Mackenzie Financial Corp Purchases 4,424 Shares of Brown & Brown, Inc. (NYSE:BRO)

Mackenzie Financial Corp raised its position in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 4.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 94,093 shares of the financial services provider's stock after purchasing an additional 4,424 shares during the period. Mackenzie Financial Corp's holdings in Brown & Brown were worth $9,599,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in BRO. Invst LLC grew its stake in shares of Brown & Brown by 4.0% during the fourth quarter. Invst LLC now owns 10,374 shares of the financial services provider's stock valued at $1,058,000 after buying an additional 396 shares during the last quarter. Parr Mcknight Wealth Management Group LLC bought a new stake in Brown & Brown during the 4th quarter valued at approximately $1,252,000. Sunbelt Securities Inc. lifted its holdings in shares of Brown & Brown by 581.8% during the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 256 shares during the last quarter. GTS Securities LLC purchased a new position in shares of Brown & Brown during the fourth quarter valued at approximately $220,000. Finally, Orion Capital Management LLC purchased a new position in shares of Brown & Brown during the fourth quarter valued at approximately $82,000. Hedge funds and other institutional investors own 71.01% of the company's stock.

Brown & Brown Stock Performance

NYSE:BRO traded up $1.12 during trading hours on Friday, reaching $112.82. The company had a trading volume of 2,048,769 shares, compared to its average volume of 1,485,903. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.56. Brown & Brown, Inc. has a 52 week low of $88.09 and a 52 week high of $125.68. The firm has a market cap of $32.34 billion, a price-to-earnings ratio of 32.61, a PEG ratio of 2.93 and a beta of 0.87. The firm's 50 day moving average price is $114.70 and its 200-day moving average price is $111.22.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its earnings results on Monday, April 28th. The financial services provider reported $1.29 EPS for the quarter, missing analysts' consensus estimates of $1.30 by ($0.01). Brown & Brown had a return on equity of 17.81% and a net margin of 20.68%. The company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period last year, the firm posted $1.14 EPS. The company's revenue for the quarter was up 11.6% on a year-over-year basis. On average, analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Monday, May 12th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend was Monday, May 12th. Brown & Brown's payout ratio is 16.71%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on BRO shares. UBS Group boosted their price objective on shares of Brown & Brown from $110.00 to $120.00 and gave the stock a "neutral" rating in a report on Wednesday, April 9th. Edward Jones started coverage on shares of Brown & Brown in a report on Wednesday, April 16th. They issued a "buy" rating for the company. Barclays boosted their price objective on shares of Brown & Brown from $119.00 to $121.00 and gave the stock an "equal weight" rating in a report on Friday, April 11th. Truist Financial decreased their price objective on shares of Brown & Brown from $138.00 to $130.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Finally, The Goldman Sachs Group lowered shares of Brown & Brown from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $126.00 to $119.00 in a report on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, Brown & Brown currently has an average rating of "Hold" and a consensus target price of $118.25.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.