Vest Financial LLC Purchases 72,052 Shares of Brown & Brown, Inc. $BRO

Vest Financial LLC increased its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 15.6% in the third quarter, Holdings Channel.com reports. The firm owned 533,491 shares of the financial services provider’s stock after purchasing an additional 72,052 shares during the quarter. Vest Financial LLC’s holdings in Brown & Brown were worth $50,036,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Access Investment Management LLC purchased a new position in Brown & Brown in the 2nd quarter worth $1,109,000. Invesco Ltd. lifted its holdings in shares of Brown & Brown by 1.1% during the second quarter. Invesco Ltd. now owns 4,166,370 shares of the financial services provider’s stock worth $461,925,000 after purchasing an additional 46,235 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in Brown & Brown by 30.6% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 760,893 shares of the financial services provider’s stock worth $84,360,000 after buying an additional 178,082 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Brown & Brown in the 2nd quarter valued at $1,635,000. Finally, AMF Tjanstepension AB purchased a new position in shares of Brown & Brown during the second quarter worth $6,798,000. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Stock Performance

NYSE BRO opened at $79.35 on Wednesday. The stock has a fifty day simple moving average of $79.98 and a 200-day simple moving average of $88.92. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.62. The stock has a market cap of $27.09 billion, a PE ratio of 23.69, a P/E/G ratio of 1.87 and a beta of 0.81. Brown & Brown, Inc. has a twelve month low of $76.17 and a twelve month high of $125.68.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. Brown & Brown’s revenue for the quarter was up 35.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.91 earnings per share. Equities analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BRO. JPMorgan Chase & Co. initiated coverage on Brown & Brown in a report on Thursday, December 18th. They set a “neutral” rating and a $91.00 target price for the company. Barclays reduced their target price on shares of Brown & Brown from $84.00 to $83.00 and set an “equal weight” rating for the company in a research report on Thursday, January 8th. Morgan Stanley decreased their price target on shares of Brown & Brown from $95.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Monday, November 17th. Raymond James Financial reiterated an “outperform” rating on shares of Brown & Brown in a report on Monday, November 3rd. Finally, Truist Financial cut their price target on Brown & Brown from $114.00 to $105.00 and set a “buy” rating for the company in a report on Thursday, January 15th. Four analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $98.67.

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.