Benjamin Edwards Inc. Grows Position in Brown & Brown, Inc. (NYSE:BRO)

Benjamin Edwards Inc. lifted its position in Brown & Brown, Inc. (NYSE:BRO) by 7,123.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 95,783 shares of the financial services provider’s stock after purchasing an additional 94,457 shares during the period. Benjamin Edwards Inc.’s holdings in Brown & Brown were worth $9,923,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BRO. Principal Financial Group Inc. grew its holdings in Brown & Brown by 0.7% in the 2nd quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider’s stock worth $1,144,893,000 after acquiring an additional 86,824 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Brown & Brown by 0.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider’s stock worth $405,638,000 after purchasing an additional 28,180 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Brown & Brown by 24.6% in 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. Royal London Asset Management Ltd. increased 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 purchasing an additional 1,059,711 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Brown & Brown by 8.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,553,396 shares of the financial services provider’s stock valued at $138,899,000 after purchasing an additional 114,688 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Price Performance

Shares of BRO opened at $111.59 on Tuesday. Brown & Brown, Inc. has a fifty-two week low of $69.13 and a fifty-two week high of $114.15. The firm’s 50-day simple moving average is $107.39 and its two-hundred day simple moving average is $100.07. The stock has a market cap of $31.91 billion, a PE ratio of 30.41, a price-to-earnings-growth ratio of 2.60 and a beta of 0.84. 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 (NYSE:BRO) last issued its quarterly 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 firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the previous year, the firm posted $0.71 EPS. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. Analysts anticipate that Brown & Brown, Inc. will post 3.74 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Truist Financial lifted their price objective on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Jefferies Financial Group lifted their price target on shares of Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Wells Fargo & Company upped their price objective on shares of Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. StockNews.com cut shares of Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. Finally, Royal Bank of Canada boosted their price target on shares of Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and an average price target of $107.42.

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.