Brown & Brown, Inc. (NYSE:BRO) Shares Acquired by HighTower Advisors LLC

HighTower Advisors LLC lifted its stake in Brown & Brown, Inc. (NYSE:BRO) by 12.1% in the 3rd quarter, Holdings Channel reports. The firm owned 82,545 shares of the financial services provider’s stock after purchasing an additional 8,940 shares during the quarter. HighTower Advisors LLC’s holdings in Brown & Brown were worth $8,541,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Brooklyn Investment Group purchased a new position in Brown & Brown in the third quarter valued at about $26,000. Crewe Advisors LLC increased its stake in Brown & Brown by 330.4% in the 2nd quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 228 shares in the last quarter. ST Germain D J Co. Inc. raised its holdings in Brown & Brown by 298.5% during the third quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 200 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in Brown & Brown during the third quarter worth $29,000. Finally, Blue Trust Inc. grew its holdings in Brown & Brown by 142.3% in the second quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 323 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Price Performance

Brown & Brown stock opened at $109.18 on Monday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73. The company has a market cap of $31.22 billion, a price-to-earnings ratio of 29.75, a PEG ratio of 2.56 and a beta of 0.84. Brown & Brown, Inc. has a 1 year low of $69.13 and a 1 year high of $114.15. The firm has a 50 day moving average price of $107.99 and a 200 day moving average price of $100.64.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data 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 business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the firm posted $0.71 EPS. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. Sell-side analysts predict that Brown & Brown, Inc. will post 3.74 earnings per share for the current year.

Brown & Brown Increases Dividend

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

Wall Street Analyst Weigh In

BRO has been the subject of several research reports. Royal Bank of Canada lifted 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. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a report on Saturday, November 2nd. Truist Financial raised their price objective on shares of Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Wells Fargo & Company upped their target price on Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Finally, Barclays raised their price target on Brown & Brown from $108.00 to $119.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Brown & Brown has an average rating of “Moderate Buy” and an average price target of $109.46.

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.