Taika Capital LP Takes $921,000 Position in Brown & Brown, Inc. (NYSE:BRO)

Taika Capital LP purchased a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 8,891 shares of the financial services provider’s stock, valued at approximately $921,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Principal Financial Group Inc. raised its stake in shares of Brown & Brown by 0.7% during the second quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider’s stock valued at $1,144,893,000 after acquiring an additional 86,824 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Brown & Brown by 0.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider’s stock worth $405,638,000 after buying an additional 28,180 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Brown & Brown by 24.6% in the second quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock worth $311,979,000 after buying an additional 687,783 shares in the last quarter. Royal London Asset Management Ltd. raised its stake in Brown & Brown by 105.1% in the second quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock worth $184,930,000 after buying an additional 1,059,711 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Brown & Brown by 8.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,553,396 shares of the financial services provider’s stock worth $138,899,000 after buying an additional 114,688 shares in the last quarter. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Price Performance

Shares of BRO opened at $110.55 on Friday. The firm has a market capitalization of $31.61 billion, a PE ratio of 30.12, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73. Brown & Brown, Inc. has a 1-year low of $69.13 and a 1-year high of $114.15. The company’s fifty day moving average price is $107.86 and its 200-day moving average price is $100.37.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.71 earnings per share. On average, equities research analysts predict that Brown & Brown, Inc. will post 3.74 EPS for the current year.

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, November 6th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.54%. Brown & Brown’s payout ratio is 16.35%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Wells Fargo & Company boosted their price objective on shares of Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Truist Financial boosted their price objective on shares of Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Royal Bank of Canada boosted their price objective on shares of Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Argus initiated coverage on shares of Brown & Brown in a report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price target on the stock. Finally, Morgan Stanley initiated coverage on shares of Brown & Brown in a report on Thursday. They issued an “overweight” rating and a $134.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Brown & Brown presently has an average rating of “Moderate Buy” and a consensus price target of $109.46.

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.