Kestra Advisory Services LLC Acquires 377,008 Shares of Brown & Brown, Inc. $BRO

Kestra Advisory Services LLC increased its holdings in Brown & Brown, Inc. (NYSE:BRO) by 5,724.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 383,594 shares of the financial services provider’s stock after purchasing an additional 377,008 shares during the quarter. Kestra Advisory Services LLC’s holdings in Brown & Brown were worth $23,361,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Commonwealth Equity Services LLC boosted its position in Brown & Brown by 190.7% during the third quarter. Commonwealth Equity Services LLC now owns 387,291 shares of the financial services provider’s stock worth $25,938,000 after purchasing an additional 254,065 shares in the last quarter. Chicago Partners Investment Group LLC purchased a new stake in shares of Brown & Brown in the third quarter valued at approximately $236,000. Rakuten Investment Management Inc. increased its position in shares of Brown & Brown by 8.8% in the third quarter. Rakuten Investment Management Inc. now owns 51,673 shares of the financial services provider’s stock valued at $3,131,000 after buying an additional 4,161 shares in the last quarter. Provenance Wealth Advisors LLC acquired a new position in shares of Brown & Brown during the 3rd quarter worth approximately $58,000. Finally, Cortland Associates Inc. MO raised its stake in shares of Brown & Brown by 98.1% during the 3rd quarter. Cortland Associates Inc. MO now owns 353,820 shares of the financial services provider’s stock worth $21,548,000 after buying an additional 175,188 shares during the period. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Performance

BRO opened at $71.99 on Friday. The firm has a market capitalization of $23.88 billion, a PE ratio of 22.78, a PEG ratio of 2.37 and a beta of 0.52. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $82.57. The firm’s 50-day moving average price is $66.99 and its 200 day moving average price is $66.67. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.58.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, October 26th. The financial services provider reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Brown & Brown had a net margin of 17.63% and a return on equity of 13.29%. The business had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the previous year, the company posted $1.05 EPS. The firm’s revenue was up 7.4% on a year-over-year basis. As a group, sell-side analysts expect that Brown & Brown, Inc. will post 4.44 EPS for the current fiscal 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. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.1650. The ex-dividend date is Wednesday, November 4th. Brown & Brown’s dividend payout ratio (DPR) is currently 22.78%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their target price on Brown & Brown from $80.00 to $83.00 and gave the company a “neutral” rating in a research report on Thursday, October 1st. Oppenheimer initiated coverage on shares of Brown & Brown in a research note on Wednesday, October 7th. They issued an “outperform” rating and a $73.00 price target on the stock. Weiss Ratings raised shares of Brown & Brown from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, October 22nd. Truist Financial reduced their price objective on shares of Brown & Brown from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, October 28th. Finally, Mizuho decreased their price objective on shares of Brown & Brown from $83.00 to $78.00 and set an “outperform” rating on the stock in a report on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $75.47.

Brown & Brown Profile

Brown & Brown, Inc is an insurance brokerage and risk management company that helps businesses, public entities and individuals assess and manage risk. Its services include arranging property and casualty insurance, employee benefits and personal insurance, as well as providing risk management and related services.

The company serves clients through retail insurance operations, national insurance programs, wholesale brokerage and insurance-related services. It operates primarily in the United States and also serves clients in international markets.

Founded in 1939 in Daytona Beach, Florida, Brown & Brown has grown through organic expansion and acquisitions.