Tower Bridge Advisors Increases Stock Holdings in Brown & Brown, Inc. $BRO

Tower Bridge Advisors raised its holdings in Brown & Brown, Inc. (NYSE:BRO) by 130.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,138 shares of the financial services provider’s stock after buying an additional 59,445 shares during the quarter. Tower Bridge Advisors’ holdings in Brown & Brown were worth $9,861,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in BRO. Western Wealth Management LLC increased its position in shares of Brown & Brown by 6.0% during the second quarter. Western Wealth Management LLC now owns 1,902 shares of the financial services provider’s stock worth $211,000 after acquiring an additional 108 shares during the last quarter. ICONIQ Capital LLC raised its position in shares of Brown & Brown by 5.4% during the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock worth $234,000 after purchasing an additional 109 shares during the period. Kingsview Wealth Management LLC lifted its stake in Brown & Brown by 2.2% in the second quarter. Kingsview Wealth Management LLC now owns 5,267 shares of the financial services provider’s stock valued at $584,000 after buying an additional 114 shares during the last quarter. Freedom Day Solutions LLC lifted its position in Brown & Brown by 0.7% in the 3rd quarter. Freedom Day Solutions LLC now owns 18,632 shares of the financial services provider’s stock valued at $1,747,000 after purchasing an additional 129 shares during the last quarter. Finally, Baker Tilly Wealth Management LLC raised its holdings in shares of Brown & Brown by 4.1% during the third quarter. Baker Tilly Wealth Management LLC now owns 3,330 shares of the financial services provider’s stock valued at $312,000 after buying an additional 132 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on BRO. JPMorgan Chase & Co. began coverage on shares of Brown & Brown in a research note on Thursday, December 18th. They set a “neutral” rating and a $91.00 price objective on the stock. Mizuho raised Brown & Brown from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $84.00 to $85.00 in a research note on Friday, February 27th. Bank of America decreased their target price on shares of Brown & Brown from $94.00 to $90.00 and set a “neutral” rating for the company in a report on Tuesday, January 27th. Wolfe Research initiated coverage on Brown & Brown in a report on Thursday, November 20th. They set a “peer perform” rating on the stock. Finally, BMO Capital Markets lowered their price objective on shares of Brown & Brown from $88.00 to $81.00 and set a “market perform” rating on the stock in a research report on Thursday, January 29th. Four research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. Based on data from MarketBeat, Brown & Brown has an average rating of “Hold” and an average target price of $90.43.

Brown & Brown Stock Performance

Shares of BRO opened at $71.84 on Thursday. The company’s fifty day moving average price is $74.85 and its 200 day moving average price is $82.95. Brown & Brown, Inc. has a one year low of $65.68 and a one year high of $125.68. The company has a market capitalization of $24.46 billion, a PE ratio of 22.45, a price-to-earnings-growth ratio of 2.18 and a beta of 0.79. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.66 and a quick ratio of 1.66.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, January 26th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. Brown & Brown had a return on equity of 12.93% and a net margin of 17.84%.The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same period in the previous year, the company earned $0.86 earnings per share. The company’s quarterly revenue was up 35.7% compared to the same quarter last year. As a group, analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 11th. Investors of record on Wednesday, February 4th were given a dividend of $0.165 per share. The ex-dividend date of this dividend was Wednesday, February 4th. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. Brown & Brown’s dividend payout ratio (DPR) is 20.63%.

Brown & Brown Company Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.