Brookstone Capital Management Increases Holdings in Brown & Brown, Inc. (NYSE:BRO)

Brookstone Capital Management lifted its position in Brown & Brown, Inc. (NYSE:BRO) by 44.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,013 shares of the financial services provider’s stock after purchasing an additional 3,096 shares during the quarter. Brookstone Capital Management’s holdings in Brown & Brown were worth $877,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of BRO. Fortitude Family Office LLC purchased a new position in shares of Brown & Brown in the fourth quarter worth about $31,000. Park Place Capital Corp raised its position in Brown & Brown by 166.5% during the fourth quarter. Park Place Capital Corp now owns 509 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 318 shares in the last quarter. Alaska Permanent Fund Corp purchased a new position in Brown & Brown during the first quarter valued at approximately $36,000. Livforsakringsbolaget Skandia Omsesidigt raised its position in Brown & Brown by 174.0% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 548 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 348 shares in the last quarter. Finally, First PREMIER Bank purchased a new position in Brown & Brown during the first quarter valued at approximately $40,000. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on BRO shares. Citigroup lifted their price target on Brown & Brown from $94.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Truist Financial lifted their price target on Brown & Brown from $92.00 to $94.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Royal Bank of Canada raised their price objective on Brown & Brown from $87.00 to $95.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. Raymond James raised their price objective on Brown & Brown from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, March 26th. Finally, Wells Fargo & Company raised their price objective on Brown & Brown from $84.00 to $85.00 and gave the company an “equal weight” rating in a report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $89.40.

Brown & Brown Stock Performance

Shares of NYSE:BRO opened at $89.41 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.97 and a quick ratio of 1.97. The business’s 50 day moving average price is $88.01 and its 200-day moving average price is $82.47. The firm has a market capitalization of $25.50 billion, a PE ratio of 27.51, a P/E/G ratio of 2.37 and a beta of 0.82. Brown & Brown, Inc. has a 1 year low of $66.53 and a 1 year high of $93.75.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.07. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.22 billion. Brown & Brown had a return on equity of 16.43% and a net margin of 21.09%. The business’s revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.84 earnings per share. As a group, equities research analysts expect that Brown & Brown, Inc. will post 3.61 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Monday, May 6th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date of this dividend was Friday, May 3rd. Brown & Brown’s dividend payout ratio is presently 16.00%.

Insiders Place Their Bets

In other Brown & Brown news, EVP Julie Turpin sold 3,350 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $89.92, for a total transaction of $301,232.00. Following the transaction, the executive vice president now owns 23,597 shares of the company’s stock, valued at $2,121,842.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 17.02% of the stock is currently owned by corporate insiders.

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.