Brown & Brown, Inc. (NYSE:BRO) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its holdings in Brown & Brown, Inc. (NYSE:BRO) by 9.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 46,666 shares of the financial services provider’s stock after purchasing an additional 4,146 shares during the period. PNC Financial Services Group Inc.’s holdings in Brown & Brown were worth $4,835,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Brown & Brown in the 3rd quarter valued at about $646,000. Quest Partners LLC purchased a new stake in shares of Brown & Brown in the 3rd quarter valued at approximately $688,000. Phillips Financial Management LLC acquired a new position in shares of Brown & Brown in the 3rd quarter worth approximately $418,000. Thrivent Financial for Lutherans boosted its position in shares of Brown & Brown by 48.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 235,617 shares of the financial services provider’s stock worth $24,410,000 after purchasing an additional 76,694 shares during the period. Finally, Vaughan Nelson Investment Management L.P. boosted its position in shares of Brown & Brown by 4.8% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 32,590 shares of the financial services provider’s stock worth $3,376,000 after purchasing an additional 1,485 shares during the period. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the firm’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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 17.02% of the stock is owned by company insiders.

Brown & Brown Stock Up 1.2 %

Shares of Brown & Brown stock opened at $112.05 on Friday. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a 52-week low of $69.13 and a 52-week high of $114.08. The company has a market capitalization of $32.04 billion, a P/E ratio of 30.53, a P/E/G ratio of 2.55 and a beta of 0.82. The company has a 50 day moving average of $106.16 and a 200 day moving average of $98.82.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the firm posted $0.71 earnings per share. The company’s revenue was up 11.0% compared to the same quarter last year. As a group, research analysts forecast that Brown & Brown, Inc. will post 3.74 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th were given 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 of this dividend was Wednesday, November 6th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s dividend payout ratio (DPR) is 16.35%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. StockNews.com lowered Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. Wells Fargo & Company boosted their price objective on Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Royal Bank of Canada raised their target price on Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Truist Financial boosted their price target on shares of Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group increased their price target on shares of Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $107.42.

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.