Root Financial Partners LLC Makes New $541,000 Investment in Brown & Brown, Inc. $BRO

Root Financial Partners LLC acquired a new position in Brown & Brown, Inc. (NYSE:BRO) in the 3rd quarter, Holdings Channel.com reports. The firm acquired 8,011 shares of the financial services provider’s stock, valued at approximately $541,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BRO. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Brown & Brown by 7,129.0% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 95,062 shares of the financial services provider’s stock valued at $5,789,000 after purchasing an additional 93,747 shares in the last quarter. First Citizens Bank & Trust Co. acquired a new stake in shares of Brown & Brown in the third quarter valued at about $2,547,000. Rathbones Group PLC lifted its stake in shares of Brown & Brown by 17.7% in the first quarter. Rathbones Group PLC now owns 1,154,219 shares of the financial services provider’s stock valued at $75,267,000 after purchasing an additional 173,265 shares during the period. Farther Finance Advisors LLC boosted its holdings in Brown & Brown by 1,424.5% during the third quarter. Farther Finance Advisors LLC now owns 40,583 shares of the financial services provider’s stock worth $2,734,000 after buying an additional 37,921 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in Brown & Brown by 6,588.6% during the second quarter. Assenagon Asset Management S.A. now owns 289,013 shares of the financial services provider’s stock worth $18,540,000 after buying an additional 284,692 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Analysts Set New Price Targets

BRO has been the topic of several recent analyst reports. BMO Capital Markets upped their target price on shares of Brown & Brown from $73.00 to $74.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 29th. Oppenheimer started coverage on Brown & Brown in a research note on Wednesday, October 7th. They set an “outperform” rating and a $73.00 price target on the stock. Citizens Jmp lowered their price target on Brown & Brown from $78.00 to $75.00 and set a “market outperform” rating on the stock in a report on Monday, October 12th. Truist Financial set a $90.00 price target on Brown & Brown in a report on Wednesday, July 29th. Finally, Weiss Ratings raised Brown & Brown from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Brown & Brown has an average rating of “Hold” and an average target price of $76.00.

Brown & Brown Stock Performance

NYSE BRO opened at $72.97 on Friday. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $89.26. The stock has a market cap of $24.42 billion, a price-to-earnings ratio of 23.02, a price-to-earnings-growth ratio of 2.32 and a beta of 0.60. The business has a fifty day moving average of $67.25 and a 200-day moving average of $65.14. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58.

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

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 11th. Investors of record on Wednesday, November 4th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 4th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.1650. Brown & Brown’s dividend payout ratio is presently 20.82%.

Brown & Brown Profile

Brown & Brown, Inc is an insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities, individuals and other organizations identify, manage and transfer risk by arranging insurance coverage and providing related advisory services.

Its operations include retail insurance brokerage, national programs, wholesale brokerage and services. Brown & Brown offers property and casualty insurance, employee benefits, personal insurance, surety and other specialized coverage.