Harbor Capital Advisors Inc. Boosts Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Harbor Capital Advisors Inc. boosted its stake in Brown & Brown, Inc. (NYSE:BRO) by 2.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,664 shares of the financial services provider’s stock after purchasing an additional 113 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Brown & Brown were worth $476,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. The Manufacturers Life Insurance Company lifted its position in 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 valued at $311,979,000 after purchasing an additional 687,783 shares during the last quarter. Zurich Insurance Group Ltd FI raised its position in shares of Brown & Brown by 258.0% during the 3rd quarter. Zurich Insurance Group Ltd FI now owns 646,574 shares of the financial services provider’s stock valued at $66,985,000 after buying an additional 465,988 shares in the last quarter. Truist Financial Corp lifted its holdings in shares of Brown & Brown by 392.3% in the 2nd quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock valued at $42,287,000 after acquiring an additional 376,892 shares during the last quarter. Barclays PLC grew its position in Brown & Brown by 17.8% in the third quarter. Barclays PLC now owns 2,466,582 shares of the financial services provider’s stock worth $255,537,000 after acquiring an additional 371,980 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its stake in Brown & Brown by 771.5% during the third quarter. Handelsbanken Fonder AB now owns 415,134 shares of the financial services provider’s stock worth $43,008,000 after acquiring an additional 367,500 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods lowered their price objective on Brown & Brown from $99.00 to $97.00 and set an “underperform” rating for the company in a research note on Friday, January 10th. Truist Financial raised their price target 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 objective on shares of Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. 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 note on Thursday, November 21st. Finally, Argus initiated coverage on shares of Brown & Brown in a research note on Tuesday, September 24th. They set a “buy” rating and a $120.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $112.08.

Brown & Brown Stock Performance

Brown & Brown stock opened at $103.58 on Wednesday. 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 capitalization of $29.62 billion, a PE ratio of 28.22, a P/E/G ratio of 2.40 and a beta of 0.85. The company has a 50 day moving average price of $106.69 and a 200-day moving average price of $103.03. Brown & Brown, Inc. has a fifty-two week low of $73.23 and a fifty-two week high of $114.15.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The business had revenue of $1.19 billion during 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 business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.71 EPS. As a group, equities analysts forecast that Brown & Brown, Inc. will post 3.74 earnings per share for the current 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 given a dividend of $0.15 per share. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date was Wednesday, November 6th. This represents a $0.60 dividend on an annualized basis and a yield of 0.58%. Brown & Brown’s dividend payout ratio (DPR) is 16.35%.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.