WealthPlan Investment Management LLC Has $11.33 Million Stock Position in Brown & Brown, Inc. (NYSE:BRO)

WealthPlan Investment Management LLC increased its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 5.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 109,324 shares of the financial services provider’s stock after acquiring an additional 5,709 shares during the quarter. Brown & Brown makes up 1.1% of WealthPlan Investment Management LLC’s portfolio, making the stock its 22nd biggest position. WealthPlan Investment Management LLC’s holdings in Brown & Brown were worth $11,326,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BRO. Royal London Asset Management Ltd. increased its stake 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 worth $184,930,000 after purchasing an additional 1,059,711 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Brown & Brown by 24.6% during the 2nd 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 in the last quarter. Capital World Investors raised its stake in shares of Brown & Brown by 50.5% in the 1st quarter. Capital World Investors now owns 1,413,224 shares of the financial services provider’s stock valued at $123,714,000 after purchasing an additional 473,982 shares during the period. Natixis Advisors LLC lifted its holdings in shares of Brown & Brown by 123.9% in the second quarter. Natixis Advisors LLC now owns 733,668 shares of the financial services provider’s stock valued at $65,597,000 after purchasing an additional 406,064 shares in the last quarter. Finally, Truist Financial Corp grew its holdings in shares of Brown & Brown by 392.3% during the second quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock worth $42,287,000 after buying an additional 376,892 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Chairman Hyatt J. Brown sold 134,640 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 17.02% of the stock is owned by company insiders.

Brown & Brown Price Performance

NYSE:BRO opened at $111.85 on Tuesday. 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 firm has a market cap of $31.98 billion, a price-to-earnings ratio of 30.48, a P/E/G ratio of 2.59 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 firm’s 50-day simple moving average is $104.89 and its 200 day simple moving average is $97.27.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $1.16 billion. During the same period in the previous year, the company posted $0.71 earnings per share. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. As a group, sell-side analysts predict that Brown & Brown, Inc. will post 3.73 earnings per share for the current year.

Brown & Brown Increases Dividend

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

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BRO. Keefe, Bruyette & Woods lifted their price objective on shares of Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a report on Friday, July 26th. Jefferies Financial Group lifted their target price on Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Raymond James raised their price target on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Truist Financial upped their price objective on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Royal Bank of Canada raised their target price on shares of Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $106.50.

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.