Moran Wealth Management LLC Takes $2.85 Million Position in Brown & Brown, Inc. (NYSE:BRO)

Moran Wealth Management LLC purchased a new position in Brown & Brown, Inc. (NYSE:BRO) in the third quarter, HoldingsChannel reports. The fund purchased 27,476 shares of the financial services provider’s stock, valued at approximately $2,847,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Crewe Advisors LLC increased its position in shares of Brown & Brown by 330.4% in the 2nd quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 228 shares during the last quarter. ST Germain D J Co. Inc. grew its position in shares of Brown & Brown by 298.5% in the 3rd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 200 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in shares of Brown & Brown in the 3rd quarter valued at approximately $29,000. Blue Trust Inc. raised its position in shares of Brown & Brown by 142.3% during the 2nd quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 323 shares in the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of Brown & Brown by 65.7% during the second quarter. Larson Financial Group LLC now owns 532 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 211 shares during the period. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Stock Up 1.2 %

Brown & Brown stock opened at $110.95 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $31.73 billion, a P/E ratio of 30.23, a P/E/G ratio of 2.52 and a beta of 0.82. The firm’s fifty day simple moving average is $105.80 and its 200-day simple moving average is $98.54. 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 earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the firm posted $0.71 EPS. The business’s quarterly revenue was up 11.0% on a year-over-year basis. Sell-side analysts forecast that Brown & Brown, Inc. will post 3.74 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

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

Insider Buying and Selling

In other news, Chairman Hyatt J. Brown sold 134,640 shares of the 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 17.02% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

BRO has been the subject of a number of recent research reports. 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. Argus initiated coverage on Brown & Brown in a research note on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price objective on the stock. Keefe, Bruyette & Woods lifted their target price on Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a report on Friday, July 26th. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a report on Saturday, November 2nd. Finally, Bank of America lifted their price target on shares of Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus 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.