Brown Brothers Harriman & Co. Acquires 110,920 Shares of Brown & Brown, Inc. (NYSE:BRO)

Brown Brothers Harriman & Co. grew its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 23.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 575,831 shares of the financial services provider’s stock after purchasing an additional 110,920 shares during the period. Brown Brothers Harriman & Co.’s holdings in Brown & Brown were worth $59,656,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BRO. DRW Securities LLC boosted its position in shares of Brown & Brown by 81.5% during the third quarter. DRW Securities LLC now owns 6,677 shares of the financial services provider’s stock valued at $692,000 after buying an additional 2,999 shares during the last quarter. Douglass Winthrop Advisors LLC purchased a new position in Brown & Brown during the 3rd quarter worth $218,000. Daiwa Securities Group Inc. boosted its holdings in Brown & Brown by 11.8% during the 3rd quarter. Daiwa Securities Group Inc. now owns 29,394 shares of the financial services provider’s stock worth $3,045,000 after acquiring an additional 3,101 shares during the last quarter. Cerity Partners LLC grew its stake in shares of Brown & Brown by 53.3% in the 3rd quarter. Cerity Partners LLC now owns 54,252 shares of the financial services provider’s stock worth $5,620,000 after acquiring an additional 18,869 shares in the last quarter. Finally, Great Valley Advisor Group Inc. raised its holdings in shares of Brown & Brown by 137.4% in the third quarter. Great Valley Advisor Group Inc. now owns 40,148 shares of the financial services provider’s stock valued at $4,159,000 after purchasing an additional 23,240 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Brown & Brown Stock Up 1.2 %

Brown & Brown stock opened at $112.05 on Monday. The firm has a 50 day simple moving average of $106.16 and a 200 day simple moving average of $98.92. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a 1-year low of $69.13 and a 1-year high of $114.08. The firm has a market capitalization of $32.04 billion, a price-to-earnings ratio of 30.53, a P/E/G ratio of 2.58 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.71 earnings per share. On average, analysts predict that Brown & Brown, Inc. will post 3.74 earnings per share for the current year.

Brown & Brown Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, November 6th. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 0.54%. Brown & Brown’s dividend payout ratio is currently 16.35%.

Insider Activity

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 16.43% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on BRO shares. Bank of America upped their price objective on shares of Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Royal Bank of Canada lifted their price target on Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Jefferies Financial Group upped their price objective on Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Truist Financial lifted their target price on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, StockNews.com lowered shares of Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $107.42.

Brown & Brown Profile

Brown & Brown, Inc markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally. It operates through four segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides property and casualty, employee benefits insurance products, personal insurance products, specialties insurance products, risk management strategies, loss control survey and analysis, consultancy, and claims processing services.