Thrivent Financial for Lutherans increased its holdings in shares of Brown & Brown, Inc. (NYSE:BRO - Free Report) by 48.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 235,617 shares of the financial services provider's stock after buying an additional 76,694 shares during the period. Thrivent Financial for Lutherans owned about 0.08% of Brown & Brown worth $24,410,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Avantax Advisory Services Inc. lifted its stake in shares of Brown & Brown by 6.0% in the first quarter. Avantax Advisory Services Inc. now owns 4,174 shares of the financial services provider's stock worth $365,000 after acquiring an additional 238 shares during the period. O Shaughnessy Asset Management LLC lifted its position in shares of Brown & Brown by 19.2% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 19,475 shares of the financial services provider's stock worth $1,705,000 after purchasing an additional 3,139 shares during the period. UniSuper Management Pty Ltd increased its position in shares of Brown & Brown by 429.7% during the first quarter. UniSuper Management Pty Ltd now owns 13,751 shares of the financial services provider's stock worth $1,204,000 after buying an additional 11,155 shares during the period. Lake Street Advisors Group LLC bought a new position in Brown & Brown during the first quarter worth $204,000. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in Brown & Brown by 4.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 152,299 shares of the financial services provider's stock valued at $13,337,000 after buying an additional 7,048 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.
In other news, Chairman Hyatt J. Brown sold 134,640 shares of the company's stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 16.43% of the company's stock.
A number of brokerages have weighed in on BRO. Truist Financial increased their price target on Brown & Brown from $116.00 to $118.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Wells Fargo & Company raised their target price on Brown & Brown from $112.00 to $114.00 and gave the stock an "overweight" rating in a research note on Thursday, October 10th. Raymond James boosted their price target on Brown & Brown from $95.00 to $110.00 and gave the company an "outperform" rating in a research note on Thursday, July 25th. Bank of America raised their price objective on shares of Brown & Brown from $108.00 to $117.00 and gave the stock a "neutral" rating in a research report on Thursday, October 10th. Finally, Royal Bank of Canada boosted their target price on shares of Brown & Brown from $113.00 to $118.00 and gave the company an "outperform" rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $106.50.
Get Our Latest Analysis on BRO
Brown & Brown stock opened at $109.37 on Wednesday. The firm has a market capitalization of $31.27 billion, a price-to-earnings ratio of 29.80, a price-to-earnings-growth ratio of 2.54 and a beta of 0.82. The firm's fifty day moving average price is $105.63 and its two-hundred day moving average price is $98.46. Brown & Brown, Inc. has a 1-year low of $69.13 and a 1-year high of $114.08. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52.
Brown & Brown (NYSE:BRO - Get Free Report) last announced its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $1.19 billion for the quarter, compared to analysts' expectations of $1.16 billion. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The firm's revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.71 EPS. On average, equities research analysts predict that Brown & Brown, Inc. will post 3.73 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were given a $0.15 dividend. This is a positive change from Brown & Brown's previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend was Wednesday, November 6th. Brown & Brown's dividend payout ratio is presently 16.35%.
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.
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