Mackenzie Financial Corp Grows Stock Position in Brown & Brown, Inc. (NYSE:BRO)

Mackenzie Financial Corp raised its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 30.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 25,406 shares of the financial services provider’s stock after buying an additional 5,866 shares during the period. Mackenzie Financial Corp’s holdings in Brown & Brown were worth $1,807,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Independent Advisor Alliance raised its stake in shares of Brown & Brown by 0.3% during the 3rd quarter. Independent Advisor Alliance now owns 51,561 shares of the financial services provider’s stock valued at $3,601,000 after buying an additional 155 shares during the last quarter. Tributary Capital Management LLC raised its stake in shares of Brown & Brown by 1.1% during the 4th quarter. Tributary Capital Management LLC now owns 16,677 shares of the financial services provider’s stock valued at $1,186,000 after buying an additional 174 shares during the last quarter. Summit Financial LLC raised its stake in shares of Brown & Brown by 6.0% during the 3rd quarter. Summit Financial LLC now owns 3,395 shares of the financial services provider’s stock valued at $237,000 after buying an additional 191 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Brown & Brown by 0.9% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,867 shares of the financial services provider’s stock valued at $1,527,000 after buying an additional 199 shares during the last quarter. Finally, Xcel Wealth Management LLC raised its stake in shares of Brown & Brown by 3.2% during the 4th quarter. Xcel Wealth Management LLC now owns 6,389 shares of the financial services provider’s stock valued at $454,000 after buying an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Analyst Ratings Changes

BRO has been the subject of a number of recent research reports. Keefe, Bruyette & Woods lifted their price objective on Brown & Brown from $75.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday, April 10th. Bank of America cut Brown & Brown from a “neutral” rating to an “underperform” rating and raised their target price for the company from $80.00 to $86.00 in a research report on Wednesday, March 13th. UBS Group raised their target price on Brown & Brown from $75.00 to $81.00 and gave the company a “neutral” rating in a research report on Monday, January 29th. Royal Bank of Canada raised their target price on Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a research report on Wednesday, March 20th. Finally, The Goldman Sachs Group upgraded Brown & Brown from a “neutral” rating to a “buy” rating and dropped their target price for the company from $84.00 to $83.00 in a research report on Monday, January 8th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $86.80.

Insider Buying and Selling

In related news, Chairman Hyatt J. Brown sold 144,323 shares of Brown & Brown stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $85.96, for a total value of $12,406,005.08. Following the sale, the chairman now directly owns 37,460,605 shares in the company, valued at approximately $3,220,113,605.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 16.43% of the stock is currently owned by insiders.

Brown & Brown Trading Up 0.5 %

BRO stock opened at $82.93 on Wednesday. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.58. Brown & Brown, Inc. has a 12-month low of $60.00 and a 12-month high of $87.99. The stock has a market cap of $23.66 billion, a price-to-earnings ratio of 25.52, a PEG ratio of 2.48 and a beta of 0.78. The business’s 50-day moving average is $84.26 and its 200 day moving average is $76.90.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.07. Brown & Brown had a return on equity of 16.82% and a net margin of 21.09%. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the previous year, the firm posted $0.84 EPS. Brown & Brown’s revenue was up 12.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Brown & Brown, Inc. will post 3.55 EPS for the current fiscal year.

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.