Studio Investment Management LLC Purchases 96 Shares of Brown & Brown, Inc. (NYSE:BRO)

Studio Investment Management LLC increased its position in Brown & Brown, Inc. (NYSE:BRO) by 1.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,513 shares of the financial services provider’s stock after acquiring an additional 96 shares during the quarter. Studio Investment Management LLC’s holdings in Brown & Brown were worth $675,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Royal London Asset Management Ltd. boosted its position in shares of Brown & Brown by 105.1% in the second quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock valued at $184,930,000 after acquiring an additional 1,059,711 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Brown & Brown by 24.6% in the 2nd 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 period. Capital World Investors grew its position in 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 worth $123,714,000 after purchasing an additional 473,982 shares during the last quarter. Natixis Advisors LLC increased its holdings in shares of Brown & Brown by 123.9% during the 2nd quarter. Natixis Advisors LLC now owns 733,668 shares of the financial services provider’s stock worth $65,597,000 after purchasing an additional 406,064 shares during the period. Finally, Truist Financial Corp raised its position 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 valued at $42,287,000 after buying an additional 376,892 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Trading Up 1.2 %

Shares of BRO stock opened at $110.95 on Friday. 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. Brown & Brown, Inc. has a 12-month low of $69.13 and a 12-month high of $114.08. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.52. The firm has a 50-day moving average price of $105.80 and a 200 day moving average price of $98.54.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data 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 company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The company’s revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the business posted $0.71 earnings per share. Research 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 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. This represents a $0.60 annualized dividend and a dividend yield of 0.54%. The ex-dividend date was Wednesday, November 6th. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s dividend payout ratio is presently 16.35%.

Insider Activity

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 document filed with the SEC, which is available through this hyperlink. 17.02% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

BRO has been the topic of a number of recent research reports. Wells Fargo & Company lifted their target price on Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Royal Bank of Canada lifted their price objective on Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Truist Financial upped their target price on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Jefferies Financial Group lifted their price target 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. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $107.42.

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.