Mogy Joel R Investment Counsel Inc. Grows Position in Brown & Brown, Inc. (NYSE:BRO)

Mogy Joel R Investment Counsel Inc. lifted its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 324.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 19,285 shares of the financial services provider’s stock after purchasing an additional 14,740 shares during the quarter. Mogy Joel R Investment Counsel Inc.’s holdings in Brown & Brown were worth $1,967,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. American Century Companies Inc. raised its position in Brown & Brown by 14.8% in the second quarter. American Century Companies Inc. now owns 16,508 shares of the financial services provider’s stock valued at $1,476,000 after purchasing an additional 2,123 shares during the period. Mercer Global Advisors Inc. ADV raised its holdings in shares of Brown & Brown by 6.4% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 14,078 shares of the financial services provider’s stock valued at $1,259,000 after buying an additional 841 shares during the period. Seven Eight Capital LP acquired a new position in Brown & Brown during the 2nd quarter worth approximately $238,000. AE Wealth Management LLC boosted its holdings in Brown & Brown by 573.7% in the 2nd quarter. AE Wealth Management LLC now owns 22,272 shares of the financial services provider’s stock worth $1,991,000 after acquiring an additional 18,966 shares during the period. Finally, Sei Investments Co. grew its position in Brown & Brown by 3.0% in the second quarter. Sei Investments Co. now owns 284,494 shares of the financial services provider’s stock valued at $25,437,000 after acquiring an additional 8,404 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Argus began 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. Wells Fargo & Company raised their target price on Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Bank of America boosted their price target on Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Truist Financial raised their price objective on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Barclays upped their target price on Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a research report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $112.08.

Brown & Brown Stock Performance

BRO opened at $105.52 on Tuesday. Brown & Brown, Inc. has a 1-year low of $73.23 and a 1-year high of $114.15. The company has a market capitalization of $30.17 billion, a price-to-earnings ratio of 28.75, a price-to-earnings-growth ratio of 2.21 and a beta of 0.85. The business has a 50 day moving average price of $106.19 and a two-hundred day moving average price of $103.47. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The company’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the business posted $0.71 earnings per share. Research analysts predict that Brown & Brown, Inc. will post 3.74 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently disclosed 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 of this dividend was Wednesday, November 6th. This represents a $0.60 annualized dividend and a dividend yield of 0.57%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s payout ratio is currently 16.35%.

About Brown & Brown

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.