Bank of New York Mellon Corp Has $126.50 Million Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Bank of New York Mellon Corp trimmed its position in Brown & Brown, Inc. (NYSE:BRO) by 7.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,414,863 shares of the financial services provider’s stock after selling 119,115 shares during the period. Bank of New York Mellon Corp owned approximately 0.50% of Brown & Brown worth $126,503,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new position in shares of Brown & Brown during the fourth quarter worth approximately $26,900,000. CWM LLC raised its holdings in shares of Brown & Brown by 11.6% in the 4th quarter. CWM LLC now owns 5,428 shares of the financial services provider’s stock worth $386,000 after acquiring an additional 564 shares during the last quarter. Atria Wealth Solutions Inc. bought a new position in Brown & Brown in the 4th quarter valued at about $250,000. Truist Financial Corp boosted its stake in Brown & Brown by 21.0% during the 4th quarter. Truist Financial Corp now owns 116,090 shares of the financial services provider’s stock valued at $8,255,000 after purchasing an additional 20,109 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Brown & Brown by 55.4% during the 4th quarter. Russell Investments Group Ltd. now owns 358,929 shares of the financial services provider’s stock valued at $25,519,000 after purchasing an additional 127,903 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BRO. Royal Bank of Canada raised their target price on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Citigroup raised their price objective on Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Bank of America upgraded shares of Brown & Brown from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $91.00 to $101.00 in a research note on Wednesday, May 22nd. StockNews.com raised shares of Brown & Brown from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Finally, Raymond James boosted their price target on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $99.20.

Insiders Place Their Bets

In other news, EVP Julie Turpin sold 3,350 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $89.92, for a total value of $301,232.00. Following the sale, the executive vice president now owns 23,597 shares of the company’s stock, valued at $2,121,842.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of the transaction, the chief financial officer now owns 88,445 shares in the company, valued at approximately $8,872,802.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Julie Turpin sold 3,350 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $89.92, for a total value of $301,232.00. Following the sale, the executive vice president now owns 23,597 shares in the company, valued at $2,121,842.24. The disclosure for this sale can be found here. Company insiders own 17.02% of the company’s stock.

Brown & Brown Stock Up 0.2 %

Brown & Brown stock opened at $102.23 on Tuesday. The firm has a 50 day moving average price of $96.02 and a 200-day moving average price of $89.21. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.56. Brown & Brown, Inc. has a twelve month low of $66.73 and a twelve month high of $103.87. The company has a market capitalization of $29.16 billion, a P/E ratio of 31.46, a P/E/G ratio of 2.37 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.05. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period in the prior year, the company earned $0.68 earnings per share. Brown & Brown’s revenue was up 12.5% compared to the same quarter last year. As a group, equities analysts predict that Brown & Brown, Inc. will post 3.68 EPS for the current year.

Brown & Brown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.51%. The ex-dividend date was Wednesday, August 7th. Brown & Brown’s dividend payout ratio (DPR) is presently 16.00%.

Brown & Brown 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.