Carnegie Investment Counsel Purchases New Holdings in Brown & Brown, Inc. $BRO

Carnegie Investment Counsel purchased a new stake in Brown & Brown, Inc. (NYSE:BRO) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 30,440 shares of the financial services provider’s stock, valued at approximately $1,985,000.

A number of other hedge funds also recently modified their holdings of the company. ICONIQ Capital LLC grew its holdings in shares of Brown & Brown by 5.4% during the 2nd quarter. ICONIQ Capital LLC now owns 2,110 shares of the financial services provider’s stock worth $234,000 after purchasing an additional 109 shares in the last quarter. Zacks Investment Management increased its position in shares of Brown & Brown by 0.7% during the third quarter. Zacks Investment Management now owns 17,854 shares of the financial services provider’s stock valued at $1,675,000 after purchasing an additional 125 shares during the period. Private Trust Co. NA raised its stake in shares of Brown & Brown by 13.1% in the fourth quarter. Private Trust Co. NA now owns 1,147 shares of the financial services provider’s stock valued at $91,000 after purchasing an additional 133 shares in the last quarter. Moors & Cabot Inc. raised its stake in shares of Brown & Brown by 2.1% in the third quarter. Moors & Cabot Inc. now owns 6,805 shares of the financial services provider’s stock valued at $638,000 after purchasing an additional 142 shares in the last quarter. Finally, Independent Advisor Alliance lifted its position in Brown & Brown by 0.5% in the fourth quarter. Independent Advisor Alliance now owns 33,805 shares of the financial services provider’s stock worth $2,694,000 after purchasing an additional 162 shares during the period. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Performance

Shares of NYSE:BRO opened at $69.25 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.64 and a quick ratio of 1.64. The business’s fifty day moving average price is $60.23 and its two-hundred day moving average price is $67.44. Brown & Brown, Inc. has a fifty-two week low of $53.81 and a fifty-two week high of $108.23. The stock has a market capitalization of $23.47 billion, a price-to-earnings ratio of 22.27, a price-to-earnings-growth ratio of 3.12 and a beta of 0.60.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Brown & Brown had a return on equity of 12.94% and a net margin of 17.94%.The company had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the business earned $1.29 earnings per share. The business’s revenue was up 35.4% on a year-over-year basis. As a group, analysts predict that Brown & Brown, Inc. will post 4.51 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Monday, May 11th were given a dividend of $0.165 per share. The ex-dividend date was Monday, May 11th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.0%. Brown & Brown’s dividend payout ratio (DPR) is 21.22%.

Analyst Upgrades and Downgrades

BRO has been the topic of a number of recent research reports. UBS Group reiterated a “neutral” rating and set a $73.00 price target (up from $65.00) on shares of Brown & Brown in a research note on Wednesday, July 8th. Mizuho increased their price objective on shares of Brown & Brown from $74.00 to $81.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. Citizens Jmp increased their price objective on shares of Brown & Brown from $70.00 to $78.00 and gave the company a “market outperform” rating in a research note on Friday. Truist Financial reduced their price objective on shares of Brown & Brown from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Finally, Morgan Stanley lowered shares of Brown & Brown from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $60.00 to $55.00 in a research report on Monday, July 6th. Five research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Brown & Brown currently has a consensus rating of “Hold” and a consensus price target of $78.62.

Insider Activity

In other news, Director H Palmer Proctor, Jr. purchased 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average cost of $57.10 per share, with a total value of $114,200.00. Following the acquisition, the director directly owned 47,621 shares of the company’s stock, valued at approximately $2,719,159.10. This trade represents a 4.38% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 13.13% of the stock is owned by company insiders.

About Brown & Brown

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.