iA Global Asset Management Inc. Decreases Position in Brown & Brown, Inc. (NYSE:BRO)

iA Global Asset Management Inc. decreased its stake in Brown & Brown, Inc. (NYSE:BRO) by 98.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,267 shares of the financial services provider’s stock after selling 179,018 shares during the quarter. iA Global Asset Management Inc.’s holdings in Brown & Brown were worth $338,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of BRO. EP Wealth Advisors LLC increased its position in Brown & Brown by 6.4% during the third quarter. EP Wealth Advisors LLC now owns 12,478 shares of the financial services provider’s stock valued at $1,293,000 after acquiring an additional 753 shares during the last quarter. Wellington Management Group LLP lifted its stake in Brown & Brown by 5.1% in the third quarter. Wellington Management Group LLP now owns 147,097 shares of the financial services provider’s stock worth $15,239,000 after purchasing an additional 7,172 shares during the last quarter. Worldquant Millennium Advisors LLC boosted its holdings in Brown & Brown by 232.2% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 128,461 shares of the financial services provider’s stock valued at $13,309,000 after acquiring an additional 89,797 shares during the period. Weiss Asset Management LP bought a new position in Brown & Brown in the 3rd quarter valued at $2,879,000. Finally, Taika Capital LP purchased a new stake in Brown & Brown in the third quarter worth $921,000. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Down 2.6 %

BRO stock opened at $102.94 on Wednesday. The company has a market capitalization of $29.44 billion, a P/E ratio of 28.05, a price-to-earnings-growth ratio of 2.51 and a beta of 0.84. Brown & Brown, Inc. has a 12 month low of $69.13 and a 12 month high of $114.15. The firm’s fifty day simple moving average is $107.99 and its 200-day simple moving average is $100.85. 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 (NYSE:BRO) last announced its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period last year, the firm earned $0.71 EPS. As a group, equities research analysts forecast that Brown & Brown, Inc. will post 3.74 earnings per share for the current year.

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.58%. The ex-dividend date was Wednesday, November 6th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s dividend payout ratio is currently 16.35%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BRO. Bank of America boosted their price objective on shares of Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Argus assumed coverage on shares of Brown & Brown in a report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price target for the company. Barclays increased their price objective on shares of Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a research note on Thursday, November 21st. Jefferies Financial Group boosted their target price on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, Truist Financial increased their price target on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Brown & Brown presently has an average rating of “Moderate Buy” and an average price target of $109.46.

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.