Tower Bridge Advisors Has $4.46 Million Stock Position in Brown & Brown, Inc. (NYSE:BRO)

Tower Bridge Advisors reduced its position in Brown & Brown, Inc. (NYSE:BRO) by 3.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,001 shares of the financial services provider’s stock after selling 1,564 shares during the period. Tower Bridge Advisors’ holdings in Brown & Brown were worth $4,455,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Crewe Advisors LLC increased its holdings in Brown & Brown by 330.4% in the second quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock worth $27,000 after buying an additional 228 shares during the last quarter. ST Germain D J Co. Inc. grew its position in Brown & Brown by 298.5% in the third quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 200 shares in the last quarter. Ashton Thomas Securities LLC acquired a new position in shares of Brown & Brown during the 3rd quarter worth $29,000. Headlands Technologies LLC bought a new position in shares of Brown & Brown during the 1st quarter valued at $32,000. Finally, Blue Trust Inc. raised its holdings in shares of Brown & Brown by 142.3% during the 2nd quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 323 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 17.02% of the stock is owned by company insiders.

Brown & Brown Stock Performance

NYSE:BRO opened at $110.05 on Friday. The firm’s 50-day moving average is $105.38 and its 200-day moving average is $97.98. The company has a market cap of $31.47 billion, a price-to-earnings ratio of 29.99, a PEG ratio of 2.54 and a beta of 0.82. 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, Inc. has a 52-week low of $69.13 and a 52-week high of $114.08.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the company posted $0.71 earnings per share. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. Equities research analysts anticipate that Brown & Brown, Inc. will post 3.73 earnings per share for the current year.

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.55%. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Wednesday, November 6th. Brown & Brown’s dividend payout ratio is presently 16.35%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BRO. Argus began coverage on shares of Brown & Brown in a report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price objective for the company. Keefe, Bruyette & Woods increased their price objective on Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a report on Friday, July 26th. Royal Bank of Canada raised their price objective on Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Truist Financial upped their target price on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, 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 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 issued a buy rating to the company. Based on data from MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and a consensus target price of $106.50.

About Brown & Brown

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.