Fortress Investment Group LLC Buys New Stake in Brown & Brown, Inc. $BRO

Fortress Investment Group LLC purchased a new stake in Brown & Brown, Inc. (NYSE:BRO) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 240,000 shares of the financial services provider’s stock, valued at approximately $26,609,000. Brown & Brown comprises approximately 3.8% of Fortress Investment Group LLC’s portfolio, making the stock its 5th largest holding. Fortress Investment Group LLC owned about 0.07% of Brown & Brown as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Parallel Advisors LLC lifted its holdings in shares of Brown & Brown by 4.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,508 shares of the financial services provider’s stock valued at $278,000 after purchasing an additional 103 shares during the last quarter. Tower Wealth Partners Inc. boosted its holdings in shares of Brown & Brown by 4.6% in the second quarter. Tower Wealth Partners Inc. now owns 2,464 shares of the financial services provider’s stock valued at $273,000 after acquiring an additional 108 shares during the period. Western Wealth Management LLC increased its holdings in shares of Brown & Brown by 6.0% in the 2nd quarter. Western Wealth Management LLC now owns 1,902 shares of the financial services provider’s stock valued at $211,000 after acquiring an additional 108 shares during the period. Kingsview Wealth Management LLC raised its position in Brown & Brown by 2.2% in the 2nd quarter. Kingsview Wealth Management LLC now owns 5,267 shares of the financial services provider’s stock valued at $584,000 after purchasing an additional 114 shares during the last quarter. Finally, TD Private Client Wealth LLC boosted its stake in Brown & Brown by 39.3% during the 2nd quarter. TD Private Client Wealth LLC now owns 436 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 123 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on BRO shares. Wolfe Research started coverage on shares of Brown & Brown in a report on Thursday, November 20th. They issued a “peer perform” rating for the company. Morgan Stanley lowered their target price on Brown & Brown from $95.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Monday, November 17th. Citigroup cut Brown & Brown from a “buy” rating to a “neutral” rating in a research note on Monday, November 3rd. Truist Financial dropped their price objective on shares of Brown & Brown from $120.00 to $114.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. Finally, Wall Street Zen upgraded shares of Brown & Brown from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $102.69.

Brown & Brown Stock Up 2.6%

Shares of NYSE BRO opened at $81.59 on Friday. The stock has a market capitalization of $27.86 billion, a price-to-earnings ratio of 24.43, a price-to-earnings-growth ratio of 1.86 and a beta of 0.82. Brown & Brown, Inc. has a 52 week low of $76.17 and a 52 week high of $125.68. The firm has a 50-day moving average price of $83.45 and a 200 day moving average price of $94.67. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.62.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 27th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the company posted $0.91 earnings per share. The firm’s quarterly revenue was up 35.4% compared to the same quarter last year. Equities research analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Increases Dividend

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

About Brown & Brown

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.