Citigroup Inc. Grows Stake in Brown & Brown, Inc. (NYSE:BRO)

Citigroup Inc. increased its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 1.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 275,479 shares of the financial services provider’s stock after purchasing an additional 4,322 shares during the quarter. Citigroup Inc. owned approximately 0.10% of Brown & Brown worth $28,540,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Great Valley Advisor Group Inc. acquired a new position in shares of Brown & Brown in the 2nd quarter valued at $1,512,000. DekaBank Deutsche Girozentrale grew its holdings in shares of Brown & Brown by 12.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock worth $21,855,000 after purchasing an additional 27,879 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of 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 in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Brown & Brown by 27.3% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 31,105 shares of the financial services provider’s stock valued at $2,781,000 after purchasing an additional 6,675 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Brown & Brown by 8.0% in 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 period. 71.01% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 17.02% of the stock is currently owned by company insiders.

Brown & Brown Trading Down 0.3 %

Shares of BRO stock opened at $111.75 on Tuesday. The business’s fifty day moving average price is $106.16 and its 200 day moving average price is $99.01. The firm has a market capitalization of $31.96 billion, a PE ratio of 30.59, a P/E/G ratio of 2.58 and a beta of 0.82. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73. Brown & Brown, Inc. has a 1-year low of $69.13 and a 1-year high of $114.08.

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

Brown & Brown Increases Dividend

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

Analyst Upgrades and Downgrades

BRO has been the subject of a number of research reports. Wells Fargo & Company boosted their price objective on Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Barclays upped their price target 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, November 21st. Royal Bank of Canada raised their price objective on shares of Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Truist Financial upped their target price on shares of Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Bank of America raised their price target on Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. One 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $107.42.

Brown & Brown Company 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.