Brown & Brown, Inc. (NYSE:BRO) Shares Bought by QRG Capital Management Inc.

QRG Capital Management Inc. grew its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 15.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,543 shares of the financial services provider’s stock after purchasing an additional 2,664 shares during the quarter. QRG Capital Management Inc.’s holdings in Brown & Brown were worth $2,025,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Royal London Asset Management Ltd. increased its holdings in shares of Brown & Brown by 105.1% in the 2nd quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock valued at $184,930,000 after acquiring an additional 1,059,711 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Brown & Brown by 24.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock valued at $311,979,000 after acquiring an additional 687,783 shares during the period. Capital World Investors increased its holdings in shares of Brown & Brown by 50.5% in the 1st quarter. Capital World Investors now owns 1,413,224 shares of the financial services provider’s stock valued at $123,714,000 after acquiring an additional 473,982 shares during the period. Natixis Advisors LLC increased its holdings in shares of Brown & Brown by 123.9% in the 2nd quarter. Natixis Advisors LLC now owns 733,668 shares of the financial services provider’s stock valued at $65,597,000 after acquiring an additional 406,064 shares during the period. Finally, Truist Financial Corp increased its holdings in shares of Brown & Brown by 392.3% in the 2nd quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock valued at $42,287,000 after acquiring an additional 376,892 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Insider Transactions at Brown & Brown

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 the SEC website. Corporate insiders own 16.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. StockNews.com cut shares of Brown & Brown from a “buy” rating to a “hold” rating in a report on Saturday, November 2nd. Argus started coverage on shares of Brown & Brown in a report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 target price on the stock. Bank of America lifted their price objective on shares of Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Barclays started coverage on shares of Brown & Brown in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 price objective on the stock. Finally, Wells Fargo & Company lifted their price objective on shares of Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. 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 MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $106.50.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $110.35 on Friday. The firm has a market capitalization of $31.56 billion, a P/E ratio of 30.07, a PEG ratio of 2.43 and a beta of 0.82. Brown & Brown, Inc. has a one year low of $69.13 and a one year high of $114.08. The company’s fifty day moving average is $104.61 and its two-hundred day moving average is $96.65. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The business’s revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.71 EPS. Analysts forecast that Brown & Brown, Inc. will post 3.73 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.54%. The ex-dividend date is Wednesday, November 6th. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s payout ratio is 14.17%.

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.