Brown & Brown, Inc. (NYSE:BRO) Shares Purchased by First Trust Direct Indexing L.P.

First Trust Direct Indexing L.P. raised its position in Brown & Brown, Inc. (NYSE:BRO) by 14.3% in the third quarter, Holdings Channel reports. The fund owned 7,781 shares of the financial services provider’s stock after buying an additional 976 shares during the period. First Trust Direct Indexing L.P.’s holdings in Brown & Brown were worth $806,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in BRO. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Brown & Brown by 5.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 10,185 shares of the financial services provider’s stock valued at $892,000 after acquiring an additional 506 shares during the period. State of Alaska Department of Revenue grew its stake in shares of Brown & Brown by 0.5% during the 1st quarter. State of Alaska Department of Revenue now owns 25,633 shares of the financial services provider’s stock worth $2,243,000 after purchasing an additional 125 shares during the period. Norden Group LLC boosted its position in shares of Brown & Brown by 71.2% in the 1st quarter. Norden Group LLC now owns 6,214 shares of the financial services provider’s stock worth $544,000 after buying an additional 2,584 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new stake in shares of Brown & Brown in the 1st quarter worth about $586,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Brown & Brown by 3.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,146 shares of the financial services provider’s stock valued at $3,339,000 after purchasing an additional 1,368 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Wall Street Analyst Weigh In

BRO has been the topic of a number of recent research reports. Truist Financial upped their target price on shares of Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a report on Wednesday. Barclays initiated coverage on shares of Brown & Brown in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $108.00 price objective for the company. Keefe, Bruyette & Woods upped their price objective on shares of Brown & Brown from $86.00 to $92.00 and gave the company an “underperform” rating in a research note on Friday, July 26th. Wells Fargo & Company increased their target price on shares of Brown & Brown from $112.00 to $114.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Finally, Royal Bank of Canada increased 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. 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 company’s stock. Based on data from MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and an average price target of $106.50.

Brown & Brown Stock Performance

Shares of BRO opened at $104.17 on Friday. The business’s fifty day moving average price is $104.16 and its 200 day moving average price is $95.73. Brown & Brown, Inc. has a 12-month low of $69.13 and a 12-month high of $107.67. The stock has a market capitalization of $29.79 billion, a PE ratio of 28.38, a price-to-earnings-growth ratio of 2.42 and a beta of 0.83. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 2.35.

Brown & Brown (NYSE:BRO) last announced 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. The firm had revenue of $1.19 billion for 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 firm’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period last year, the business posted $0.71 earnings per share. Equities research analysts forecast 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. Shareholders of record on Wednesday, November 6th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.58%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date is Wednesday, November 6th. Brown & Brown’s dividend payout ratio (DPR) is presently 14.17%.

Insider Buying and Selling at Brown & Brown

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction 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 legal filing with the SEC, which is available through this hyperlink. In other news, CFO R. Andrew Watts sold 2,500 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $100.32, for a total transaction of $250,800.00. Following the transaction, the chief financial officer now directly owns 88,445 shares of the company’s stock, valued at approximately $8,872,802.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Hyatt J. Brown sold 134,640 shares of the firm’s stock in a transaction 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 disclosure for this sale can be found here. 17.02% of the stock is currently owned by company insiders.

About Brown & Brown

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.