Norden Group LLC Acquires 96,226 Shares of Brown & Brown, Inc. (NYSE:BRO)

Norden Group LLC raised its stake in Brown & Brown, Inc. (NYSE:BRO) by 2,650.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 99,856 shares of the financial services provider’s stock after purchasing an additional 96,226 shares during the period. Norden Group LLC’s holdings in Brown & Brown were worth $8,741,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of BRO. Fortitude Family Office LLC purchased a new position in Brown & Brown in the fourth quarter worth $31,000. Park Place Capital Corp increased its position in Brown & Brown by 166.5% during the 4th quarter. Park Place Capital Corp now owns 509 shares of the financial services provider’s stock valued at $36,000 after buying an additional 318 shares in the last quarter. Alaska Permanent Fund Corp acquired a new position in shares of Brown & Brown during the first quarter valued at about $36,000. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in Brown & Brown by 174.0% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 548 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 348 shares in the last quarter. Finally, First PREMIER Bank acquired a new stake in Brown & Brown in the 1st quarter worth approximately $40,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on BRO shares. Wells Fargo & Company boosted their price objective on shares of Brown & Brown from $84.00 to $85.00 and gave the company an “equal weight” rating in a report on Wednesday, April 24th. Bank of America upgraded Brown & Brown from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $91.00 to $101.00 in a research note on Wednesday, May 22nd. Truist Financial boosted their target price on shares of Brown & Brown from $92.00 to $94.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Keefe, Bruyette & Woods increased their price target on Brown & Brown from $80.00 to $82.00 and gave the stock an “underperform” rating in a research report on Friday, May 3rd. Finally, Citigroup upped their price target on shares of Brown & Brown from $94.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $89.40.

Insider Activity at Brown & Brown

In other news, EVP Julie Turpin sold 3,350 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $89.92, for a total transaction of $301,232.00. Following the completion of the sale, the executive vice president now directly owns 23,597 shares in the company, valued at $2,121,842.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 16.43% of the stock is owned by insiders.

Brown & Brown Stock Up 0.4 %

BRO opened at $90.04 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.97 and a quick ratio of 1.97. The business has a 50 day simple moving average of $88.43 and a 200-day simple moving average of $82.83. Brown & Brown, Inc. has a 12 month low of $66.73 and a 12 month high of $93.75. The stock has a market capitalization of $25.68 billion, a P/E ratio of 27.70, a P/E/G ratio of 2.36 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.07. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the prior year, the business earned $0.84 earnings per share. The business’s revenue was up 12.7% on a year-over-year basis. On average, equities analysts anticipate that Brown & Brown, Inc. will post 3.61 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Monday, May 6th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.58%. The ex-dividend date was Friday, May 3rd. Brown & Brown’s payout ratio is currently 16.00%.

Brown & Brown Company Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.