Handelsbanken Fonder AB Grows Stock Position in Brown & Brown, Inc. (NYSE:BRO)

Handelsbanken Fonder AB boosted its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 771.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 415,134 shares of the financial services provider’s stock after acquiring an additional 367,500 shares during the quarter. Handelsbanken Fonder AB owned 0.15% of Brown & Brown worth $43,008,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Crewe Advisors LLC grew its holdings in shares of 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 purchasing an additional 228 shares during the last quarter. Headlands Technologies LLC bought a new stake in Brown & Brown in the 1st quarter worth $32,000. Alaska Permanent Fund Corp purchased a new position in shares of Brown & Brown in the first quarter valued at about $36,000. First PREMIER Bank purchased a new position in shares of Brown & Brown in the first quarter valued at about $40,000. Finally, Intelligent Financial Strategies bought a new position in shares of Brown & Brown during the first quarter valued at about $45,000. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Stock Up 1.0 %

BRO traded up $1.02 during midday trading on Friday, reaching $105.65. The company’s stock had a trading volume of 1,080,895 shares, compared to its average volume of 1,303,466. Brown & Brown, Inc. has a 1 year low of $66.73 and a 1 year high of $106.02. The stock’s 50-day moving average is $102.45 and its 200-day moving average is $93.18. The firm has a market capitalization of $30.14 billion, a price-to-earnings ratio of 32.51, a PEG ratio of 2.38 and a beta of 0.83. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.56.

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

Brown & Brown Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were paid a $0.13 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.49%. Brown & Brown’s dividend payout ratio is presently 16.00%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BRO shares. Barclays initiated coverage on Brown & Brown in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 target price on the stock. Wells Fargo & Company raised Brown & Brown from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $94.00 to $112.00 in a research note on Monday, August 12th. Keefe, Bruyette & Woods raised their price target on Brown & Brown from $86.00 to $92.00 and gave the stock an “underperform” rating in a research note on Friday, July 26th. Truist Financial boosted their price objective on shares of Brown & Brown from $104.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, Raymond James raised their target price on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $101.67.

Insiders Place Their Bets

In other news, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO R. Andrew Watts sold 2,500 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $100.32, for a total transaction of $250,800.00. Following the completion of the sale, the chief financial officer now owns 88,445 shares of the company’s stock, valued at $8,872,802.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Hyatt J. Brown sold 134,640 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The disclosure for this sale can be found here. 17.02% of the stock is currently owned by insiders.

Brown & Brown Company 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.