GAMMA Investing LLC Buys New Shares in Brown & Brown, Inc. (NYSE:BRO)

GAMMA Investing LLC bought a new stake in Brown & Brown, Inc. (NYSE:BRO) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,378 shares of the financial services provider’s stock, valued at approximately $184,000.

A number of other hedge funds have also added to or reduced their stakes in BRO. Global Retirement Partners LLC grew its position in Brown & Brown by 37.8% in the third quarter. Global Retirement Partners LLC now owns 758 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 208 shares in the last quarter. Czech National Bank grew its position in Brown & Brown by 47.6% in the third quarter. Czech National Bank now owns 41,142 shares of the financial services provider’s stock valued at $2,873,000 after purchasing an additional 13,273 shares in the last quarter. Asset Management One Co. Ltd. grew its position in Brown & Brown by 3.4% in the third quarter. Asset Management One Co. Ltd. now owns 97,918 shares of the financial services provider’s stock valued at $6,839,000 after purchasing an additional 3,184 shares in the last quarter. Golden State Equity Partners bought a new position in Brown & Brown in the third quarter valued at $258,000. Finally, Commonwealth Equity Services LLC grew its position in shares of Brown & Brown by 3.6% in the 3rd quarter. Commonwealth Equity Services LLC now owns 105,268 shares of the financial services provider’s stock valued at $7,352,000 after acquiring an additional 3,649 shares during the period. Institutional investors own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

BRO has been the subject of a number of analyst reports. Bank of America downgraded shares of Brown & Brown from a “neutral” rating to an “underperform” rating and lifted their price objective for the company from $80.00 to $86.00 in a research report on Wednesday, March 13th. StockNews.com raised shares of Brown & Brown from a “hold” rating to a “buy” rating in a research report on Sunday, March 17th. Raymond James lifted their price objective on shares of Brown & Brown from $90.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, March 26th. UBS Group lifted their price objective on shares of Brown & Brown from $75.00 to $81.00 and gave the company a “neutral” rating in a research report on Monday, January 29th. Finally, Truist Financial lifted their price objective on shares of Brown & Brown from $92.00 to $94.00 and gave the company a “buy” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $87.10.

Brown & Brown Price Performance

Shares of Brown & Brown stock opened at $81.45 on Friday. Brown & Brown, Inc. has a twelve month low of $61.71 and a twelve month high of $87.99. The company has a quick ratio of 1.95, a current ratio of 1.97 and a debt-to-equity ratio of 0.52. The company has a 50-day simple moving average of $84.29 and a two-hundred day simple moving average of $77.06. The stock has a market capitalization of $23.23 billion, a price-to-earnings ratio of 25.06, a price-to-earnings-growth ratio of 2.25 and a beta of 0.78.

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

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, May 6th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Friday, May 3rd. Brown & Brown’s dividend payout ratio (DPR) is 16.00%.

Insiders Place Their Bets

In other Brown & Brown news, Chairman Hyatt J. Brown sold 144,323 shares of Brown & Brown stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $85.96, for a total value of $12,406,005.08. Following the completion of the sale, the chairman now owns 37,460,605 shares in the company, valued at approximately $3,220,113,605.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 17.02% of the company’s stock.

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.