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Brown & Brown by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,315,654 shares of the financial services provider’s stock worth $136,302,000 after acquiring an additional 17,934 shares during the last quarter. FMR LLC raised its holdings in shares of Brown & Brown by 42.4% in the 3rd quarter. FMR LLC now owns 1,109,840 shares of the financial services provider’s stock worth $114,979,000 after purchasing an additional 330,661 shares during the period. Finally, Natixis Advisors LLC lifted its stake in shares of Brown & Brown by 6.2% in the 3rd quarter. Natixis Advisors LLC now owns 779,434 shares of the financial services provider’s stock valued at $80,749,000 after purchasing an additional 45,766 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on BRO. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. Royal Bank of Canada increased their price objective on shares of Brown & Brown from $118.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 29th. Keefe, Bruyette & Woods reduced their target price on shares of Brown & Brown from $99.00 to $97.00 and set an “underperform” rating on the stock in a report on Friday, January 10th. Truist Financial increased their price target on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Morgan Stanley began coverage on Brown & Brown in a research note on Thursday, December 5th. They set an “overweight” rating and a $134.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $113.17.

Brown & Brown Trading Up 0.8 %

Shares of BRO opened at $108.64 on Monday. Brown & Brown, Inc. has a one year low of $78.70 and a one year high of $114.15. The stock has a 50-day moving average price of $104.65 and a 200 day moving average price of $104.74. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.73 and a current ratio of 1.79. The company has a market capitalization of $31.07 billion, a P/E ratio of 31.40, a P/E/G ratio of 2.84 and a beta of 0.86.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, January 27th. The financial services provider reported $0.86 EPS for the quarter, beating the consensus estimate of $0.76 by $0.10. Brown & Brown had a return on equity of 17.81% and a net margin of 20.68%. Sell-side analysts forecast that Brown & Brown, Inc. will post 4.15 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 12th. Shareholders of record on Wednesday, February 5th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend is Wednesday, February 5th. Brown & Brown’s dividend payout ratio is currently 17.34%.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.