Kayne Anderson Rudnick Investment Management LLC Boosts Stake in Brown & Brown, Inc. (NYSE:BRO)

Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 7.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,508,123 shares of the financial services provider’s stock after buying an additional 99,155 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned about 0.53% of Brown & Brown worth $134,841,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Ensign Peak Advisors Inc increased its stake in Brown & Brown by 0.9% in the 2nd quarter. Ensign Peak Advisors Inc now owns 137,349 shares of the financial services provider’s stock worth $12,280,000 after buying an additional 1,280 shares during the period. Ameritas Investment Partners Inc. raised its stake in shares of Brown & Brown by 76.0% during the second quarter. Ameritas Investment Partners Inc. now owns 20,811 shares of the financial services provider’s stock valued at $1,861,000 after acquiring an additional 8,986 shares in the last quarter. Sei Investments Co. grew its stake in Brown & Brown by 3.0% in the second quarter. Sei Investments Co. now owns 284,494 shares of the financial services provider’s stock worth $25,437,000 after purchasing an additional 8,404 shares in the last quarter. AE Wealth Management LLC grew its stake in Brown & Brown by 573.7% in the second quarter. AE Wealth Management LLC now owns 22,272 shares of the financial services provider’s stock worth $1,991,000 after purchasing an additional 18,966 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. increased its holdings in Brown & Brown by 1.6% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 98,821 shares of the financial services provider’s stock worth $8,835,000 after purchasing an additional 1,584 shares during the period. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Down 0.4 %

BRO stock opened at $101.01 on Friday. The company has a market capitalization of $28.81 billion, a P/E ratio of 31.08, a price-to-earnings-growth ratio of 2.42 and a beta of 0.83. Brown & Brown, Inc. has a 12 month low of $66.73 and a 12 month high of $106.02. The firm’s fifty day simple moving average is $100.70 and its 200-day simple moving average is $91.83. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 2.35.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.05. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period last year, the firm earned $0.68 EPS. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, equities research analysts forecast that Brown & Brown, Inc. will post 3.68 earnings per share for the current year.

Brown & Brown Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th were given a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $0.52 annualized dividend and a yield of 0.51%. Brown & Brown’s dividend payout ratio is presently 16.00%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on BRO shares. Raymond James raised their target price on shares of Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Royal Bank of Canada upped their target price on Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Truist Financial lifted their price target on Brown & Brown from $104.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Wells Fargo & Company upgraded Brown & Brown from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $94.00 to $112.00 in a research note on Monday, August 12th. Finally, StockNews.com upgraded Brown & Brown from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Brown & Brown currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.00.

Insider Activity

In other news, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction dated 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 legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO R. Andrew Watts sold 2,500 shares of Brown & Brown stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $100.32, for a total value of $250,800.00. Following the sale, the chief financial officer now owns 88,445 shares in the company, valued at $8,872,802.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The disclosure for this sale can be found here. Insiders own 17.02% of the company’s stock.

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.