Brookstone Capital Management Purchases 9,127 Shares of Brown & Brown, Inc. $BRO

Brookstone Capital Management grew its position in Brown & Brown, Inc. (NYSE:BRO) by 31.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 38,394 shares of the financial services provider’s stock after purchasing an additional 9,127 shares during the quarter. Brookstone Capital Management’s holdings in Brown & Brown were worth $3,601,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of BRO. State of Wyoming boosted its position in Brown & Brown by 22.6% during the first quarter. State of Wyoming now owns 1,182 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 218 shares during the last quarter. Vident Advisory LLC boosted its position in shares of Brown & Brown by 93.0% during the 1st quarter. Vident Advisory LLC now owns 8,388 shares of the financial services provider’s stock valued at $1,043,000 after purchasing an additional 4,042 shares in the last quarter. Ewing Morris & Co. Investment Partners Ltd. bought a new stake in shares of Brown & Brown during the 1st quarter valued at about $1,111,000. MAI Capital Management grew its stake in Brown & Brown by 39.1% during the first quarter. MAI Capital Management now owns 1,807 shares of the financial services provider’s stock worth $225,000 after purchasing an additional 508 shares during the period. Finally, Royal Bank of Canada increased its holdings in Brown & Brown by 6.3% in the first quarter. Royal Bank of Canada now owns 3,063,741 shares of the financial services provider’s stock worth $381,129,000 after purchasing an additional 181,315 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BRO. Citigroup cut Brown & Brown from a “buy” rating to a “neutral” rating in a report on Monday, November 3rd. Wolfe Research began coverage on shares of Brown & Brown in a research report on Thursday, November 20th. They set a “peer perform” rating on the stock. Truist Financial cut their target price on shares of Brown & Brown from $120.00 to $114.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. Morgan Stanley reduced their price target on shares of Brown & Brown from $95.00 to $85.00 and set an “equal weight” rating for the company in a report on Monday, November 17th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Brown & Brown in a research note on Monday, December 22nd. Four investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Brown & Brown currently has an average rating of “Hold” and a consensus price target of $99.80.

Brown & Brown Stock Performance

NYSE BRO opened at $80.78 on Friday. The company has a market cap of $27.58 billion, a P/E ratio of 24.19, a PEG ratio of 1.89 and a beta of 0.82. The company has a fifty day simple moving average of $80.89 and a 200 day simple moving average of $92.47. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.62. Brown & Brown, Inc. has a 12-month low of $76.17 and a 12-month high of $125.68.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, October 27th. The financial services provider reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.15. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The business’s revenue was up 35.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.91 earnings per share. Sell-side analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 12th. Stockholders of record on Wednesday, November 5th were issued a $0.165 dividend. This is a boost from Brown & Brown’s previous quarterly dividend of $0.15. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Wednesday, November 5th. Brown & Brown’s dividend payout ratio is 19.76%.

Brown & Brown Company Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.