GAMMA Investing LLC Makes New $184,000 Investment in Brown & Brown, Inc. (NYSE:BRO)

GAMMA Investing LLC acquired a new position in Brown & Brown, Inc. (NYSE:BRO) during the 4th quarter, HoldingsChannel reports. The fund acquired 2,378 shares of the financial services provider’s stock, valued at approximately $184,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC raised its position in Brown & Brown by 0.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 5,236,392 shares of the financial services provider’s stock worth $372,360,000 after acquiring an additional 29,514 shares during the period. Northern Trust Corp raised its position in Brown & Brown by 6.1% in the third quarter. Northern Trust Corp now owns 2,285,511 shares of the financial services provider’s stock worth $159,620,000 after acquiring an additional 130,647 shares during the period. Royal Bank of Canada raised its position in Brown & Brown by 15.9% in the third quarter. Royal Bank of Canada now owns 1,715,645 shares of the financial services provider’s stock worth $119,821,000 after acquiring an additional 235,001 shares during the period. California Public Employees Retirement System raised its position in Brown & Brown by 0.9% in the third quarter. California Public Employees Retirement System now owns 1,516,285 shares of the financial services provider’s stock worth $105,897,000 after acquiring an additional 13,477 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Brown & Brown by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,221,896 shares of the financial services provider’s stock worth $85,337,000 after acquiring an additional 16,109 shares during the period. Institutional investors own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BRO shares. StockNews.com upgraded shares of Brown & Brown from a “hold” rating to a “buy” rating in a research note on Sunday, March 17th. Royal Bank of Canada lifted their target price on shares of Brown & Brown from $87.00 to $95.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 20th. Wells Fargo & Company lifted their target price on shares of Brown & Brown from $84.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Citigroup lifted their target price on shares of Brown & Brown from $89.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Finally, Truist Financial lifted their target price on shares of Brown & Brown from $92.00 to $94.00 and gave the stock a “buy” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $87.10.

Brown & Brown Price Performance

BRO stock opened at $81.45 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.97 and a quick ratio of 1.95. Brown & Brown, Inc. has a one year low of $61.71 and a one year high of $87.99. The stock has a market cap of $23.23 billion, a PE ratio of 25.06, a P/E/G ratio of 2.25 and a beta of 0.78. The firm has a 50 day simple moving average of $84.29 and a two-hundred day simple moving average of $77.06.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.07. Brown & Brown had a net margin of 21.09% and a return on equity of 16.43%. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the company earned $0.84 EPS. The business’s quarterly revenue was up 12.7% compared to the same quarter last year. On average, analysts predict that Brown & Brown, Inc. will post 3.61 EPS for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, May 6th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $0.52 dividend on an annualized basis and a yield of 0.64%. Brown & Brown’s dividend payout ratio is presently 16.00%.

Insiders Place Their Bets

In other Brown & Brown news, Chairman Hyatt J. Brown sold 144,323 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $85.96, for a total value of $12,406,005.08. Following the completion of the transaction, the chairman now owns 37,460,605 shares of the company’s stock, valued at approximately $3,220,113,605.80. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 17.02% of the company’s stock.

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.