GeoWealth Management LLC Makes New Investment in Brown & Brown, Inc. (NYSE:BRO)

GeoWealth Management LLC acquired a new stake in Brown & Brown, Inc. (NYSE:BRO) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 9,128 shares of the financial services provider’s stock, valued at approximately $628,000.

Other institutional investors have also made changes to their positions in the company. Kentucky Retirement Systems boosted its stake in shares of Brown & Brown by 0.8% in the 1st quarter. Kentucky Retirement Systems now owns 18,585 shares of the financial services provider’s stock valued at $1,067,000 after purchasing an additional 153 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Brown & Brown by 3.0% in the 2nd quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,416 shares of the financial services provider’s stock worth $373,000 after acquiring an additional 156 shares in the last quarter. Fifth Third Bancorp grew its position in Brown & Brown by 3.3% during the 2nd quarter. Fifth Third Bancorp now owns 4,876 shares of the financial services provider’s stock worth $336,000 after acquiring an additional 157 shares during the last quarter. Advisor Partners II LLC raised its position in Brown & Brown by 1.3% in the 1st quarter. Advisor Partners II LLC now owns 11,845 shares of the financial services provider’s stock valued at $680,000 after purchasing an additional 157 shares during the last quarter. Finally, Stephens Inc. AR boosted its stake in Brown & Brown by 0.7% in the first quarter. Stephens Inc. AR now owns 25,801 shares of the financial services provider’s stock worth $1,481,000 after purchasing an additional 172 shares in the last quarter. 70.33% of the stock is currently owned by institutional investors and hedge funds.

Brown & Brown Stock Up 0.6 %

BRO stock opened at $73.46 on Tuesday. The business has a 50-day moving average of $70.97 and a 200-day moving average of $69.28. Brown & Brown, Inc. has a fifty-two week low of $52.82 and a fifty-two week high of $74.57. The stock has a market capitalization of $20.91 billion, a P/E ratio of 27.93 and a beta of 0.76. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.85 and a quick ratio of 1.85.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, October 23rd. The financial services provider reported $0.71 EPS for the quarter, topping the consensus estimate of $0.62 by $0.09. Brown & Brown had a net margin of 18.08% and a return on equity of 15.72%. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the previous year, the firm posted $0.50 EPS. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. On average, sell-side analysts anticipate that Brown & Brown, Inc. will post 2.75 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 15th. Investors of record on Wednesday, November 1st were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.71%. This is an increase from Brown & Brown’s previous quarterly dividend of $0.12. The ex-dividend date was Tuesday, October 31st. Brown & Brown’s payout ratio is presently 19.77%.

Analyst Ratings Changes

Several equities research analysts have weighed in on BRO shares. Royal Bank of Canada restated a “sector perform” rating and issued a $77.00 price objective on shares of Brown & Brown in a research report on Friday, September 15th. Keefe, Bruyette & Woods cut Brown & Brown from an “outperform” rating to a “market perform” rating and lifted their target price for the company from $73.00 to $76.00 in a research note on Tuesday, August 1st. Truist Financial reiterated a “buy” rating and issued a $85.00 price target on shares of Brown & Brown in a report on Friday, September 15th. Wells Fargo & Company boosted their price objective on Brown & Brown from $62.00 to $70.00 in a report on Wednesday, July 26th. Finally, Citigroup upped their target price on shares of Brown & Brown from $81.00 to $83.00 and gave the company a “buy” rating in a research report on Tuesday, September 19th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Brown & Brown currently has an average rating of “Moderate Buy” and a consensus target price of $76.00.

Insiders Place Their Bets

In other news, EVP Stephen M. Boyd sold 2,500 shares of the company’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $70.64, for a total value of $176,600.00. Following the sale, the executive vice president now directly owns 64,471 shares of the company’s stock, valued at approximately $4,554,231.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 17.02% of the company’s stock.

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.