Brown & Brown, Inc. $BRO Shares Purchased by New York Life Investment Management LLC

New York Life Investment Management LLC grew its holdings in Brown & Brown, Inc. (NYSE:BRO) by 417.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 209,934 shares of the financial services provider’s stock after purchasing an additional 169,399 shares during the quarter. New York Life Investment Management LLC owned about 0.06% of Brown & Brown worth $13,987,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Westside Investment Management Inc. grew its stake in Brown & Brown by 84.7% during the third quarter. Westside Investment Management Inc. now owns 399 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 183 shares during the period. Allied Private Wealth LLC bought a new stake in Brown & Brown in the second quarter worth approximately $35,000. Continuum Advisory LLC acquired a new position in Brown & Brown in the second quarter valued at approximately $34,000. Johnson Financial Group Inc. acquired a new position in Brown & Brown in the second quarter valued at approximately $37,000. Finally, Manchester Capital Management LLC lifted its stake in Brown & Brown by 853.3% in the third quarter. Manchester Capital Management LLC now owns 572 shares of the financial services provider’s stock valued at $38,000 after buying an additional 512 shares during the period. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Stock Performance

Shares of Brown & Brown stock opened at $71.35 on Thursday. The business has a 50-day simple moving average of $66.93 and a 200 day simple moving average of $66.56. Brown & Brown, Inc. has a one year low of $53.81 and a one year high of $82.57. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.96 and a quick ratio of 1.96. The firm has a market capitalization of $23.67 billion, a price-to-earnings ratio of 22.58, a PEG ratio of 2.36 and a beta of 0.52.

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

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 11th. Stockholders of record on Wednesday, November 4th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, November 4th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.1650. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. Brown & Brown’s payout ratio is currently 22.78%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BRO. BMO Capital Markets raised their price objective on shares of Brown & Brown from $73.00 to $74.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 29th. Mizuho dropped their target price on shares of Brown & Brown from $83.00 to $78.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 7th. Truist Financial dropped their target price on shares of Brown & Brown from $90.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday, October 28th. Wells Fargo & Company cut their target price on shares of Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Monday, October 12th. Finally, UBS Group reduced their price target on shares of Brown & Brown from $73.00 to $72.00 and set a “neutral” rating for the company in a report on Monday, November 2nd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Brown & Brown has an average rating of “Hold” and a consensus target price of $75.47.

About Brown & Brown

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.