Point72 Asia Singapore Pte. Ltd. Increases Stake in Brown & Brown, Inc. (NYSE:BRO)

Point72 Asia Singapore Pte. Ltd. grew its stake in Brown & Brown, Inc. (NYSE:BRO) by 5,665.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 11,820 shares of the financial services provider’s stock after buying an additional 11,615 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in Brown & Brown were worth $1,225,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Great Valley Advisor Group Inc. purchased a new position in shares of Brown & Brown in the 2nd quarter valued at about $1,512,000. Assenagon Asset Management S.A. boosted its stake in shares of Brown & Brown by 162.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 488,483 shares of the financial services provider’s stock valued at $43,675,000 after buying an additional 302,240 shares during the period. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Brown & Brown by 27.3% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 31,105 shares of the financial services provider’s stock valued at $2,781,000 after buying an additional 6,675 shares during the period. Quantbot Technologies LP purchased a new position in shares of Brown & Brown in the 3rd quarter valued at about $9,832,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Brown & Brown by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,315,654 shares of the financial services provider’s stock valued at $136,302,000 after buying an additional 17,934 shares during the period. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Performance

Shares of Brown & Brown stock opened at $113.10 on Monday. The firm’s fifty day simple moving average is $107.21 and its 200-day simple moving average is $99.91. The stock has a market capitalization of $32.34 billion, a price-to-earnings ratio of 30.82, a PEG ratio of 2.60 and a beta of 0.82. Brown & Brown, Inc. has a 12 month low of $69.13 and a 12 month high of $114.15. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73.

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, beating analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the firm posted $0.71 EPS. Brown & Brown’s quarterly revenue was up 11.0% on a year-over-year basis. As a group, equities analysts forecast that Brown & Brown, Inc. will post 3.74 earnings per share for the current year.

Brown & Brown Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.53%. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date was Wednesday, November 6th. Brown & Brown’s dividend payout ratio (DPR) is 16.35%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Royal Bank of Canada boosted their target price on Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Truist Financial boosted their target price on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Argus assumed coverage on Brown & Brown in a research note on Tuesday, September 24th. They set a “buy” rating and a $120.00 target price for the company. Jefferies Financial Group boosted their target price on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. One equities research 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus 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.