Curi RMB Capital LLC Invests $317,000 in Brown & Brown, Inc. (NYSE:BRO)

Curi RMB Capital LLC acquired a new stake in Brown & Brown, Inc. (NYSE:BRO) during the third quarter, HoldingsChannel.com reports. The institutional investor acquired 3,063 shares of the financial services provider’s stock, valued at approximately $317,000.

Several other hedge funds have also recently added to or reduced their stakes in BRO. Royal London Asset Management Ltd. grew its position 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 valued at $184,930,000 after purchasing an additional 1,059,711 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Brown & Brown by 24.6% during the 2nd 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 buying an additional 687,783 shares during the last quarter. Capital World Investors increased its position in Brown & Brown by 50.5% during the first quarter. Capital World Investors now owns 1,413,224 shares of the financial services provider’s stock worth $123,714,000 after buying an additional 473,982 shares in the last quarter. Natixis Advisors LLC raised its holdings in shares of Brown & Brown by 123.9% in the second quarter. Natixis Advisors LLC now owns 733,668 shares of the financial services provider’s stock worth $65,597,000 after acquiring an additional 406,064 shares during the last quarter. Finally, Truist Financial Corp lifted its position in shares of Brown & Brown by 392.3% in 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. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BRO. Truist Financial lifted their price objective on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Jefferies Financial Group upped their price objective 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. Argus assumed coverage on shares of Brown & Brown in a research note on Tuesday, September 24th. They issued a “buy” rating and a $120.00 target price for the company. Bank of America boosted their price target on Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Finally, Royal Bank of Canada lifted their price objective on Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $106.50.

Insider Activity at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 17.02% of the company’s stock.

Brown & Brown Stock Up 0.5 %

BRO opened at $110.05 on Friday. Brown & Brown, Inc. has a 1 year low of $69.13 and a 1 year high of $114.08. The firm has a 50 day moving average price of $105.38 and a 200 day moving average price of $97.98. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73. The company has a market cap of $31.47 billion, a PE ratio of 29.99, a price-to-earnings-growth ratio of 2.58 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data 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 quarter in the prior year, the business earned $0.71 earnings per share. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. Sell-side analysts expect that Brown & Brown, Inc. will post 3.73 earnings per share for the current year.

Brown & Brown Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders 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 dividend yield of 0.55%. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s dividend payout ratio (DPR) is 16.35%.

Brown & Brown 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.