In a surprising display of confidence and faith, Raymond James & Associates recently announced an increase in its holdings of shares in Brown & Brown, Inc. by 6.5% during the first quarter of this year. This move has positioned Raymond James & Associates as a key institutional investor with a significant stake in the financial services provider.
According to the most recent disclosure with the Securities and Exchange Commission (SEC), Raymond James & Associates now owns 557,460 shares of Brown & Brown, valued at approximately $32,009,000. This notable increment involved the acquisition of an additional 33,980 shares during the quarter.
The decision made by Raymond James & Associates to bolster its position in Brown & Brown clearly suggests a strong belief in the potential growth and profitability of this company. With an ownership stake reaching 0.20% of the outstanding shares, it is evident that this institutional investor has great confidence in the future prospects of Brown & Brown.
Furthermore, it is worth noting that Brown & Brown recently announced a quarterly dividend payment which was made on Wednesday, May 17th to shareholders on record as of Monday, May 8th. Investors received a dividend payout of $0.115 per share resulting in an annualized dividend amounting to $0.46 per share and a dividend yield of 0.69%. It is essential to underline that this dividend payout ratio currently stands at 19.01%.
Given these encouraging developments, it comes as no surprise that research analysts have been compelled to weigh in on Brown & Brown’s performance and future potential. Citigroup recently upgraded their rating from “neutral” to “buy” while increasing their target price for the stock from $62.00 to $69.00 in their report published on Tuesday, April 18th.
Similarly, Jefferies Financial Group expressed their optimism about Brown & Brown’s prospects by maintaining their “buy” rating although slightly lowering their target price from $69.00 to $68.00 in a report on Monday, April 10th.
The positive sentiment surrounding Brown & Brown was further reinforced when StockNews.com upgraded the stock from a “hold” rating to a “buy” rating on Friday, June 23rd. This suggests that analysts believe the company is well-positioned for growth and potential investment opportunities.
Adding to this positive narrative, Keefe, Bruyette & Woods also expressed their confidence in Brown & Brown’s future performance by raising their price target from $66.00 to $69.00 and assigning an “outperform” rating in their research report published on Tuesday, April 18th.
These notable endorsements from key industry analysts firmly establish the growing appeal of Brown & Brown as a lucrative opportunity for investors. Four research analysts have taken a more cautious stance by issuing a hold rating while six others have assigned a buy rating to the stock.
Taking into consideration these ratings, Bloomberg reports that Brown & Brown currently holds an average rating of “Moderate Buy” with an average price target of $66.64.
The recent increase in holdings by Raymond James & Associates and the positive evaluations provided by various research analysts provide compelling evidence that demonstrates the robustness and potential profitability of Brown & Brown, Inc.
Investors who recognize and appreciate the significance of these developments may find themselves eager to explore further investment opportunities in this thriving financial services provider. As always, it is advisable to conduct thorough research and consult with financial professionals before making any investment decisions.
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Recent Developments and Positive Outlook for Brown & Brown, Inc.
Brown & Brown, a financial services provider, has recently seen modifications in the holdings of several hedge funds and institutional investors. This includes Retirement Systems of Alabama, Louisiana State Employees Retirement System, Texas Permanent School Fund, Nomura Holdings Inc., and Oregon Public Employees Retirement Fund. These institutions have increased their holdings by small percentages in the last quarter, resulting in a cumulative ownership of 69.90% of Brown & Brown’s stock.
In a separate development, Director Bronislaw Edmund Masojada made a significant purchase of 4,000 shares of the company’s stock on June 21st. With an average cost per share of $65.78, the total value of this transaction amounted to $263,120. Following this purchase, Director Masojada now owns 4,000 shares in the company valued at $263,120. The details of this acquisition were disclosed in a legal filing with the Securities & Exchange Commission.
Furthermore, Brown & Brown recently announced its quarterly dividend which was paid on May 17th to investors who were listed as shareholders by May 8th. The dividend amounted to $0.115 per share representing an annualized dividend yield of 0.69%. The ex-dividend date for this distribution was May 5th. Currently, Brown & Brown’s dividend payout ratio stands at 19.01%.
On the trading front, shares for Brown & Brown (NYSE: BRO) began trading at $66.81 on Thursday. The firm boasts a healthy current ratio and quick ratio both standing at 2.49 and maintains a favorable debt-to-equity ratio of 0.76. Over the past year, its stock has fluctuated between its low point at $52.82 and high point at $68.43 with a market capitalization worth $18.95 billion.
In terms of financial performance, Brown & Brown reported impressive earnings results in its previous quarter. The company surpassed the consensus estimate of $0.81 by reporting an earnings per share of $0.84, indicating an increase of $0.03. Additionally, it boasted a return on equity of 14.80% and a net margin of 18.15%. The firm’s revenue stood at $1.12 billion for the quarter, surpassing analysts’ expectations of $1.06 billion.
Analysts predict that Brown & Brown, Inc. will post an EPS (earnings per share) of 2.52 for the current fiscal year based on its strong financial performance and positive outlook.
In conclusion, Brown & Brown has attracted notable attention from hedge funds and institutional investors who have increased their holdings in recent months. Furthermore, Director Masojada’s significant purchase showcased confidence in the company’s potential for growth and stability. With impressive financial performance and a favorable dividend payout ratio, Brown & Brown is poised for continued success in the financial services sector.
Disclaimer: This report contains forward-looking statements about the future outlook of Brown & Brown, Inc.’s financial performance which involve risks and uncertainties that may cause actual results to differ significantly from such statements. The reader should not solely rely on this information as investment advice but should conduct independent research before making any investment decisions regarding securities mentioned above.
