Brown & Brown, Inc. $BRO Stock: Keybank National Association OH Boosts Position

Keybank National Association OH raised its holdings in Brown & Brown, Inc. (NYSE:BRO) by 31.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 507,271 shares of the financial services provider’s stock after purchasing an additional 121,085 shares during the period. Keybank National Association OH owned about 0.15% of Brown & Brown worth $31,232,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB boosted its stake in Brown & Brown by 7,129.0% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 95,062 shares of the financial services provider’s stock valued at $5,789,000 after acquiring an additional 93,747 shares during the last quarter. First Citizens Bank & Trust Co. acquired a new position in Brown & Brown during the 3rd quarter worth $2,547,000. Farther Finance Advisors LLC grew its holdings in Brown & Brown by 1,424.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 40,583 shares of the financial services provider’s stock worth $2,734,000 after acquiring an additional 37,921 shares in the last quarter. Rathbones Group PLC grew its holdings in Brown & Brown by 17.7% during the 1st quarter. Rathbones Group PLC now owns 1,154,219 shares of the financial services provider’s stock worth $75,267,000 after acquiring an additional 173,265 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Brown & Brown by 775.9% in the 3rd quarter. GAMMA Investing LLC now owns 67,997 shares of the financial services provider’s stock worth $4,554,000 after purchasing an additional 60,234 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BRO. Morgan Stanley cut their target price on shares of Brown & Brown from $60.00 to $55.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 6th. Oppenheimer began coverage on Brown & Brown in a research note on Wednesday, October 7th. They issued an “outperform” rating and a $73.00 price target for the company. Barclays decreased their price target on Brown & Brown from $76.00 to $71.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 7th. JPMorgan Chase & Co. boosted their price objective on Brown & Brown from $80.00 to $83.00 and gave the company a “neutral” rating in a report on Thursday, October 1st. Finally, Truist Financial cut their price objective on Brown & Brown from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $75.47.

Brown & Brown Stock Performance

Shares of NYSE BRO opened at $71.35 on Thursday. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 0.58. The firm’s 50-day moving average price is $66.93 and its two-hundred day moving average price is $66.56. Brown & Brown, Inc. has a 52-week low of $53.81 and a 52-week high of $82.57. The stock has a market capitalization of $23.67 billion, a P/E ratio of 22.58, a P/E/G ratio of 2.36 and a beta of 0.52.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 26th. The financial services provider reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). The company had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.76 billion. Brown & Brown had a net margin of 17.63% and a return on equity of 13.29%. The business’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.05 earnings per share. As a group, sell-side analysts forecast that Brown & Brown, Inc. will post 4.44 earnings per share for the current year.

Brown & Brown Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 11th. Investors of record on Wednesday, November 4th were issued a $0.18 dividend. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.1650. The ex-dividend date of this dividend was Wednesday, November 4th. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. Brown & Brown’s dividend payout ratio (DPR) is 22.78%.

Brown & Brown Profile

Brown & Brown, Inc. is an insurance brokerage and risk management company that helps businesses, public entities and individuals assess and manage risk. Its services include arranging property and casualty insurance, employee benefits and personal insurance, as well as providing risk management and related services. The company serves clients through retail insurance operations, national insurance programs, wholesale brokerage and insurance-related services. It operates primarily in the United States and also serves clients in international markets.