Brown & Brown, Inc. (NYSE:BRO) Shares Bought by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. grew its stake in Brown & Brown, Inc. (NYSE:BRO) by 1.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,315,654 shares of the financial services provider’s stock after purchasing an additional 17,934 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Brown & Brown were worth $136,302,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Great Valley Advisor Group Inc. acquired a new stake in Brown & Brown during the second quarter valued at approximately $1,512,000. DekaBank Deutsche Girozentrale raised its position in shares of Brown & Brown by 12.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock valued at $21,855,000 after acquiring an additional 27,879 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake 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 purchasing an additional 302,240 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in Brown & Brown by 27.3% in 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 purchasing an additional 6,675 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Brown & Brown by 8.0% during the second 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. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Stock Up 1.2 %

BRO stock opened at $112.05 on Monday. The firm’s 50-day moving average is $106.16 and its two-hundred day moving average is $98.92. The company has a market capitalization of $32.04 billion, a price-to-earnings ratio of 30.53, a price-to-earnings-growth ratio of 2.55 and a beta of 0.82. Brown & Brown, Inc. has a 52 week low of $69.13 and a 52 week 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.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The firm had revenue of $1.19 billion for 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 quarter in the previous year, the company earned $0.71 earnings per share. On average, analysts forecast that Brown & Brown, Inc. will post 3.74 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th were issued a $0.15 dividend. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $0.60 annualized dividend and a dividend yield of 0.54%. Brown & Brown’s dividend payout ratio is 16.35%.

Insider Activity at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 17.02% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on BRO. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. Jefferies Financial Group raised their price target on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Truist Financial increased their target price on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Bank of America boosted their price target on shares of Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Finally, Wells Fargo & Company increased 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price 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.