Caisse DE Depot ET Placement DU Quebec Trims Holdings in Brown & Brown, Inc. (NYSE:BRO)

Caisse DE Depot ET Placement DU Quebec reduced its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 9.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 71,180 shares of the financial services provider’s stock after selling 7,700 shares during the quarter. Caisse DE Depot ET Placement DU Quebec’s holdings in Brown & Brown were worth $7,374,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BRO. Great Valley Advisor Group Inc. purchased a new stake in Brown & Brown in the 2nd quarter valued at about $1,512,000. Assenagon Asset Management S.A. raised its stake in shares of Brown & Brown by 162.3% during the second quarter. Assenagon Asset Management S.A. now owns 488,483 shares of the financial services provider’s stock valued at $43,675,000 after acquiring an additional 302,240 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Brown & Brown by 27.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 31,105 shares of the financial services provider’s stock valued at $2,781,000 after purchasing an additional 6,675 shares during the period. Quantbot Technologies LP bought a new position in Brown & Brown in the third quarter worth approximately $9,832,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in Brown & Brown by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,315,654 shares of the financial services provider’s stock worth $136,302,000 after purchasing an additional 17,934 shares during the period. 71.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on BRO shares. Truist Financial upped their target price on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. 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 report on Thursday, October 10th. Bank of America boosted their price target on shares of Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Barclays increased their price objective on shares of Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a research note on Thursday, November 21st. Finally, Argus initiated coverage on shares of Brown & Brown in a research note on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price objective for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $107.42.

Brown & Brown Trading Down 1.3 %

Shares of Brown & Brown stock opened at $111.59 on Tuesday. The firm’s 50 day simple moving average is $107.39 and its two-hundred day simple moving average is $100.07. The firm has a market capitalization of $31.91 billion, a price-to-earnings ratio of 30.41, a PEG ratio of 2.60 and a beta of 0.82. Brown & Brown, Inc. has a 12-month low of $69.13 and a 12-month high of $114.15. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.71 earnings per share. Analysts predict that Brown & Brown, Inc. will post 3.74 EPS for the current year.

Brown & Brown Increases Dividend

The company 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. This represents a $0.60 annualized dividend and a dividend yield of 0.54%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date was Wednesday, November 6th. Brown & Brown’s dividend payout ratio (DPR) is presently 16.35%.

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.