Quantbot Technologies LP Makes New Investment in Brown & Brown, Inc. (NYSE:BRO)

Quantbot Technologies LP purchased a new stake in Brown & Brown, Inc. (NYSE:BRO) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 94,904 shares of the financial services provider’s stock, valued at approximately $9,832,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Prospector Partners LLC raised its position in shares of Brown & Brown by 0.3% during the third quarter. Prospector Partners LLC now owns 284,474 shares of the financial services provider’s stock worth $29,472,000 after purchasing an additional 917 shares during the period. FMR LLC increased its stake in Brown & Brown by 42.4% in the 3rd quarter. FMR LLC now owns 1,109,840 shares of the financial services provider’s stock worth $114,979,000 after purchasing an additional 330,661 shares in the last quarter. D.A. Davidson & CO. raised its holdings in Brown & Brown by 2.9% during the 3rd quarter. D.A. Davidson & CO. now owns 29,480 shares of the financial services provider’s stock worth $3,054,000 after buying an additional 828 shares during the period. Dai ichi Life Insurance Company Ltd acquired a new stake in Brown & Brown during the 3rd quarter worth about $440,000. Finally, Qsemble Capital Management LP purchased a new stake in Brown & Brown during the third quarter valued at about $2,320,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Jefferies Financial Group lifted their target price on shares of Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Truist Financial lifted their price objective on shares of Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Royal Bank of Canada increased their target price on Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Barclays raised their target price on Brown & Brown from $108.00 to $119.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 21st. Finally, Wells Fargo & Company upped their price target on Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $107.42.

Brown & Brown Stock Performance

Shares of NYSE BRO opened at $111.75 on Tuesday. Brown & Brown, Inc. has a 52 week low of $69.13 and a 52 week high of $114.08. The firm has a market cap of $31.96 billion, a price-to-earnings ratio of 30.45, a P/E/G ratio of 2.58 and a beta of 0.82. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73. The business’s 50-day simple moving average is $106.31 and its 200-day simple moving average is $99.20.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.71 earnings per share. As a group, equities research analysts expect that Brown & Brown, Inc. will post 3.74 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 13th. Investors of record on Wednesday, November 6th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend was Wednesday, November 6th. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s dividend payout ratio (DPR) is presently 16.35%.

Insider Buying and Selling

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 17.02% of the stock is owned by company insiders.

Brown & Brown 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.