Toronto Dominion Bank Raises Position in Brown & Brown, Inc. (NYSE:BRO)

Toronto Dominion Bank grew its holdings in Brown & Brown, Inc. (NYSE:BRO) by 1.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 167,766 shares of the financial services provider’s stock after acquiring an additional 2,689 shares during the period. Toronto Dominion Bank owned about 0.06% of Brown & Brown worth $14,686,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in Brown & Brown by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 28,355,305 shares of the financial services provider’s stock worth $2,482,223,000 after purchasing an additional 203,105 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Brown & Brown by 3.2% during the first quarter. Principal Financial Group Inc. now owns 12,718,155 shares of the financial services provider’s stock worth $1,113,347,000 after buying an additional 392,250 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Brown & Brown by 0.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 5,236,392 shares of the financial services provider’s stock worth $372,360,000 after buying an additional 29,514 shares during the period. Norges Bank acquired a new stake in Brown & Brown in the fourth quarter valued at approximately $217,663,000. Finally, The Manufacturers Life Insurance Company lifted its stake in Brown & Brown by 76.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 2,000,227 shares of the financial services provider’s stock worth $142,236,000 after acquiring an additional 865,082 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Performance

NYSE:BRO traded up $1.74 during mid-day trading on Friday, reaching $99.17. 960,203 shares of the stock were exchanged, compared to its average volume of 1,264,603. The stock has a market capitalization of $28.29 billion, a P/E ratio of 30.51, a P/E/G ratio of 2.36 and a beta of 0.82. Brown & Brown, Inc. has a 1 year low of $66.73 and a 1 year high of $99.26. The company has a 50 day simple moving average of $91.09 and a 200-day simple moving average of $85.26. The company has a quick ratio of 1.97, a current ratio of 2.35 and a debt-to-equity ratio of 0.56.

Brown & Brown (NYSE:BRO) last posted 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. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.14 billion. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The company’s revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.68 earnings per share. Analysts anticipate that Brown & Brown, Inc. will post 3.66 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th will be paid a $0.13 dividend. The ex-dividend date is Wednesday, August 7th. This represents a $0.52 dividend on an annualized basis and a yield of 0.52%. Brown & Brown’s dividend payout ratio is presently 16.00%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. UBS Group increased their price objective on shares of Brown & Brown from $91.00 to $94.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. StockNews.com raised Brown & Brown from a “hold” rating to a “buy” rating in a report on Friday. Bank of America upgraded Brown & Brown from an “underperform” rating to a “neutral” rating and raised their price target for the company from $91.00 to $101.00 in a research note on Wednesday, May 22nd. Keefe, Bruyette & Woods upped their price objective on Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a research report on Friday. Finally, Citigroup raised their target price on Brown & Brown from $94.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $97.40.

Insider Buying and Selling at Brown & Brown

In other Brown & Brown news, EVP Julie Turpin sold 3,350 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $2,121,842.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 17.02% of the stock is currently owned by company insiders.

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.