Quest Partners LLC Purchases Shares of 6,641 Brown & Brown, Inc. (NYSE:BRO)

Quest Partners LLC acquired a new position in Brown & Brown, Inc. (NYSE:BRO) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,641 shares of the financial services provider’s stock, valued at approximately $688,000.

Several other institutional investors have also recently modified their holdings of the company. Principal Financial Group Inc. grew its position in Brown & Brown by 0.7% during the 2nd quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider’s stock worth $1,144,893,000 after acquiring an additional 86,824 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Brown & Brown by 0.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider’s stock valued at $405,638,000 after purchasing an additional 28,180 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Brown & Brown by 24.6% in the second quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock worth $311,979,000 after purchasing an additional 687,783 shares during the last quarter. Royal London Asset Management Ltd. increased its stake 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 worth $184,930,000 after buying an additional 1,059,711 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Brown & Brown by 8.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,553,396 shares of the financial services provider’s stock valued at $138,899,000 after buying an additional 114,688 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Stock Up 1.2 %

Shares of Brown & Brown stock opened at $112.05 on Friday. The company has a 50-day simple moving average of $105.98 and a two-hundred day simple moving average of $98.63. Brown & Brown, Inc. has a 52-week low of $69.13 and a 52-week high of $114.08. 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 stock has a market capitalization of $32.04 billion, a PE ratio of 30.37, a price-to-earnings-growth ratio of 2.52 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS 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 for the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the business posted $0.71 EPS. The company’s revenue was up 11.0% compared to the same quarter last year. On average, analysts anticipate that Brown & Brown, Inc. will post 3.74 EPS for the current fiscal year.

Brown & Brown Increases Dividend

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

Insider Buying and Selling at Brown & Brown

In related 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 17.02% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on BRO shares. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. Truist Financial increased their price objective on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Barclays boosted 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. Bank of America raised their price target on Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Finally, Royal Bank of Canada boosted their price objective on shares of Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average 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.