Tower Bridge Advisors Boosts Stake in Brown & Brown, Inc. $BRO

Tower Bridge Advisors boosted its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 130.1% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 105,138 shares of the financial services provider’s stock after acquiring an additional 59,445 shares during the quarter. Tower Bridge Advisors’ holdings in Brown & Brown were worth $9,861,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of BRO. Cornerstone Planning Group LLC lifted its stake in shares of Brown & Brown by 423.1% in the third quarter. Cornerstone Planning Group LLC now owns 272 shares of the financial services provider’s stock worth $26,000 after buying an additional 220 shares in the last quarter. Darwin Wealth Management LLC purchased a new stake in shares of Brown & Brown during the 2nd quarter valued at approximately $30,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Brown & Brown during the 2nd quarter worth $49,000. Evelyn Partners Investment Management LLP acquired a new stake in shares of Brown & Brown during the second quarter valued at about $52,000. Finally, True Wealth Design LLC increased its holdings in Brown & Brown by 4,369.2% in the 3rd quarter. True Wealth Design LLC now owns 581 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 568 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BRO has been the subject of several recent research reports. Truist Financial lowered their price objective on shares of Brown & Brown from $105.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, January 28th. Wells Fargo & Company dropped their price objective on Brown & Brown from $82.00 to $78.00 and set an “equal weight” rating on the stock in a report on Friday, February 13th. Argus upgraded shares of Brown & Brown to a “hold” rating in a research note on Tuesday, January 27th. Wolfe Research initiated coverage on shares of Brown & Brown in a research report on Thursday, November 20th. They set a “peer perform” rating on the stock. Finally, UBS Group reissued a “neutral” rating and issued a $81.00 target price (down from $90.00) on shares of Brown & Brown in a report on Thursday, January 29th. Four equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $90.43.

Brown & Brown Stock Down 0.4%

Brown & Brown stock opened at $71.84 on Thursday. Brown & Brown, Inc. has a fifty-two week low of $65.68 and a fifty-two week high of $125.68. The firm has a market capitalization of $24.46 billion, a price-to-earnings ratio of 22.45, a price-to-earnings-growth ratio of 2.18 and a beta of 0.79. The stock’s fifty day moving average is $74.85 and its two-hundred day moving average is $82.95. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.66 and a current ratio of 1.66.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, January 26th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.91 by $0.02. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.65 billion. Brown & Brown had a net margin of 17.84% and a return on equity of 12.93%. The business’s revenue for the quarter was up 35.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.86 EPS. Analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 11th. Investors of record on Wednesday, February 4th were paid a $0.165 dividend. The ex-dividend date of this dividend was Wednesday, February 4th. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. Brown & Brown’s dividend payout ratio is presently 20.63%.

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.