CWA Asset Management Group LLC Takes $291,000 Position in Brown & Brown, Inc. (NYSE:BRO)

CWA Asset Management Group LLC purchased a new stake in Brown & Brown, Inc. (NYSE:BRO) in the third quarter, according to its most recent filing with the SEC. The fund purchased 2,813 shares of the financial services provider’s stock, valued at approximately $291,000.

A number of other institutional investors have also made changes to their positions in BRO. Royal London Asset Management Ltd. increased its holdings in shares of Brown & Brown by 105.1% in the 2nd 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 last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of 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 acquiring an additional 687,783 shares during the last quarter. Capital World Investors increased its holdings 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 acquiring an additional 473,982 shares during the last quarter. Natixis Advisors LLC boosted its position in Brown & Brown by 123.9% during the 2nd 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 during the period. Finally, Truist Financial Corp boosted its position in Brown & Brown by 392.3% during the 2nd quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock valued at $42,287,000 after purchasing an additional 376,892 shares during the period. 71.01% of the stock is currently owned by institutional investors.

Insider Activity at Brown & Brown

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 17.02% of the company’s stock.

Analysts Set New Price Targets

BRO has been the subject of a number of analyst reports. Raymond James boosted their price objective on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Keefe, Bruyette & Woods boosted their price objective on Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research report on Friday, July 26th. Jefferies Financial Group boosted their price objective on Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Barclays initiated coverage on Brown & Brown in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 price objective for the company. Finally, Truist Financial boosted their price objective on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $106.50.

Brown & Brown Trading Up 0.5 %

NYSE:BRO opened at $112.41 on Wednesday. The business has a fifty day moving average of $105.04 and a 200-day moving average of $97.49. Brown & Brown, Inc. has a 1 year low of $69.13 and a 1 year high of $114.08. The stock has a market cap of $32.14 billion, a price-to-earnings ratio of 30.63, a PEG ratio of 2.59 and a beta of 0.82. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share 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 quarter last year, the business posted $0.71 earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. Equities analysts predict that Brown & Brown, Inc. will post 3.73 earnings per share for the current year.

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th will be paid a dividend of $0.15 per share. The ex-dividend date is Wednesday, November 6th. This represents a $0.60 annualized dividend and a yield of 0.53%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s dividend payout ratio (DPR) 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.