Schrum Private Wealth Management LLC Acquires New Holdings in Brown & Brown, Inc. (NYSE:BRO)

Schrum Private Wealth Management LLC bought a new stake in Brown & Brown, Inc. (NYSE:BRO) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,064 shares of the financial services provider’s stock, valued at approximately $214,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MQS Management LLC acquired a new stake in shares of Brown & Brown during the 3rd quarter valued at $874,000. Victory Capital Management Inc. raised its position in Brown & Brown by 0.4% in the third quarter. Victory Capital Management Inc. now owns 253,895 shares of the financial services provider’s stock valued at $26,304,000 after purchasing an additional 956 shares during the last quarter. Aigen Investment Management LP acquired a new stake in shares of Brown & Brown during the third quarter valued at about $548,000. Ashton Thomas Private Wealth LLC boosted its stake in shares of Brown & Brown by 8.8% during the third quarter. Ashton Thomas Private Wealth LLC now owns 2,648 shares of the financial services provider’s stock valued at $274,000 after purchasing an additional 215 shares in the last quarter. Finally, WealthPlan Investment Management LLC grew its holdings in shares of Brown & Brown by 5.5% during the third quarter. WealthPlan Investment Management LLC now owns 109,324 shares of the financial services provider’s stock worth $11,326,000 after purchasing an additional 5,709 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on BRO shares. Raymond James lifted their target price on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Keefe, Bruyette & Woods raised their price target on shares of Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research note on Friday, July 26th. Argus started coverage on shares of Brown & Brown in a research note on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price objective on the stock. StockNews.com lowered Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. Finally, Royal Bank of Canada upped their price target on Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. 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. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $106.50.

Insiders Place Their Bets

In other 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 transaction of $14,071,226.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 17.02% of the company’s stock.

Brown & Brown Stock Down 0.5 %

Shares of Brown & Brown stock opened at $111.89 on Thursday. The stock’s 50-day moving average is $105.16 and its 200 day moving average is $97.59. Brown & Brown, Inc. has a one year low of $69.13 and a one year high of $114.08. The firm has a market cap of $32.00 billion, a price-to-earnings ratio of 30.49, a PEG ratio of 2.59 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 (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. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The company’s revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.71 earnings per share. Equities research analysts anticipate that Brown & Brown, Inc. will post 3.73 EPS for the current year.

Brown & Brown Increases Dividend

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

Brown & Brown 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.