Ibex Wealth Advisors Makes New Investment in Brown & Brown, Inc. (NYSE:BRO)

Ibex Wealth Advisors acquired a new stake in Brown & Brown, Inc. (NYSE:BROFree Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 61,728 shares of the financial services provider’s stock, valued at approximately $6,298,000.

Other institutional investors have also recently modified their holdings of the company. Mackenzie Financial Corp grew its position in Brown & Brown by 85.7% during the 2nd quarter. Mackenzie Financial Corp now owns 69,812 shares of the financial services provider’s stock worth $6,242,000 after purchasing an additional 32,226 shares during the period. Ascent Group LLC acquired a new stake in shares of Brown & Brown during the 2nd quarter worth approximately $233,000. Creative Planning raised its position in shares of Brown & Brown by 69.7% in the second quarter. Creative Planning now owns 29,780 shares of the financial services provider’s stock worth $2,663,000 after acquiring an additional 12,236 shares during the period. NewEdge Advisors LLC grew its holdings in Brown & Brown by 2.5% in the second quarter. NewEdge Advisors LLC now owns 19,556 shares of the financial services provider’s stock valued at $1,748,000 after purchasing an additional 484 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Brown & Brown by 2.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 19,634 shares of the financial services provider’s stock worth $1,755,000 after buying an additional 491 shares during the period. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Trading Down 1.2 %

NYSE:BRO traded down $1.23 on Wednesday, hitting $103.79. The stock had a trading volume of 135,487 shares, compared to its average volume of 1,614,004. Brown & Brown, Inc. has a 1-year low of $75.79 and a 1-year high of $114.15. The stock has a market cap of $29.68 billion, a price-to-earnings ratio of 28.30, a PEG ratio of 2.12 and a beta of 0.85. The company has a fifty day moving average price of $105.63 and a two-hundred day moving average price of $104.08. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BROGet Free Report) last released its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.10. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. Equities research analysts expect that Brown & Brown, Inc. will post 3.74 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 12th. Shareholders of record on Wednesday, February 5th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend is Wednesday, February 5th. Brown & Brown’s dividend payout ratio (DPR) is presently 16.35%.

Analysts Set New Price Targets

BRO has been the subject of several recent analyst reports. Royal Bank of Canada boosted their price target on shares of Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Truist Financial boosted their target price on shares of Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Bank of America lifted their price objective on Brown & Brown from $116.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday. Morgan Stanley began coverage on Brown & Brown in a report on Thursday, December 5th. They set an “overweight” rating and a $134.00 target price for the company. Finally, Jefferies Financial Group raised their price objective on Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and a consensus price target of $112.08.

Check Out Our Latest Report on Brown & Brown

Brown & Brown Profile

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BROFree Report).

Institutional Ownership by Quarter for Brown & Brown (NYSE:BRO)

Receive News & Ratings for Brown & Brown Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Brown & Brown and related companies with MarketBeat.com's FREE daily email newsletter.