CHB Investment Group LLC Sells 381 Shares of Brown & Brown, Inc. (NYSE:BRO)

CHB Investment Group LLC trimmed its position in Brown & Brown, Inc. (NYSE:BRO) by 1.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,373 shares of the financial services provider’s stock after selling 381 shares during the period. Brown & Brown accounts for 1.6% of CHB Investment Group LLC’s investment portfolio, making the stock its 15th biggest position. CHB Investment Group LLC’s holdings in Brown & Brown were worth $2,997,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BRO. The Manufacturers Life Insurance Company raised its holdings in shares of Brown & Brown by 24.6% during the second quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock valued at $311,979,000 after acquiring an additional 687,783 shares in the last quarter. Zurich Insurance Group Ltd FI raised its position in shares of Brown & Brown by 258.0% in the 3rd quarter. Zurich Insurance Group Ltd FI now owns 646,574 shares of the financial services provider’s stock worth $66,985,000 after purchasing an additional 465,988 shares during the last quarter. Truist Financial Corp increased its position in shares of Brown & Brown by 392.3% during the second quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock valued at $42,287,000 after acquiring an additional 376,892 shares in the last quarter. Barclays PLC lifted its holdings in shares of Brown & Brown by 17.8% during the third quarter. Barclays PLC now owns 2,466,582 shares of the financial services provider’s stock valued at $255,537,000 after purchasing an additional 371,980 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in shares of Brown & Brown by 771.5% during the 3rd quarter. Handelsbanken Fonder AB now owns 415,134 shares of the financial services provider’s stock valued at $43,008,000 after acquiring an additional 367,500 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on BRO. Wells Fargo & Company upped their target price on shares of Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Jefferies Financial Group raised their target price on shares of Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Bank of America raised 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. StockNews.com lowered Brown & Brown from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. Finally, Truist Financial lifted their price target 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. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $112.08.

Brown & Brown Stock Performance

Shares of BRO stock opened at $102.57 on Tuesday. The firm has a fifty day moving average price of $106.77 and a 200 day moving average price of $102.93. The company has a market cap of $29.33 billion, a P/E ratio of 27.95, a PEG ratio of 2.40 and a beta of 0.85. Brown & Brown, Inc. has a 12 month low of $73.23 and a 12 month high of $114.15. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52.

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 analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. Brown & Brown’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.71 EPS. Sell-side analysts predict that Brown & Brown, Inc. will post 3.74 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were issued a dividend of $0.15 per share. This is an increase from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 0.58%. The ex-dividend date was Wednesday, November 6th. Brown & Brown’s dividend payout ratio (DPR) is 16.35%.

Brown & Brown Company Profile

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.