Brown & Brown, Inc. $BRO Stock Acquired by Commonwealth Equity Services LLC

Key Points

• Commonwealth Equity Services increased its Brown & Brown holdings by 190.7% in the third quarter, adding 254,065 shares to reach 387,291 shares, valued at about $25.9 million.
• Analyst sentiment is broadly cautious: the stock has a consensus Hold rating and an average price target of $75.47, though several firms maintain or upgraded it to Outperform.
• Brown & Brown slightly missed quarterly EPS and revenue estimates, despite revenue rising 7.4% year over year; it also raised its quarterly dividend from $0.165 to $0.18 per share.

Commonwealth Equity Services LLC raised its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 190.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 387,291 shares of the financial services provider's stock after acquiring an additional 254,065 shares during the quarter. Commonwealth Equity Services LLC owned about 0.12% of Brown & Brown worth $25,938,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Allied Private Wealth LLC purchased a new position in shares of Brown & Brown in the second quarter valued at $35,000. Continuum Advisory LLC bought a new position in shares of Brown & Brown during the second quarter valued at about $34,000. Johnson Financial Group Inc. purchased a new position in shares of Brown & Brown in the second quarter worth $37,000. Manchester Capital Management LLC boosted its holdings in shares of Brown & Brown by 853.3% during the third quarter. Manchester Capital Management LLC now owns 572 shares of the financial services provider's stock worth $38,000 after purchasing an additional 512 shares during the period. Finally, Elevation Wealth Partners LLC lifted its holdings in Brown & Brown by 175.1% in the 3rd quarter. Elevation Wealth Partners LLC now owns 619 shares of the financial services provider's stock worth $40,000 after buying an additional 394 shares during the period. Hedge funds and other institutional investors own 71.01% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on BRO shares. Mizuho cut their price objective on Brown & Brown from $83.00 to $78.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 7th. Royal Bank Of Canada restated a "sector perform" rating on shares of Brown & Brown in a research note on Wednesday, July 29th. BMO Capital Markets raised their target price on Brown & Brown from $73.00 to $74.00 and gave the company a "market perform" rating in a research note on Wednesday, July 29th. Oppenheimer began coverage on Brown & Brown in a research report on Wednesday, October 7th. They set an "outperform" rating and a $73.00 price target on the stock. Finally, Keefe, Bruyette & Woods raised Brown & Brown from an "underperform" rating to an "outperform" rating and set a $77.00 price target on the stock in a research note on Monday, October 12th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $75.47.

Brown & Brown Price Performance

Shares of NYSE:BRO opened at $70.89 on Tuesday. Brown & Brown, Inc. has a 1-year low of $53.81 and a 1-year high of $82.57. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.96 and a quick ratio of 1.96. The business has a fifty day moving average price of $66.95 and a 200-day moving average price of $66.64. The company has a market capitalization of $23.51 billion, a PE ratio of 22.43, a PEG ratio of 2.42 and a beta of 0.52.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings results 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). The firm had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.76 billion. Brown & Brown had a return on equity of 13.29% and a net margin of 17.63%. The business's revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.05 EPS. As a group, equities analysts expect that Brown & Brown, Inc. will post 4.44 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 11th. Stockholders of record on Wednesday, November 4th will be paid a $0.18 dividend. This is a boost from Brown & Brown's previous quarterly dividend of $0.1650. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, November 4th. Brown & Brown's payout ratio is currently 22.78%.

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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