Rathbones Group PLC Has $75.27 Million Position in Brown & Brown, Inc. $BRO

Rathbones Group PLC boosted its holdings in Brown & Brown, Inc. (NYSE:BRO) by 17.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,154,219 shares of the financial services provider’s stock after acquiring an additional 173,265 shares during the period. Rathbones Group PLC’s holdings in Brown & Brown were worth $75,267,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Union Bancaire Privee UBP SA bought a new position in Brown & Brown during the first quarter worth $25,000. Basepoint Wealth LLC bought a new position in shares of Brown & Brown in the fourth quarter valued at about $27,000. Darwin Wealth Management LLC bought a new position in shares of Brown & Brown in the second quarter valued at about $30,000. DV Equities LLC acquired a new stake in shares of Brown & Brown during the 4th quarter worth about $33,000. Finally, Maseco LLP acquired a new stake in shares of Brown & Brown during the 4th quarter worth about $60,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. UBS Group reiterated a “neutral” rating and issued a $73.00 price target (up from $65.00) on shares of Brown & Brown in a research note on Wednesday, July 8th. Wells Fargo & Company cut their price objective on shares of Brown & Brown from $69.00 to $68.00 and set an “equal weight” rating for the company in a research report on Thursday, July 9th. Truist Financial set a $90.00 price objective on Brown & Brown in a report on Wednesday. Barclays upped their target price on Brown & Brown from $72.00 to $76.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 7th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of Brown & Brown in a research note on Friday, June 26th. Four equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $79.06.

Brown & Brown Price Performance

Shares of Brown & Brown stock opened at $70.50 on Monday. Brown & Brown, Inc. has a twelve month low of $53.81 and a twelve month high of $98.30. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The company has a 50-day simple moving average of $63.65 and a two-hundred day simple moving average of $66.37. The stock has a market capitalization of $23.59 billion, a price-to-earnings ratio of 22.24, a price-to-earnings-growth ratio of 3.52 and a beta of 0.59.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the prior year, the firm earned $1.03 EPS. The business’s revenue for the quarter was up 30.4% on a year-over-year basis. Analysts forecast that Brown & Brown, Inc. will post 4.49 EPS for the current year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Wednesday, August 12th will be paid a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Wednesday, August 12th. Brown & Brown’s payout ratio is 20.82%.

Insider Activity

In related news, Director H Palmer Proctor, Jr. purchased 2,000 shares of Brown & Brown stock in a transaction that occurred on Tuesday, May 5th. The shares were acquired at an average price of $57.10 per share, with a total value of $114,200.00. Following the completion of the transaction, the director directly owned 47,621 shares of the company’s stock, valued at $2,719,159.10. This represents a 4.38% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 13.13% of the company’s stock.

Brown & Brown 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.