Brown & Brown, Inc. $BRO Shares Acquired by Candriam S.C.A.

Key Points

• Candriam S.C.A. increased its Brown & Brown stake by 72.5% in the third quarter, adding 146,178 shares to hold 347,692 shares worth about $22.4 million. Institutional investors and hedge funds own 71.01% of the company’s stock.
• Brown & Brown’s latest quarter fell slightly short of analyst expectations: EPS was $1.07 versus $1.08 expected, and revenue was $1.70 billion versus $1.76 billion expected. Revenue nevertheless 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.

Candriam S.C.A. boosted its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 72.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 347,692 shares of the financial services provider's stock after buying an additional 146,178 shares during the period. Candriam S.C.A. owned approximately 0.10% of Brown & Brown worth $22,375,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in BRO. Ethic Inc. grew its position in Brown & Brown by 130.1% in the 3rd quarter. Ethic Inc. now owns 93,338 shares of the financial services provider's stock valued at $5,998,000 after purchasing an additional 52,776 shares during the period. StoneX Group Inc. acquired a new position in Brown & Brown during the third quarter worth $270,000. Asset Dedication LLC raised its holdings in Brown & Brown by 1,326.8% during the third quarter. Asset Dedication LLC now owns 799 shares of the financial services provider's stock worth $49,000 after buying an additional 743 shares during the last quarter. Ashton Thomas Private Wealth LLC lifted its stake in shares of Brown & Brown by 623.2% in the third quarter. Ashton Thomas Private Wealth LLC now owns 24,351 shares of the financial services provider's stock valued at $1,631,000 after buying an additional 20,984 shares in the last quarter. Finally, Westside Investment Management Inc. lifted its stake in shares of Brown & Brown by 84.7% in the third quarter. Westside Investment Management Inc. now owns 399 shares of the financial services provider's stock valued at $25,000 after buying an additional 183 shares in the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Trading Down 0.2%

NYSE BRO opened at $71.99 on Monday. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.58. The business has a fifty day simple moving average of $66.99 and a 200 day simple moving average of $66.67. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $82.57. The firm has a market capitalization of $23.88 billion, a P/E ratio of 22.78, a PEG ratio of 2.37 and a beta of 0.52.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings data on Monday, October 26th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.29% and a net margin of 17.63%. The firm had revenue of $1.70 billion for the quarter, compared to analysts' expectations of $1.76 billion. During the same period in the prior year, the firm earned $1.05 earnings per share. Brown & Brown's revenue was up 7.4% compared to the same quarter last year. On average, analysts predict that Brown & Brown, Inc. will post 4.44 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 11th. Investors of record on Wednesday, November 4th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, November 4th. This is an increase from Brown & Brown's previous quarterly dividend of $0.1650. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. Brown & Brown's payout ratio is 22.78%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BRO. UBS Group reduced their price objective on shares of Brown & Brown from $73.00 to $72.00 and set a "neutral" rating for the company in a report on Monday, November 2nd. Wells Fargo & Company lowered their target price on shares of Brown & Brown from $69.00 to $68.00 and set an "equal weight" rating on the stock in a report on Monday, October 12th. Mizuho lowered their target price 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. Truist Financial cut their price target on Brown & Brown from $90.00 to $85.00 and set a "buy" rating for the company in a research note on Wednesday, October 28th. Finally, JPMorgan Chase & Co. boosted their price objective on Brown & Brown from $80.00 to $83.00 and gave the stock a "neutral" rating in a report on Thursday, October 1st. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Brown & Brown currently has an average rating of "Hold" and a consensus target price of $75.47.

About Brown & Brown

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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