Brown & Brown, Inc. $BRO Shares Acquired by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada increased its Brown & Brown stake by 29,629.1% in the third quarter, acquiring 122,072 additional shares for a total holding worth approximately $7.46 million. Institutional investors collectively own 71.01% of the company.
• Brown & Brown shares opened at $69.32, with a market capitalization of $23.2 billion and a 52-week range of $53.81 to $90.46. The company recently reported quarterly EPS of $1.07 and revenue of $1.65 billion, while revenue grew 30.4% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $76.00. Brown & Brown also pays a quarterly dividend of $0.165 per share, representing a 1.0% yield.

TD Waterhouse Canada Inc. raised its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 29,629.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 122,484 shares of the financial services provider's stock after acquiring an additional 122,072 shares during the period. TD Waterhouse Canada Inc.'s holdings in Brown & Brown were worth $7,459,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Brown & Brown in the second quarter valued at about $1,418,571,000. Deutsche Bank AG purchased a new position in Brown & Brown during the second quarter worth about $266,941,000. Bank of America Corp DE bought a new stake in Brown & Brown in the 2nd quarter worth about $228,051,000. Madison Asset Management LLC bought a new stake in Brown & Brown in the 2nd quarter worth about $138,630,000. Finally, Bank of New York Mellon Corp bought a new stake in Brown & Brown in the 2nd quarter worth about $88,589,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Price Performance

BRO opened at $69.32 on Tuesday. The firm has a market cap of $23.20 billion, a P/E ratio of 21.87, a PEG ratio of 2.16 and a beta of 0.60. The firm has a 50-day moving average of $67.17 and a 200 day moving average of $64.94. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.11 and a current ratio of 2.11. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $90.46.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). The company had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.71 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%. The business's quarterly revenue was up 30.4% on a year-over-year basis. During the same quarter last year, the business posted $1.03 EPS. On average, research analysts expect that Brown & Brown, Inc. will post 4.49 EPS for the current year.

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were paid a dividend of $0.1650 per share. The ex-dividend date was Wednesday, August 12th. This represents a $0.66 annualized dividend and a dividend yield of 1.0%. Brown & Brown's dividend payout ratio (DPR) is presently 20.82%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on BRO shares. Truist Financial set a $90.00 price objective on shares of Brown & Brown in a research note on Wednesday, July 29th. Jefferies Financial Group restated a "hold" rating on shares of Brown & Brown in a research note on Wednesday, July 29th. Citizens Jmp cut their target price on 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. The Goldman Sachs Group upped their target price on Brown & Brown from $62.00 to $70.00 and gave the company a "neutral" rating in a report on Wednesday, July 1st. Finally, Wells Fargo & Company decreased their price target on Brown & Brown from $69.00 to $68.00 and set an "equal weight" rating for the company in a research report on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Brown & Brown presently has a consensus rating of "Hold" and a consensus price target of $76.00.

Brown & Brown Profile

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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