Moran Wealth Management LLC Makes New $2.85 Million Investment in Brown & Brown, Inc. (NYSE:BRO)

Moran Wealth Management LLC acquired a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 27,476 shares of the financial services provider’s stock, valued at approximately $2,847,000.

Other hedge funds have also bought and sold shares of the company. Royal London Asset Management Ltd. lifted its holdings in Brown & Brown by 105.1% during the 2nd quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock valued at $184,930,000 after buying an additional 1,059,711 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Brown & Brown by 24.6% during the second quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock worth $311,979,000 after purchasing an additional 687,783 shares during the last quarter. Capital World Investors increased its holdings in shares of Brown & Brown by 50.5% during the 1st quarter. Capital World Investors now owns 1,413,224 shares of the financial services provider’s stock valued at $123,714,000 after purchasing an additional 473,982 shares in the last quarter. Natixis Advisors LLC raised its stake in shares of Brown & Brown by 123.9% during the 2nd quarter. Natixis Advisors LLC now owns 733,668 shares of the financial services provider’s stock worth $65,597,000 after buying an additional 406,064 shares during the period. Finally, Truist Financial Corp boosted its stake in shares of Brown & Brown by 392.3% in the second quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock worth $42,287,000 after acquiring an additional 376,892 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insider Activity

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 17.02% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Argus assumed coverage on shares of Brown & Brown in a report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price objective on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a report on Friday, July 26th. Truist Financial boosted 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. Bank of America boosted 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. Finally, Barclays increased their target price on shares of Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Brown & Brown currently has a consensus rating of “Hold” and a consensus price target of $107.42.

Brown & Brown Trading Up 1.2 %

Shares of Brown & Brown stock opened at $110.95 on Friday. The company has a 50-day moving average of $105.80 and a two-hundred day moving average of $98.54. Brown & Brown, Inc. has a 12-month low of $69.13 and a 12-month high of $114.08. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52. The stock has a market cap of $31.73 billion, a PE ratio of 30.23, a price-to-earnings-growth ratio of 2.52 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates 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 earnings per share. Brown & Brown’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, research analysts anticipate that Brown & Brown, Inc. will post 3.74 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently announced 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. 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 0.54%. The ex-dividend date of this dividend was Wednesday, November 6th. Brown & Brown’s dividend payout ratio (DPR) is 16.35%.

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.