PNC Financial Services Group Inc. Grows Position in Brown & Brown, Inc. (NYSE:BRO)

PNC Financial Services Group Inc. grew its position in Brown & Brown, Inc. (NYSE:BRO) by 9.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 46,666 shares of the financial services provider’s stock after acquiring an additional 4,146 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Brown & Brown were worth $4,835,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Oregon Public Employees Retirement Fund boosted its stake in Brown & Brown by 0.5% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 20,339 shares of the financial services provider’s stock worth $1,819,000 after purchasing an additional 100 shares during the period. Trust Point Inc. raised its holdings in shares of Brown & Brown by 4.3% in the third quarter. Trust Point Inc. now owns 2,519 shares of the financial services provider’s stock valued at $261,000 after buying an additional 103 shares during the last quarter. Creative Planning boosted its stake in shares of Brown & Brown by 0.4% during the third quarter. Creative Planning now owns 29,892 shares of the financial services provider’s stock worth $3,097,000 after buying an additional 112 shares during the period. Crossmark Global Holdings Inc. grew its holdings in shares of Brown & Brown by 0.5% during the third quarter. Crossmark Global Holdings Inc. now owns 22,929 shares of the financial services provider’s stock worth $2,375,000 after buying an additional 113 shares during the last quarter. Finally, Anchor Investment Management LLC increased its position in Brown & Brown by 4.0% in the 2nd quarter. Anchor Investment Management LLC now owns 3,286 shares of the financial services provider’s stock valued at $294,000 after acquiring an additional 125 shares during the period. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BRO has been the topic of several analyst reports. Barclays lifted their target price on Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a research note on Thursday. Argus began 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. Truist Financial raised 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. Wells Fargo & Company boosted their price target on shares of Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Finally, Bank of America raised their price objective on shares of Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. One equities 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 company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $107.42.

Insider Buying and Selling

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

Brown & Brown Stock Up 1.2 %

BRO opened at $112.05 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73. The company has a market cap of $32.04 billion, a price-to-earnings ratio of 30.53, a PEG ratio of 2.55 and a beta of 0.82. Brown & Brown, Inc. has a one year low of $69.13 and a one year high of $114.08. The business’s fifty day moving average is $106.16 and its two-hundred day moving average is $98.82.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data 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 business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the firm earned $0.71 EPS. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. Analysts anticipate that Brown & Brown, Inc. will post 3.74 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.54%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Wednesday, November 6th. Brown & Brown’s dividend payout ratio (DPR) is 16.35%.

About Brown & Brown

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.