Ashton Thomas Private Wealth LLC Purchases 20,984 Shares of Brown & Brown, Inc. $BRO

Key Points

• Ashton Thomas Private Wealth increased its Brown & Brown stake by 623.2% in the third quarter, adding 20,984 shares to hold 24,351 shares valued at about $1.63 million.
• Brown & Brown’s latest quarter fell slightly short of expectations: earnings were $1.07 per share versus $1.08 expected, and revenue was $1.70 billion versus $1.76 billion forecast, though revenue rose 7.4% year over year.
• The company raised its quarterly dividend from $0.165 to $0.18 per share. Analysts’ consensus rating was “Hold,” with an average price target of $75.47.

Ashton Thomas Private Wealth LLC boosted its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 623.2% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 24,351 shares of the financial services provider's stock after acquiring an additional 20,984 shares during the quarter. Ashton Thomas Private Wealth LLC's holdings in Brown & Brown were worth $1,631,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Brown & Brown during the 2nd quarter worth approximately $1,418,571,000. Principal Financial Group Inc. grew its position in Brown & Brown by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider's stock worth $1,017,847,000 after purchasing an additional 246,172 shares during the period. Deutsche Bank AG acquired a new position in shares of Brown & Brown in the 2nd quarter valued at about $266,941,000. Bank of America Corp DE lifted its holdings in shares of Brown & Brown by 45.2% in the 1st quarter. Bank of America Corp DE now owns 3,623,179 shares of the financial services provider's stock valued at $236,268,000 after buying an additional 1,128,417 shares during the period. Finally, Royal Bank of Canada boosted its stake in shares of Brown & Brown by 5.1% in the first quarter. Royal Bank of Canada now owns 3,569,784 shares of the financial services provider's stock worth $232,786,000 after buying an additional 173,320 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Stock Down 1.7%

Shares of BRO opened at $70.89 on Tuesday. The firm has a market cap of $23.51 billion, a P/E ratio of 16.57, a PEG ratio of 2.42 and a beta of 0.52. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $82.57. The stock's 50 day moving average is $66.95 and its two-hundred day moving average is $66.64. 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 - Get Free Report) last announced its earnings results on Monday, October 26th. The financial services provider reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.29% and a net margin of 17.63%. The business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same period in the previous year, the company earned $1.05 earnings per share. The company's quarterly revenue was up 7.4% compared to the same quarter last year. Analysts predict that Brown & Brown, Inc. will post 4.44 earnings per share 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. Investors of record on Wednesday, November 4th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 4th. This is a boost from Brown & Brown's previous quarterly dividend of $0.1650. Brown & Brown's payout ratio is presently 22.78%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BRO. JPMorgan Chase & Co. boosted their target price on shares of Brown & Brown from $80.00 to $83.00 and gave the company a "neutral" rating in a research note on Thursday, October 1st. Truist Financial cut their price objective on shares of Brown & Brown from $90.00 to $85.00 and set a "buy" rating for the company in a report on Wednesday, October 28th. TD Cowen began coverage on shares of Brown & Brown in a research report on Monday, October 12th. They issued a "buy" rating and a $82.00 price objective for the company. BMO Capital Markets upped their price objective on shares of Brown & Brown from $73.00 to $74.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 29th. Finally, Citizens Jmp lowered their target price on shares of Brown & Brown from $78.00 to $75.00 and set a "market outperform" rating on the stock in a research note on Monday, October 12th. One investment 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average 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.

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