Mitsubishi UFJ Asset Management Co. Ltd. Acquires New Shares in Brown & Brown, Inc. $BRO

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Brown & Brown, Inc. (NYSE:BRO) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 760,695 shares of the financial services provider’s stock, valued at approximately $48,799,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.23% of Brown & Brown as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Brown & Brown by 0.8% during 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 purchasing an additional 303,955 shares during the last quarter. Capital World Investors raised its stake in Brown & Brown by 2.3% during the 4th quarter. Capital World Investors now owns 17,886,395 shares of the financial services provider’s stock valued at $1,425,546,000 after buying an additional 407,006 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Brown & Brown by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider’s stock valued at $1,017,847,000 after buying an additional 246,172 shares during the period. State Street Corp boosted its stake in shares of 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 buying an additional 282,988 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of 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 worth $631,495,000 after acquiring an additional 118,225 shares during the period. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Price Performance

NYSE BRO opened at $71.62 on Thursday. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $98.30. The stock has a market cap of $23.96 billion, a price-to-earnings ratio of 22.59, a PEG ratio of 3.46 and a beta of 0.59. The company’s 50 day moving average is $67.16 and its two-hundred day moving average is $65.74. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. Brown & Brown’s revenue for the quarter was up 30.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.03 EPS. As a group, research analysts anticipate that Brown & Brown, Inc. will post 4.5 earnings per share for the current year.

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th were paid a dividend of $0.165 per share. The ex-dividend date was Wednesday, August 12th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.9%. Brown & Brown’s payout ratio is 20.82%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BRO. Citizens Jmp raised their target price on Brown & Brown from $70.00 to $78.00 and gave the stock a “market outperform” rating in a research report on Friday, July 10th. Mizuho raised their price objective on shares of Brown & Brown from $81.00 to $86.00 and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Royal Bank Of Canada restated a “sector perform” rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Citigroup downgraded shares of Brown & Brown from an “outperform” rating to a “neutral” rating and increased their price target for the stock from $70.00 to $79.00 in a research report on Wednesday, July 29th. Finally, Truist Financial set a $90.00 price objective on shares of Brown & Brown in a research report on Wednesday, July 29th. Four analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Brown & Brown has an average rating of “Hold” and an average price target of $76.80.

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.