Edgestream Partners L.P. Purchases 1,309 Shares of Brown & Brown, Inc. (NYSE:BRO)

Edgestream Partners L.P. increased its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 6.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 21,650 shares of the financial services provider’s stock after buying an additional 1,309 shares during the quarter. Edgestream Partners L.P.’s holdings in Brown & Brown were worth $2,243,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BRO. Principal Financial Group Inc. lifted its position in Brown & Brown by 0.7% in the 2nd quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider’s stock valued at $1,144,893,000 after acquiring an additional 86,824 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Brown & Brown by 0.7% in 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 in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Brown & Brown by 24.6% during 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 buying an additional 687,783 shares in the last quarter. Royal London Asset Management Ltd. raised its position in 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 buying an additional 1,059,711 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Brown & Brown by 8.0% in 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 acquiring an additional 114,688 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BRO shares. Wells Fargo & Company lifted their price objective on shares of Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Barclays boosted their price target on shares of Brown & Brown from $108.00 to $119.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 21st. Truist Financial raised their price objective on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Bank of America upped their target price on Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Finally, StockNews.com downgraded 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 issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Brown & Brown has an average rating of “Hold” and an average target price of $107.42.

Brown & Brown Stock Performance

NYSE:BRO opened at $111.59 on Tuesday. The stock has a 50 day simple moving average of $107.39 and a 200 day simple moving average of $100.07. The stock has a market cap of $31.91 billion, a P/E ratio of 30.41, a PEG ratio of 2.60 and a beta of 0.82. Brown & Brown, Inc. has a 1-year low of $69.13 and a 1-year high of $114.15. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the firm earned $0.71 earnings per share. The company’s revenue was up 11.0% on a year-over-year basis. Research analysts anticipate that Brown & Brown, Inc. will post 3.74 earnings per share for the current year.

Brown & Brown Increases Dividend

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