Walleye Capital LLC Increases Stock Position in Brown & Brown, Inc. (NYSE:BRO)

Walleye Capital LLC lifted its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 346.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,518 shares of the financial services provider’s stock after acquiring an additional 12,041 shares during the period. Walleye Capital LLC’s holdings in Brown & Brown were worth $1,608,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Brooklyn Investment Group purchased a new position in shares of Brown & Brown during the third quarter worth approximately $26,000. ST Germain D J Co. Inc. grew its position in shares of Brown & Brown by 298.5% during the third quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 200 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Brown & Brown during the third quarter worth approximately $29,000. Crewe Advisors LLC grew its position in shares of Brown & Brown by 330.4% during the second quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 228 shares during the last quarter. Finally, Larson Financial Group LLC grew its position in shares of Brown & Brown by 65.7% during the second quarter. Larson Financial Group LLC now owns 532 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 211 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BRO. Barclays raised their target price on shares of Brown & Brown from $108.00 to $119.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 21st. Wells Fargo & Company lifted their price objective on shares of Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Truist Financial lifted their price objective on shares of Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. StockNews.com lowered shares of Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. Finally, Royal Bank of Canada lifted their price objective on shares of 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 assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Brown & Brown currently has a consensus rating of “Hold” and an average price target of $107.42.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $111.15 on Thursday. The firm has a market capitalization of $31.78 billion, a P/E ratio of 30.29, a PEG ratio of 2.57 and a beta of 0.84. Brown & Brown, Inc. has a one year low of $69.13 and a one year high of $114.15. The company’s fifty day moving average is $107.71 and its two-hundred day moving average is $100.30. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73.

Brown & Brown (NYSE:BRO) last released its quarterly 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. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The business’s revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.71 EPS. Analysts forecast that Brown & Brown, Inc. will post 3.74 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend was 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.