Nisa Investment Advisors LLC Acquires 23,744 Shares of Brown & Brown, Inc. (NYSE:BRO)

Nisa Investment Advisors LLC grew its holdings in Brown & Brown, Inc. (NYSE:BRO) by 34.8% in the 3rd quarter, Holdings Channel reports. The fund owned 91,990 shares of the financial services provider’s stock after purchasing an additional 23,744 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Brown & Brown were worth $9,530,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Crewe Advisors LLC raised its holdings in Brown & Brown by 330.4% during the 2nd quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock worth $27,000 after buying an additional 228 shares during the period. ST Germain D J Co. Inc. raised its holdings in shares of Brown & Brown by 298.5% during the third quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 200 shares during the period. Headlands Technologies LLC bought a new stake in Brown & Brown in the 1st quarter valued at $32,000. Blue Trust Inc. boosted its stake in Brown & Brown by 142.3% in the 2nd quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 323 shares during the period. Finally, Larson Financial Group LLC boosted its stake in Brown & Brown by 65.7% in the 2nd quarter. Larson Financial Group LLC now owns 532 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 211 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Stock Performance

Shares of BRO opened at $105.84 on Thursday. The company has a market cap of $30.19 billion, a PE ratio of 30.41, a price-to-earnings-growth ratio of 2.45 and a beta of 0.83. The firm has a 50-day moving average of $104.09 and a 200-day moving average of $95.60. Brown & Brown, Inc. has a one year low of $68.42 and a one year high of $107.67. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the business earned $0.71 earnings per share. The business’s revenue was up 11.0% compared to the same quarter last year. As a group, equities analysts forecast that Brown & Brown, Inc. will post 3.69 earnings per share for the current year.

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.57%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date is Wednesday, November 6th. Brown & Brown’s payout ratio is 14.94%.

Analysts Set New Price Targets

A number of analysts have recently commented on BRO shares. Bank of America boosted their price target on Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a research note on Friday, October 25th. Argus initiated coverage on shares of Brown & Brown in a research note on Tuesday, September 24th. They set a “buy” rating and a $120.00 price target for the company. Truist Financial increased their target price on shares of Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Jefferies Financial Group lifted their price target on shares of Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $106.50.

Insider Activity

In related news, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the sale, the chief financial officer now owns 88,445 shares of the company’s stock, valued at approximately $8,872,802.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO R. Andrew Watts sold 2,500 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the transaction, the chief financial officer now owns 88,445 shares in the company, valued at $8,872,802.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 16.43% of the company’s stock.

Brown & Brown Company 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.