Steward Partners Investment Advisory LLC Acquires 1,442 Shares of Brown & Brown, Inc. $BRO

Steward Partners Investment Advisory LLC raised its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 5.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,024 shares of the financial services provider’s stock after acquiring an additional 1,442 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Brown & Brown were worth $3,329,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in BRO. Avantax Advisory Services Inc. lifted its stake in shares of Brown & Brown by 63.3% during the 1st quarter. Avantax Advisory Services Inc. now owns 11,833 shares of the financial services provider’s stock worth $1,472,000 after purchasing an additional 4,589 shares during the last quarter. Cetera Investment Advisers lifted its position in shares of Brown & Brown by 20.9% during the first quarter. Cetera Investment Advisers now owns 43,878 shares of the financial services provider’s stock valued at $5,458,000 after buying an additional 7,598 shares during the last quarter. LPL Financial LLC boosted its holdings in shares of Brown & Brown by 29.3% in the 1st quarter. LPL Financial LLC now owns 281,572 shares of the financial services provider’s stock valued at $35,028,000 after buying an additional 63,724 shares in the last quarter. Mackenzie Financial Corp grew its position in shares of Brown & Brown by 6.4% in the 1st quarter. Mackenzie Financial Corp now owns 100,090 shares of the financial services provider’s stock worth $12,451,000 after buying an additional 5,997 shares during the last quarter. Finally, Meeder Advisory Services Inc. raised its stake in shares of Brown & Brown by 4.2% during the 1st quarter. Meeder Advisory Services Inc. now owns 3,336 shares of the financial services provider’s stock worth $415,000 after acquiring an additional 133 shares in the last quarter. 71.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on BRO shares. Morgan Stanley decreased their target price on shares of Brown & Brown from $95.00 to $85.00 and set an “equal weight” rating for the company in a research report on Monday, November 17th. Keefe, Bruyette & Woods lowered their price objective on Brown & Brown from $92.00 to $79.00 and set an “underperform” rating for the company in a research report on Tuesday, November 4th. Wall Street Zen raised Brown & Brown from a “sell” rating to a “hold” rating in a research report on Saturday, September 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Brown & Brown in a research note on Wednesday. Finally, Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a research note on Monday, November 3rd. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $102.69.

Brown & Brown Stock Performance

Shares of BRO stock opened at $80.49 on Friday. The business has a fifty day moving average of $86.45 and a 200 day moving average of $97.06. Brown & Brown, Inc. has a 1 year low of $76.17 and a 1 year high of $125.68. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.10 and a quick ratio of 6.72. The firm has a market capitalization of $27.48 billion, a price-to-earnings ratio of 24.10, a price-to-earnings-growth ratio of 1.70 and a beta of 0.77.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, October 27th. The financial services provider reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. Brown & Brown had a return on equity of 13.64% and a net margin of 18.23%.The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the company earned $0.91 earnings per share. The company’s revenue was up 35.4% on a year-over-year basis. As a group, research analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th were given a dividend of $0.165 per share. The ex-dividend date of this dividend was Wednesday, November 5th. This represents a $0.66 dividend on an annualized basis and a yield of 0.8%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.15. Brown & Brown’s payout ratio is 19.76%.

Brown & Brown Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.