Charles Schwab Investment Management Inc. Boosts Stake in Brown & Brown, Inc. (NYSE:BRO)

Charles Schwab Investment Management Inc. increased its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 1.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,315,654 shares of the financial services provider’s stock after buying an additional 17,934 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.46% of Brown & Brown worth $136,302,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Royal London Asset Management Ltd. grew its position in shares of Brown & Brown by 105.1% during the second quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock worth $184,930,000 after acquiring an additional 1,059,711 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Brown & Brown by 24.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock worth $311,979,000 after purchasing an additional 687,783 shares during the period. Natixis Advisors LLC grew its position in Brown & Brown by 123.9% during the 2nd quarter. Natixis Advisors LLC now owns 733,668 shares of the financial services provider’s stock worth $65,597,000 after purchasing an additional 406,064 shares during the last quarter. Truist Financial Corp increased its stake in Brown & Brown by 392.3% in the second quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock valued at $42,287,000 after purchasing an additional 376,892 shares during the period. Finally, Handelsbanken Fonder AB raised its holdings in shares of Brown & Brown by 771.5% in the third quarter. Handelsbanken Fonder AB now owns 415,134 shares of the financial services provider’s stock valued at $43,008,000 after buying an additional 367,500 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Price Performance

Brown & Brown stock opened at $112.05 on Monday. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.52. The firm’s 50-day simple moving average is $106.16 and its 200 day simple moving average is $98.92. Brown & Brown, Inc. has a 52 week low of $69.13 and a 52 week high of $114.08. The firm has a market capitalization of $32.04 billion, a PE ratio of 30.53, a P/E/G ratio of 2.55 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the business earned $0.71 earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. On average, equities research analysts predict that Brown & Brown, Inc. will post 3.74 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date of this dividend was Wednesday, November 6th. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s dividend payout ratio is 16.35%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on BRO shares. Jefferies Financial Group boosted their price target on Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Truist Financial boosted their target price on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Barclays increased their price target on Brown & Brown from $108.00 to $119.00 and gave the stock an “equal weight” rating in a report on Thursday. Argus started coverage on shares of Brown & Brown in a research note on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price objective on the stock. Finally, Bank of America lifted their target price on shares of Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and a consensus target price of $107.42.

Insiders Place Their Bets

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 17.02% of the stock is currently owned by company insiders.

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.