100,827 Shares of Brown & Brown, Inc. $BRO Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new position in Brown & Brown, Inc. (NYSE:BRO) during the third quarter, HoldingsChannel reports. The firm acquired 100,827 shares of the financial services provider’s stock, valued at approximately $6,140,000.

Several other hedge funds and other institutional investors have also modified their holdings of BRO. Continuum Advisory LLC acquired a new stake in Brown & Brown during the 2nd quarter worth approximately $34,000. Allied Private Wealth LLC purchased a new position in Brown & Brown in the second quarter valued at approximately $35,000. Johnson Financial Group Inc. purchased a new position in Brown & Brown in the second quarter valued at approximately $37,000. Manchester Capital Management LLC lifted its position in Brown & Brown by 853.3% during the third quarter. Manchester Capital Management LLC now owns 572 shares of the financial services provider’s stock valued at $38,000 after buying an additional 512 shares in the last quarter. Finally, Elevation Wealth Partners LLC lifted its position in Brown & Brown by 175.1% during the third quarter. Elevation Wealth Partners LLC now owns 619 shares of the financial services provider’s stock valued at $40,000 after buying an additional 394 shares in the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Stock Performance

Shares of BRO stock opened at $74.43 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.96 and a quick ratio of 1.96. The company’s fifty day moving average price is $66.98 and its two-hundred day moving average price is $66.71. The firm has a market capitalization of $24.69 billion, a P/E ratio of 23.56, a P/E/G ratio of 2.42 and a beta of 0.52. Brown & Brown, Inc. has a 12 month low of $53.81 and a 12 month high of $82.57.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, October 26th. The financial services provider reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a net margin of 17.63% and a return on equity of 13.29%. The business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the prior year, the business earned $1.05 earnings per share. The firm’s revenue was up 7.4% on a year-over-year basis. On average, research analysts anticipate that Brown & Brown, Inc. will post 4.44 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 11th. Investors of record on Wednesday, November 4th will be issued a $0.18 dividend. This is an increase from Brown & Brown’s previous quarterly dividend of $0.1650. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 4th. Brown & Brown’s dividend payout ratio (DPR) is currently 22.78%.

Wall Street Analysts Forecast Growth

BRO has been the subject of several research reports. Weiss Ratings upgraded shares of Brown & Brown from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, October 22nd. TD Cowen started coverage on shares of Brown & Brown in a research note on Monday, October 12th. They issued a “buy” rating and a $82.00 target price on the stock. BMO Capital Markets lifted their target price on shares of Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. JPMorgan Chase & Co. lifted their target price on shares of Brown & Brown from $80.00 to $83.00 and gave the company a “neutral” rating in a report on Thursday, October 1st. Finally, Morgan Stanley decreased their price target on shares of Brown & Brown from $60.00 to $55.00 and set an “underweight” rating for the company in a research report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $75.47.

About Brown & Brown

Brown & Brown, Inc is an insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities, individuals and other organizations identify, manage and transfer risk by arranging insurance coverage and providing related advisory services.

Its operations include retail insurance brokerage, national programs, wholesale brokerage and services. Brown & Brown offers property and casualty insurance, employee benefits, personal insurance, surety and other specialized coverage.