Sumitomo Mitsui Trust Group Inc. Reduces Stock Position in Brown & Brown, Inc. $BRO

Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 14.7% during the first quarter, HoldingsChannel.com reports. The firm owned 710,890 shares of the financial services provider’s stock after selling 122,155 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Brown & Brown were worth $46,357,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Brown & Brown by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 37,634,847 shares of the financial services provider’s stock valued at $2,999,497,000 after acquiring an additional 303,955 shares during the period. Capital World Investors lifted its stake in Brown & Brown by 2.3% in the 4th quarter. Capital World Investors now owns 17,886,395 shares of the financial services provider’s stock worth $1,425,546,000 after purchasing an additional 407,006 shares in the last quarter. State Street Corp lifted its stake in Brown & Brown by 2.2% in the 4th quarter. State Street Corp now owns 13,403,814 shares of the financial services provider’s stock worth $1,068,284,000 after purchasing an additional 282,988 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Brown & Brown by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 7,952,957 shares of the financial services provider’s stock valued at $631,495,000 after purchasing an additional 118,225 shares during the period. Finally, Norges Bank bought a new position in Brown & Brown in the 4th quarter valued at $516,837,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insider Activity at Brown & Brown

In related news, Director H Palmer Proctor, Jr. purchased 2,000 shares of the stock in a transaction dated Tuesday, May 5th. The stock was purchased at an average price of $57.10 per share, with a total value of $114,200.00. Following the transaction, the director directly owned 47,621 shares in the company, valued at $2,719,159.10. This trade represents a 4.38% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 13.13% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on BRO shares. Bank of America decreased their target price on Brown & Brown from $90.00 to $88.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 14th. Royal Bank Of Canada cut their price objective on Brown & Brown from $76.00 to $72.00 and set a “sector perform” rating for the company in a report on Wednesday, April 29th. Truist Financial decreased 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. Citigroup reaffirmed an “outperform” rating on shares of Brown & Brown in a research note on Friday. Finally, Citizens Jmp boosted their price target on shares of Brown & Brown from $70.00 to $78.00 and gave the stock a “market outperform” rating in a research note on Friday. Five investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Brown & Brown has a consensus rating of “Hold” and an average price target of $79.06.

Brown & Brown Stock Down 0.0%

NYSE BRO opened at $67.65 on Monday. 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 stock has a market capitalization of $22.93 billion, a PE ratio of 21.75, a PEG ratio of 3.12 and a beta of 0.60. Brown & Brown, Inc. has a 1 year low of $53.81 and a 1 year high of $108.23. The business’s 50-day moving average is $60.05 and its 200 day moving average is $67.51.

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

Brown & Brown Announces Dividend

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

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.