7,613 Shares of Brown & Brown, Inc. $BRO Bought by Sage Private Wealth Group LLC

Sage Private Wealth Group LLC bought a new position in Brown & Brown, Inc. (NYSE:BRO) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 7,613 shares of the financial services provider’s stock, valued at approximately $464,000.

A number of other large investors also recently modified their holdings of the stock. First Citizens Bank & Trust Co. bought a new position in Brown & Brown in the 3rd quarter valued at $2,547,000. MassMutual Private Wealth & Trust FSB increased its stake in shares of Brown & Brown by 7,129.0% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 95,062 shares of the financial services provider’s stock valued at $5,789,000 after buying an additional 93,747 shares during the period. Rathbones Group PLC increased its stake in shares of Brown & Brown by 17.7% in the 1st quarter. Rathbones Group PLC now owns 1,154,219 shares of the financial services provider’s stock valued at $75,267,000 after buying an additional 173,265 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Brown & Brown by 6,588.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 289,013 shares of the financial services provider’s stock valued at $18,540,000 after buying an additional 284,692 shares during the period. Finally, Farther Finance Advisors LLC raised its position in shares of Brown & Brown by 1,424.5% during the third quarter. Farther Finance Advisors LLC now owns 40,583 shares of the financial services provider’s stock worth $2,734,000 after acquiring an additional 37,921 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BRO has been the topic of several research reports. Keefe, Bruyette & Woods raised Brown & Brown from an “underperform” rating to an “outperform” rating and set a $77.00 price target on the stock in a research note on Monday, October 12th. Truist Financial set a $90.00 price target on Brown & Brown in a report on Wednesday, July 29th. TD Cowen began coverage on Brown & Brown in a research report on Monday, October 12th. They issued a “buy” rating and a $82.00 price objective for the company. Raymond James Financial reissued an “outperform” rating on shares of Brown & Brown in a report on Friday, June 26th. Finally, Wells Fargo & Company dropped their price objective on Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating for the company in a report on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $76.00.

Brown & Brown Price Performance

Shares of BRO stock opened at $70.63 on Thursday. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $90.46. The stock has a market cap of $23.63 billion, a PE ratio of 22.28, a PEG ratio of 2.21 and a beta of 0.60. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. The firm’s 50 day moving average price is $67.15 and its two-hundred day moving average price is $65.02.

Brown & Brown (NYSE:BRO) last released its earnings results on Monday, July 27th. The financial services provider reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.71 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%. Brown & Brown’s revenue was up 30.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.03 EPS. As a group, analysts forecast that Brown & Brown, Inc. will post 4.49 EPS for the current year.

Brown & Brown Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 11th. Stockholders of record on Wednesday, November 4th will be given a $0.18 dividend. The ex-dividend date is Wednesday, November 4th. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. This is an increase from Brown & Brown’s previous quarterly dividend of $0.1650. Brown & Brown’s dividend payout ratio is 20.82%.

About Brown & Brown

Brown & Brown, Inc is an insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities, individuals and other organizations identify, manage and transfer risk by arranging insurance coverage and providing related advisory services.

Its operations include retail insurance brokerage, national programs, wholesale brokerage and services. Brown & Brown offers property and casualty insurance, employee benefits, personal insurance, surety and other specialized coverage.