Brown & Brown, Inc. (NYSE:BRO) Holdings Raised by Otter Creek Advisors LLC

Otter Creek Advisors LLC grew its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 4.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 39,213 shares of the financial services provider’s stock after purchasing an additional 1,564 shares during the period. Brown & Brown comprises about 2.6% of Otter Creek Advisors LLC’s holdings, making the stock its 24th biggest holding. Otter Creek Advisors LLC’s holdings in Brown & Brown were worth $4,062,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of BRO. Crewe Advisors LLC boosted its position in Brown & Brown by 330.4% during the 2nd quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 228 shares during the period. ST Germain D J Co. Inc. lifted its holdings in shares of Brown & Brown by 298.5% during the 3rd quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock valued at $28,000 after buying an additional 200 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in shares of Brown & Brown during the 3rd quarter valued at about $29,000. Blue Trust Inc. raised its stake in shares of Brown & Brown by 142.3% in the 2nd quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 323 shares in the last quarter. Finally, Larson Financial Group LLC raised its stake in shares of Brown & Brown by 65.7% in the 2nd quarter. Larson Financial Group LLC now owns 532 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 211 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BRO. Argus began coverage on Brown & Brown in a research note on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price objective on the stock. Truist Financial lifted their price target on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Bank of America lifted their price target on Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Raymond James lifted their price target on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Finally, StockNews.com downgraded Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Brown & Brown has an average rating of “Hold” and a consensus price target of $107.42.

Insiders Place Their Bets

In other news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s 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 this hyperlink. Insiders own 17.02% of the company’s stock.

Brown & Brown Price Performance

Shares of BRO stock opened at $110.95 on Friday. The stock’s fifty day simple moving average is $105.80 and its 200 day simple moving average is $98.54. 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 $31.73 billion, a price-to-earnings ratio of 30.23, a P/E/G ratio of 2.52 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.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings data 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. The company had revenue of $1.19 billion for 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%. The business’s revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.71 earnings per share. On average, analysts expect that Brown & Brown, Inc. will post 3.74 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. Shareholders of record on Wednesday, November 6th were paid a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $0.60 dividend on an annualized basis and a yield of 0.54%. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s payout ratio is currently 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.