Brown & Brown, Inc. $BRO Stock: Cyndeo Wealth Partners LLC Grows Stake

Key Points

• Cyndeo Wealth Partners increased its Brown & Brown stake by 386.7% in the third quarter, bringing its holdings to 81,985 shares valued at approximately $5.44 million. Institutional investors collectively own 71.01% of the company.
• Brown & Brown shares opened at $69.42, with a market capitalization of $23.23 billion and a 52-week range of $53.81 to $90.46. The company recently reported year-over-year revenue growth of 30.4%, though its quarterly EPS and revenue fell slightly short of analyst estimates.
• The company declared a quarterly dividend of $0.165 per share, equal to an annualized $0.66 dividend and a 1.0% yield. Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $76.00.

Cyndeo Wealth Partners LLC increased its holdings in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 386.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 81,985 shares of the financial services provider's stock after buying an additional 65,141 shares during the period. Cyndeo Wealth Partners LLC's holdings in Brown & Brown were worth $5,444,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of BRO. Union Bancaire Privee UBP SA bought a new stake in shares of Brown & Brown in the 1st quarter valued at about $25,000. Continuum Advisory LLC bought a new position in shares of Brown & Brown during the 2nd quarter worth approximately $34,000. Allied Private Wealth LLC bought a new position in shares of Brown & Brown during the 2nd quarter worth approximately $35,000. Johnson Financial Group Inc. bought a new position in shares of Brown & Brown during the 2nd quarter worth approximately $37,000. Finally, Elevation Wealth Partners LLC lifted its position in Brown & Brown by 175.1% during the third quarter. Elevation Wealth Partners LLC now owns 619 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 394 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company's stock.

Brown & Brown Stock Performance

Shares of Brown & Brown stock opened at $69.42 on Friday. The firm has a market capitalization of $23.23 billion, a P/E ratio of 21.90, a PEG ratio of 2.12 and a beta of 0.60. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The company has a 50 day moving average price of $67.21 and a 200 day moving average price of $64.92. Brown & Brown, Inc. has a 52 week low of $53.81 and a 52 week high of $90.46.

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

Brown & Brown Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BRO. Oppenheimer initiated coverage on shares of Brown & Brown in a research note on Wednesday, October 7th. They issued an "outperform" rating and a $73.00 target price for the company. Morgan Stanley reduced their price target 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. Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Brown & Brown in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods upgraded Brown & Brown from an "underperform" rating to an "outperform" rating and set a $77.00 price objective for the company in a report on Monday. Finally, Citigroup reissued a "market outperform" rating on shares of Brown & Brown in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $76.00.

About Brown & Brown

Brown & Brown, Inc is an independent insurance brokerage, risk management and employee benefits firm headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk through insurance placement, risk consulting and related services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialized insurance programs. Brown & Brown also operates wholesale brokerage businesses that provide coverage solutions and access to insurance markets for retail agents and brokers, including products designed for specialty and hard-to-place risks.

Founded in 1939 by J.

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