Segall Bryant & Hamill LLC Acquires New Shares in Brown & Brown, Inc. (NYSE:BRO)

Segall Bryant & Hamill LLC bought a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 126,094 shares of the financial services provider’s stock, valued at approximately $13,063,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. O Shaughnessy Asset Management LLC boosted its position in shares of Brown & Brown by 19.2% during the first quarter. O Shaughnessy Asset Management LLC now owns 19,475 shares of the financial services provider’s stock valued at $1,705,000 after buying an additional 3,139 shares during the last quarter. Lake Street Advisors Group LLC purchased a new stake in shares of Brown & Brown during the 1st quarter valued at about $204,000. CANADA LIFE ASSURANCE Co grew its stake in shares of 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 worth $13,337,000 after acquiring an additional 7,048 shares during the period. Natixis raised its holdings in shares of Brown & Brown by 220.5% during the first quarter. Natixis now owns 62,032 shares of the financial services provider’s stock valued at $5,430,000 after purchasing an additional 42,677 shares during the last quarter. Finally, Toronto Dominion Bank lifted its position in Brown & Brown by 1.6% during the first quarter. Toronto Dominion Bank now owns 167,766 shares of the financial services provider’s stock valued at $14,686,000 after purchasing an additional 2,689 shares during the period. Institutional investors own 71.01% of the company’s stock.

Insider Activity at Brown & Brown

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a filing with the SEC, which is available through this link. 17.02% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on BRO shares. Keefe, Bruyette & Woods boosted their target price on shares of Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research note on Friday, July 26th. Bank of America upped their price objective on Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Jefferies Financial Group increased their target price on Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Royal Bank of Canada boosted their price target on Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Truist Financial increased their price objective on shares of Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $106.50.

Brown & Brown Price Performance

Shares of NYSE:BRO opened at $109.61 on Thursday. The firm’s 50 day simple moving average is $105.80 and its two-hundred day simple moving average is $98.54. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73. The company has a market capitalization of $31.34 billion, a P/E ratio of 29.87, a P/E/G ratio of 2.54 and a beta of 0.82. Brown & Brown, Inc. has a 1-year low of $69.13 and a 1-year high of $114.08.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the firm posted $0.71 EPS. Brown & Brown’s quarterly revenue was up 11.0% compared to the same quarter last year. Research analysts expect that Brown & Brown, Inc. will post 3.73 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend was Wednesday, November 6th. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s payout ratio is 16.35%.

About Brown & Brown

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.