Axxcess Wealth Management LLC Purchases Shares of 2,208 Brown & Brown, Inc. (NYSE:BRO)

Axxcess Wealth Management LLC purchased a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,208 shares of the financial services provider’s stock, valued at approximately $229,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Royal London Asset Management Ltd. grew its holdings in shares of Brown & Brown by 105.1% in 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 purchasing an additional 1,059,711 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Brown & Brown by 24.6% in the second 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 last quarter. Capital World Investors grew its holdings in shares of Brown & Brown by 50.5% in the first quarter. Capital World Investors now owns 1,413,224 shares of the financial services provider’s stock worth $123,714,000 after purchasing an additional 473,982 shares during the last quarter. Natixis Advisors LLC grew its holdings in shares of Brown & Brown by 123.9% in the second 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. Finally, Truist Financial Corp grew its holdings in shares of Brown & Brown by 392.3% in the second quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock worth $42,287,000 after purchasing an additional 376,892 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BRO. StockNews.com cut shares of Brown & Brown from a “buy” rating to a “hold” rating in a report on Saturday, November 2nd. Raymond James lifted their price target on shares of Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. 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 report on Wednesday, October 9th. Argus initiated coverage on Brown & Brown in a research report on Tuesday, September 24th. They set a “buy” rating and a $120.00 price objective for the company. Finally, Truist Financial raised their price objective on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. 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 company. Based on data from MarketBeat.com, Brown & Brown currently has a consensus rating of “Hold” and a consensus target price of $106.50.

Insider Buying and Selling

In related news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 17.02% of the stock is owned by corporate insiders.

Brown & Brown Price Performance

BRO opened at $109.55 on Friday. The stock has a 50-day moving average price of $105.16 and a 200-day moving average price of $97.59. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73. The firm has a market cap of $31.33 billion, a PE ratio of 29.84, a P/E/G ratio of 2.59 and a beta of 0.82. Brown & Brown, Inc. has a 1 year low of $69.13 and a 1 year high of $114.08.

Brown & Brown (NYSE:BRO) last posted 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 firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. Brown & Brown’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.71 EPS. Sell-side analysts predict that Brown & Brown, Inc. will post 3.73 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.55%. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date was Wednesday, November 6th. Brown & Brown’s dividend payout ratio (DPR) is presently 16.35%.

Brown & Brown 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.