Heirloom Wealth Management Purchases 2,124 Shares of Brown & Brown, Inc. (NYSE:BRO)

Heirloom Wealth Management lifted its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 4.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 54,348 shares of the financial services provider’s stock after purchasing an additional 2,124 shares during the quarter. Brown & Brown comprises 1.9% of Heirloom Wealth Management’s investment portfolio, making the stock its 19th biggest holding. Heirloom Wealth Management’s holdings in Brown & Brown were worth $6,761,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in BRO. Bank Pictet & Cie Europe AG bought a new stake in shares of Brown & Brown during the fourth quarter valued at approximately $907,000. Amalgamated Bank raised its stake in Brown & Brown by 0.8% during the fourth quarter. Amalgamated Bank now owns 51,904 shares of the financial services provider’s stock valued at $5,295,000 after buying an additional 421 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in Brown & Brown by 0.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 20,379 shares of the financial services provider’s stock valued at $2,079,000 after buying an additional 130 shares during the last quarter. New York Life Investment Management LLC raised its stake in Brown & Brown by 1.0% during the fourth quarter. New York Life Investment Management LLC now owns 31,937 shares of the financial services provider’s stock valued at $3,258,000 after buying an additional 322 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. raised its stake in Brown & Brown by 1.7% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 94,400 shares of the financial services provider’s stock valued at $9,631,000 after buying an additional 1,600 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on BRO. Barclays lifted their price objective on Brown & Brown from $119.00 to $121.00 and gave the company an “equal weight” rating in a research note on Friday, April 11th. Edward Jones began coverage on Brown & Brown in a research note on Wednesday, April 16th. They set a “buy” rating for the company. Jefferies Financial Group lifted their price objective on Brown & Brown from $105.00 to $109.00 and gave the company a “hold” rating in a research note on Friday, April 11th. Morgan Stanley reiterated an “equal weight” rating and set a $128.00 price objective on shares of Brown & Brown in a research note on Tuesday, March 25th. Finally, Keefe, Bruyette & Woods lifted their price objective on Brown & Brown from $100.00 to $102.00 and gave the company an “underperform” rating in a research note on Friday, June 13th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $118.85.

Brown & Brown Stock Up 0.4%

BRO stock opened at $109.74 on Friday. Brown & Brown, Inc. has a 1-year low of $88.31 and a 1-year high of $125.68. The business has a fifty day moving average price of $110.68 and a 200-day moving average price of $110.99. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.52 and a quick ratio of 2.52. The stock has a market capitalization of $31.46 billion, a P/E ratio of 30.57, a P/E/G ratio of 2.40 and a beta of 0.84.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, April 28th. The financial services provider reported $1.29 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.01). The business had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Brown & Brown had a return on equity of 17.77% and a net margin of 20.84%. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.14 EPS. Equities analysts forecast that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Monday, May 12th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend was Monday, May 12th. Brown & Brown’s dividend payout ratio (DPR) is presently 16.71%.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.