Brown & Brown, Inc. $BRO Stock Position Raised by Signaturefd LLC

Key Points

• Signaturefd LLC increased its Brown & Brown position by 342.7% in the third quarter, ending with 41,152 shares valued at approximately $2.7 million. Institutional investors collectively own 71.01% of the company.
• Brown & Brown shares opened at $72.97, with the stock trading between a 52-week range of $53.81 and $89.26. The company’s latest quarterly results slightly missed analyst expectations, although revenue rose 30.4% year over year.
• The company raised its quarterly dividend to $0.18 per share, representing an annualized dividend of $0.72 and a 1.0% yield. Analysts’ consensus rating remains “Hold,” with an average price target of $76.00.

Signaturefd LLC raised its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 342.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,152 shares of the financial services provider's stock after acquiring an additional 31,856 shares during the period. Signaturefd LLC's holdings in Brown & Brown were worth $2,725,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Brown & Brown during the 2nd quarter worth approximately $1,418,571,000. Principal Financial Group Inc. boosted its stake in Brown & Brown by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider's stock valued at $1,017,847,000 after purchasing an additional 246,172 shares during the period. Deutsche Bank AG bought a new stake in Brown & Brown in the 2nd quarter valued at $266,941,000. Bank of America Corp DE boosted its stake in Brown & Brown by 45.2% in the 1st quarter. Bank of America Corp DE now owns 3,623,179 shares of the financial services provider's stock valued at $236,268,000 after purchasing an additional 1,128,417 shares during the period. Finally, Royal Bank of Canada grew its holdings in Brown & Brown by 5.1% in the 1st quarter. Royal Bank of Canada now owns 3,569,784 shares of the financial services provider's stock valued at $232,786,000 after buying an additional 173,320 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Brown & Brown Trading Up 0.0%

Shares of NYSE:BRO opened at $72.97 on Monday. The company has a market capitalization of $24.42 billion, a P/E ratio of 23.02, a P/E/G ratio of 2.27 and a beta of 0.60. Brown & Brown, Inc. has a 1 year low of $53.81 and a 1 year high of $89.26. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. The business's 50 day simple moving average is $67.25 and its 200 day simple moving average is $65.13.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $1.71 billion. Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%. Brown & Brown's revenue was up 30.4% on a year-over-year basis. During the same quarter last year, the business earned $1.03 EPS. On average, research analysts anticipate that Brown & Brown, Inc. will post 4.49 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 11th. Stockholders of record on Wednesday, November 4th will be issued a dividend of $0.18 per share. This is an increase from Brown & Brown's previous quarterly dividend of $0.1650. The ex-dividend date of this dividend is Wednesday, November 4th. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. Brown & Brown's payout ratio is currently 20.82%.

Analyst Ratings Changes

BRO has been the topic of a number of research reports. Mizuho decreased their price objective on Brown & Brown from $83.00 to $78.00 and set an "outperform" rating on the stock in a report on Wednesday, October 7th. Weiss Ratings raised shares of Brown & Brown from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday. JPMorgan Chase & Co. raised their price target on shares of Brown & Brown from $80.00 to $83.00 and gave the stock a "neutral" rating in a research report on Thursday, October 1st. Morgan Stanley dropped their price objective on shares of Brown & Brown from $60.00 to $55.00 and set an "underweight" rating for the company in a research note on Tuesday, October 6th. Finally, Truist Financial set a $90.00 price objective on shares of Brown & Brown in a report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $76.00.

Brown & Brown Company 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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