Brown & Brown, Inc. $BRO Stock Holdings Boosted by Brookstone Capital Management

Key Points

• Brookstone Capital Management increased its Brown & Brown stake by 330.4% in the third quarter, bringing its holdings to 32,977 shares valued at approximately $2.19 million. Institutional investors collectively own 71.01% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $76.00, compared with the stock’s opening price of $72.97.
• Brown & Brown raised its quarterly dividend to $0.18 per share, equivalent to a $0.72 annualized payout and a 1.0% yield. Its latest quarterly results slightly missed estimates, although revenue rose 30.4% year over year.

Brookstone Capital Management boosted its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 330.4% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 32,977 shares of the financial services provider's stock after acquiring an additional 25,315 shares during the period. Brookstone Capital Management's holdings in Brown & Brown were worth $2,187,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Root Financial Partners LLC purchased a new stake in Brown & Brown during the 3rd quarter worth approximately $541,000. SBI Securities Co. Ltd. raised its holdings in shares of Brown & Brown by 3,413.4% during the third quarter. SBI Securities Co. Ltd. now owns 11,032 shares of the financial services provider's stock valued at $672,000 after acquiring an additional 10,718 shares during the last quarter. Vest Financial LLC raised its holdings in shares of Brown & Brown by 6.4% during the third quarter. Vest Financial LLC now owns 749,394 shares of the financial services provider's stock valued at $45,638,000 after acquiring an additional 45,137 shares during the last quarter. Sage Private Wealth Group LLC purchased a new position in shares of Brown & Brown in the third quarter valued at approximately $464,000. Finally, Albion Financial Group UT purchased a new position in shares of Brown & Brown in the third quarter valued at approximately $68,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BRO has been the topic of a number of research analyst reports. Citizens Jmp lowered their price target 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. Truist Financial set a $90.00 price objective on Brown & Brown in a research note on Wednesday, July 29th. UBS Group reissued a "neutral" rating and issued a $73.00 price objective (up from $65.00) on shares of Brown & Brown in a research note on Wednesday, July 8th. Royal Bank Of Canada restated a "sector perform" rating on shares of Brown & Brown in a report on Wednesday, July 29th. Finally, Morgan Stanley lowered their target price on shares of Brown & Brown from $60.00 to $55.00 and set an "underweight" rating on the stock in a research note on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $76.00.

Brown & Brown Stock Up 0.0%

BRO stock opened at $72.97 on Monday. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.58. The firm has a 50-day moving average of $67.25 and a two-hundred day moving average of $65.13. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $89.26. The company has a market cap of $24.42 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 2.27 and a beta of 0.60.

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

Brown & Brown Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 11th. Investors of record on Wednesday, November 4th will be issued 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 of this dividend is Wednesday, November 4th. Brown & Brown's payout ratio is 20.82%.

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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