Brown & Brown, Inc. $BRO Stock Holdings Lifted by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp boosted its Brown & Brown stake by 1,232.9% in the third quarter, ending the period with 812,380 shares worth about $54.8 million. Institutional investors collectively own 71.01% of the company.
• Analysts’ consensus rating is Hold, with an average price target of $75.47. Recent quarterly results slightly missed estimates: EPS was $1.07 versus $1.08 expected, and revenue was $1.70 billion versus $1.76 billion expected.
• Brown & Brown increased its quarterly dividend from $0.165 to $0.18 per share, equivalent to an annualized dividend of $0.72 and a yield of about 1.0%.

Fifth Third Bancorp increased its stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 1,232.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 812,380 shares of the financial services provider's stock after buying an additional 751,432 shares during the period. Fifth Third Bancorp owned 0.24% of Brown & Brown worth $54,797,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Brown & Brown during the second quarter worth approximately $1,418,571,000. Deutsche Bank AG bought a new position in Brown & Brown in the second quarter worth approximately $266,941,000. Bank of America Corp DE increased its holdings in Brown & Brown by 45.2% during the 1st quarter. Bank of America Corp DE now owns 3,623,179 shares of the financial services provider's stock worth $236,268,000 after purchasing an additional 1,128,417 shares during the period. Royal Bank of Canada increased its holdings in Brown & Brown by 5.1% during the 1st quarter. Royal Bank of Canada now owns 3,569,784 shares of the financial services provider's stock worth $232,786,000 after purchasing an additional 173,320 shares during the period. Finally, ProShare Advisors LLC raised its position in Brown & Brown by 7.5% during the 3rd quarter. ProShare Advisors LLC now owns 2,587,071 shares of the financial services provider's stock valued at $157,553,000 after purchasing an additional 180,593 shares in the last quarter. Institutional investors own 71.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Citigroup lowered their target price on Brown & Brown from $79.00 to $76.00 and set a "neutral" rating for the company in a report on Wednesday, October 28th. Barclays cut their price target on Brown & Brown from $76.00 to $71.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 7th. 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, October 12th. Truist Financial lowered their price objective on shares of 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, Jefferies Financial Group reaffirmed a "hold" rating on shares of Brown & Brown in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $75.47.

Brown & Brown Stock Down 1.1%

Brown & Brown stock opened at $70.58 on Friday. The business has a fifty day moving average of $66.90 and a two-hundred day moving average of $66.52. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 0.58. The firm has a market cap of $23.41 billion, a P/E ratio of 22.34, a P/E/G ratio of 2.35 and a beta of 0.52. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $82.57.

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 company had revenue of $1.70 billion during the quarter, compared to analysts' expectations of $1.76 billion. Brown & Brown had a net margin of 17.63% and a return on equity of 13.29%. The company's revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.05 earnings per share. On average, analysts forecast that Brown & Brown, Inc. will post 4.44 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

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

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.

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