Brown & Brown, Inc. (NYSE:BRO) Shares Acquired by Rathbones Group PLC

Key Points

• Rathbones Group PLC increased its stake in Brown & Brown, Inc. by 47.5% by acquiring 130,922 shares, bringing its total ownership to 406,379 shares valued at $50,554,000.
• Several institutional investors have also adjusted their holdings, with 71.01% of the stock now owned by such entities, reflecting growing interest in the financial services provider.
• Research firms have issued varied ratings on Brown & Brown's stock, with a consensus rating of "Hold" and an average target price of $113.23.

Rathbones Group PLC boosted its stake in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 47.5% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 406,379 shares of the financial services provider's stock after purchasing an additional 130,922 shares during the period. Rathbones Group PLC owned approximately 0.14% of Brown & Brown worth $50,554,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Capital Investment Advisors LLC acquired a new position in Brown & Brown in the first quarter valued at approximately $1,929,000. GW&K Investment Management LLC boosted its holdings in Brown & Brown by 104.4% during the first quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider's stock worth $52,000 after buying an additional 214 shares in the last quarter. Fifth Third Bancorp grew its position in Brown & Brown by 7.1% during the first quarter. Fifth Third Bancorp now owns 6,807 shares of the financial services provider's stock valued at $847,000 after buying an additional 450 shares during the period. Tandem Investment Advisors Inc. raised its position in shares of Brown & Brown by 2.5% in the first quarter. Tandem Investment Advisors Inc. now owns 764,709 shares of the financial services provider's stock worth $95,130,000 after acquiring an additional 18,677 shares during the period. Finally, FORA Capital LLC acquired a new position in shares of Brown & Brown in the fourth quarter worth about $580,000. Hedge funds and other institutional investors own 71.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BRO. BMO Capital Markets dropped their price objective on Brown & Brown from $122.00 to $106.00 and set an "outperform" rating on the stock in a report on Wednesday, July 30th. Morgan Stanley cut their price objective on Brown & Brown from $120.00 to $109.00 and set an "equal weight" rating for the company in a research note on Friday, August 8th. Wells Fargo & Company downgraded Brown & Brown from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $104.00 to $101.00 in a research report on Wednesday. Truist Financial set a $120.00 price target on Brown & Brown in a research report on Wednesday, July 30th. Finally, Raymond James Financial restated an "outperform" rating and issued a $120.00 price objective (down previously from $125.00) on shares of Brown & Brown in a report on Monday, August 4th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $112.93.

Insider Activity

In related news, Director Paul J. Krump bought 2,678 shares of the company's stock in a transaction dated Friday, August 8th. The shares were acquired at an average price of $93.31 per share, with a total value of $249,884.18. Following the completion of the acquisition, the director owned 5,353 shares in the company, valued at approximately $499,488.43. This trade represents a 100.11% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bronislaw Edmund Masojada purchased 1,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The shares were bought at an average price of $91.44 per share, with a total value of $91,440.00. Following the purchase, the director directly owned 5,000 shares of the company's stock, valued at approximately $457,200. The trade was a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 17.02% of the company's stock.

Brown & Brown Stock Up 0.2%

NYSE:BRO traded up $0.22 during mid-day trading on Friday, hitting $95.35. The stock had a trading volume of 3,943,622 shares, compared to its average volume of 2,587,681. The company has a current ratio of 6.72, a quick ratio of 6.72 and a debt-to-equity ratio of 0.64. Brown & Brown, Inc. has a twelve month low of $90.38 and a twelve month high of $125.68. The company has a market capitalization of $31.45 billion, a PE ratio of 27.48, a PEG ratio of 2.18 and a beta of 0.78. The stock has a 50-day simple moving average of $103.39 and a two-hundred day simple moving average of $110.45.

Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.99 by $0.04. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the previous year, the business earned $0.93 EPS. Brown & Brown's revenue for the quarter was up 9.1% on a year-over-year basis. On average, equities research analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Wednesday, August 13th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.6%. Brown & Brown's dividend payout ratio (DPR) is currently 17.29%.

About Brown & Brown

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.