52,782 Shares in Brown & Brown, Inc. (NYSE:BRO) Purchased by Beacon Harbor Wealth Advisors Inc.

Beacon Harbor Wealth Advisors Inc. bought a new position in Brown & Brown, Inc. (NYSE:BRO - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 52,782 shares of the financial services provider's stock, valued at approximately $5,468,000.

Several other hedge funds have also recently made changes to their positions in BRO. Vanguard Group Inc. lifted its holdings in Brown & Brown by 0.7% during the first quarter. Vanguard Group Inc. now owns 28,355,305 shares of the financial services provider's stock valued at $2,482,223,000 after purchasing an additional 203,105 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Brown & Brown by 0.7% during the 2nd quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider's stock valued at $1,144,893,000 after acquiring an additional 86,824 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Brown & Brown by 0.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider's stock worth $405,638,000 after acquiring an additional 28,180 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position 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 worth $311,979,000 after acquiring an additional 687,783 shares in the last quarter. Finally, Royal London Asset Management Ltd. boosted its holdings in shares of Brown & Brown by 105.1% in the second quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider's stock worth $184,930,000 after acquiring an additional 1,059,711 shares during the period. 71.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 17.02% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on BRO shares. StockNews.com cut Brown & Brown from a "buy" rating to a "hold" rating in a report on Saturday, November 2nd. Raymond James upped their price target on shares of Brown & Brown from $95.00 to $110.00 and gave the stock an "outperform" rating in a report on Thursday, July 25th. Bank of America upped their target price on Brown & Brown from $108.00 to $117.00 and gave the stock a "neutral" rating in a research note on Thursday, October 10th. Keefe, Bruyette & Woods lifted their price target on Brown & Brown from $86.00 to $92.00 and gave the company an "underperform" rating in a research report on Friday, July 26th. Finally, Truist Financial upped their price objective on shares of Brown & Brown from $116.00 to $118.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Brown & Brown has an average rating of "Hold" and a consensus target price of $106.50.

Brown & Brown Stock Performance

BRO stock traded up $2.09 during midday trading on Friday, reaching $112.44. 1,210,729 shares of the company's stock traded hands, compared to its average volume of 1,323,175. 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, Inc. has a 52-week low of $69.13 and a 52-week high of $114.08. The stock has a market cap of $32.15 billion, a P/E ratio of 30.64, a PEG ratio of 2.55 and a beta of 0.82. The stock's 50-day moving average is $104.75 and its 200 day moving average is $96.86.

Brown & Brown (NYSE:BRO - Get Free Report) last released its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the firm posted $0.71 EPS. The firm's quarterly revenue was up 11.0% compared to the same quarter last year. As a group, analysts anticipate that Brown & Brown, Inc. will post 3.73 EPS for the current year.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend is Wednesday, November 6th. This is an increase from Brown & Brown's previous quarterly dividend of $0.13. Brown & Brown's payout ratio is 16.35%.

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.