Fiduciary Trust Co Grows Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Fiduciary Trust Co lifted its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 14.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,136 shares of the financial services provider’s stock after purchasing an additional 1,732 shares during the period. Fiduciary Trust Co’s holdings in Brown & Brown were worth $1,464,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Great Valley Advisor Group Inc. purchased a new stake in Brown & Brown in the 2nd quarter worth approximately $1,512,000. DekaBank Deutsche Girozentrale lifted its stake in Brown & Brown by 12.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock worth $21,855,000 after acquiring an additional 27,879 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Brown & Brown by 162.3% in the second quarter. Assenagon Asset Management S.A. now owns 488,483 shares of the financial services provider’s stock valued at $43,675,000 after acquiring an additional 302,240 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in Brown & Brown by 27.3% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 31,105 shares of the financial services provider’s stock worth $2,781,000 after purchasing an additional 6,675 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Brown & Brown by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,315,654 shares of the financial services provider’s stock worth $136,302,000 after purchasing an additional 17,934 shares during the period. 71.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on BRO. Royal Bank of Canada boosted their price target on shares of Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Truist Financial raised their target price on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Jefferies Financial Group lifted their price target on Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Wells Fargo & Company increased their price objective on Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Finally, Bank of America boosted their target price on shares of Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Brown & Brown has an average rating of “Hold” and a consensus price target of $107.42.

Brown & Brown Stock Performance

Shares of BRO stock opened at $113.10 on Friday. The company has a market capitalization of $32.34 billion, a price-to-earnings ratio of 30.82, a price-to-earnings-growth ratio of 2.60 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 one year low of $69.13 and a one year high of $114.15. The company’s 50-day moving average is $107.21 and its 200 day moving average is $99.75.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the prior year, the company posted $0.71 earnings per share. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. Sell-side analysts expect that Brown & Brown, Inc. will post 3.74 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders 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 annualized dividend and a dividend yield of 0.53%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s payout ratio is currently 16.35%.

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.