Brown & Brown, Inc. $BRO Position Increased by Blue Zone Wealth Advisors LLC

Key Points

• Blue Zone Wealth Advisors increased its Brown & Brown stake by 2,285.9% in the third quarter, bringing its holdings to 114,521 shares valued at approximately $6.97 million. Institutional investors and hedge funds collectively own 71.01% of BRO.
• Brown & Brown reported quarterly revenue of $1.65 billion and earnings of $1.07 per share, slightly missing analyst estimates, while revenue increased 30.4% year over year.
• BRO shares opened at $69.32, and analysts hold a consensus “Hold” rating with an average price target of $76.00. The company pays a quarterly dividend of $0.165 per share, representing a 1.0% annualized yield.

Blue Zone Wealth Advisors LLC raised its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 2,285.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 114,521 shares of the financial services provider's stock after purchasing an additional 109,721 shares during the quarter. Brown & Brown comprises approximately 1.1% of Blue Zone Wealth Advisors LLC's portfolio, making the stock its 21st largest holding. Blue Zone Wealth Advisors LLC's holdings in Brown & Brown were worth $6,974,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. First Citizens Bank & Trust Co. purchased a new position in Brown & Brown in the 3rd quarter valued at $2,547,000. Rathbones Group PLC boosted its holdings in shares of Brown & Brown by 17.7% in the first quarter. Rathbones Group PLC now owns 1,154,219 shares of the financial services provider's stock valued at $75,267,000 after acquiring an additional 173,265 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in shares of Brown & Brown by 7,129.0% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 95,062 shares of the financial services provider's stock worth $5,789,000 after acquiring an additional 93,747 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Brown & Brown by 6,588.6% during the second quarter. Assenagon Asset Management S.A. now owns 289,013 shares of the financial services provider's stock worth $18,540,000 after acquiring an additional 284,692 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in Brown & Brown by 46.5% during the first quarter. Renaissance Technologies LLC now owns 1,573,902 shares of the financial services provider's stock worth $102,634,000 after purchasing an additional 499,902 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Brown & Brown Price Performance

BRO stock opened at $69.32 on Tuesday. The firm has a 50 day moving average of $67.17 and a 200-day moving average of $64.94. The company has a market cap of $23.20 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 2.16 and a beta of 0.60. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $90.46.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). The firm had revenue of $1.65 billion during 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%. The business's revenue was up 30.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.03 EPS. As a group, equities analysts expect that Brown & Brown, Inc. will post 4.49 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th were issued a dividend of $0.1650 per share. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $0.66 annualized dividend and a yield of 1.0%. Brown & Brown's payout ratio is currently 20.82%.

Analyst Upgrades and Downgrades

BRO has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised their price objective on shares of Brown & Brown from $62.00 to $70.00 and gave the company a "neutral" rating in a research report on Wednesday, July 1st. Raymond James Financial reaffirmed an "outperform" rating on shares of Brown & Brown in a report on Friday, June 26th. Morgan Stanley dropped their target price on Brown & Brown from $60.00 to $55.00 and set an "underweight" rating on the stock in a research report on Tuesday, October 6th. Truist Financial set a $90.00 target price on Brown & Brown in a research note on Wednesday, July 29th. Finally, TD Cowen initiated coverage on Brown & Brown in a research note on Monday, October 12th. They set a "buy" rating and a $82.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $76.00.

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.

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