M&T Bank Corp Decreases Stake in Brown & Brown, Inc. (NYSE:BRO)

M&T Bank Corp lessened its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 3.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,397 shares of the financial services provider’s stock after selling 313 shares during the period. M&T Bank Corp’s holdings in Brown & Brown were worth $870,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of BRO. Brooklyn Investment Group purchased a new position in shares of Brown & Brown during the 3rd quarter worth $26,000. ST Germain D J Co. Inc. raised its stake in Brown & Brown by 298.5% during the third quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 200 shares during the period. Ashton Thomas Securities LLC acquired a new position in Brown & Brown in the 3rd quarter valued at about $29,000. Crewe Advisors LLC grew its stake in shares of Brown & Brown by 330.4% in the 2nd quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock valued at $27,000 after buying an additional 228 shares during the period. Finally, Larson Financial Group LLC increased its holdings in shares of Brown & Brown by 65.7% during the 2nd quarter. Larson Financial Group LLC now owns 532 shares of the financial services provider’s stock worth $48,000 after buying an additional 211 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Stock Performance

NYSE:BRO opened at $104.38 on Tuesday. The company has a market cap of $29.85 billion, a price-to-earnings ratio of 28.44, a price-to-earnings-growth ratio of 2.40 and a beta of 0.84. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a 52 week low of $69.19 and a 52 week high of $114.15. The company has a fifty day simple moving average of $107.97 and a two-hundred day simple moving average of $101.31.

Brown & Brown (NYSE:BRO) last issued 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%. Brown & Brown’s revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.71 EPS. As a group, equities analysts anticipate that Brown & Brown, Inc. will post 3.74 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were paid a $0.15 dividend. The ex-dividend date was Wednesday, November 6th. This represents a $0.60 dividend on an annualized basis and a yield of 0.57%. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s payout ratio is currently 16.35%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BRO. Argus assumed coverage on Brown & Brown in a research report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price objective for the company. Truist Financial increased their price target on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Morgan Stanley started coverage on shares of Brown & Brown in a report on Thursday, December 5th. They issued an “overweight” rating and a $134.00 price objective on the stock. Bank of America increased their target price on shares of Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Finally, StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Brown & Brown currently 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.