Rockefeller Capital Management L.P. Raises Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Rockefeller Capital Management L.P. grew its stake in Brown & Brown, Inc. (NYSE:BRO) by 1.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,825 shares of the financial services provider’s stock after acquiring an additional 290 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Brown & Brown were worth $1,950,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Great Valley Advisor Group Inc. purchased a new stake in shares of Brown & Brown in the second quarter valued at $1,512,000. Assenagon Asset Management S.A. lifted its position in Brown & Brown by 162.3% during the second quarter. Assenagon Asset Management S.A. now owns 488,483 shares of the financial services provider’s stock worth $43,675,000 after buying an additional 302,240 shares during the period. Vaughan Nelson Investment Management L.P. lifted its position in Brown & Brown by 27.3% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 31,105 shares of the financial services provider’s stock worth $2,781,000 after buying an additional 6,675 shares during the period. Quantbot Technologies LP purchased a new position in Brown & Brown during the third quarter worth about $9,832,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Brown & Brown by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,315,654 shares of the financial services provider’s stock worth $136,302,000 after buying an additional 17,934 shares during the period. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Stock Performance

Shares of NYSE:BRO opened at $109.16 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73. Brown & Brown, Inc. has a one year low of $69.13 and a one year high of $114.15. The business’s 50-day simple moving average is $107.99 and its 200 day simple moving average is $100.50. The company has a market cap of $31.21 billion, a P/E ratio of 29.74, a PEG ratio of 2.56 and a beta of 0.84.

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

Brown & Brown Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were issued a dividend of $0.15 per share. The ex-dividend date was Wednesday, November 6th. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 0.55%. Brown & Brown’s payout ratio is currently 16.35%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Wells Fargo & Company increased their target price on Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Jefferies Financial Group increased their target price on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Truist Financial upped their price target on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Argus started coverage on Brown & Brown in a research note on Tuesday, September 24th. They set a “buy” rating and a $120.00 price target for the company. Finally, Royal Bank of Canada upped their price target on Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $109.46.

About Brown & Brown

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.