Cumberland Partners Ltd Acquires New Position in Brown & Brown, Inc. $BRO

Cumberland Partners Ltd bought a new position in Brown & Brown, Inc. (NYSE:BRO) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 17,500 shares of the financial services provider’s stock, valued at approximately $1,940,000.

Several other institutional investors and hedge funds have also modified their holdings of BRO. GW&K Investment Management LLC lifted its position in shares of Brown & Brown by 104.4% in the first quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider’s stock worth $52,000 after buying an additional 214 shares during the last quarter. Access Investment Management LLC acquired a new stake in shares of Brown & Brown in the second quarter worth $1,109,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Brown & Brown by 30.6% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 760,893 shares of the financial services provider’s stock worth $84,360,000 after buying an additional 178,082 shares during the period. Jefferies Financial Group Inc. bought a new stake in shares of Brown & Brown during the 1st quarter worth $3,043,000. Finally, Jump Financial LLC grew its stake in Brown & Brown by 737.8% in the 1st quarter. Jump Financial LLC now owns 99,222 shares of the financial services provider’s stock valued at $12,343,000 after buying an additional 87,379 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BRO has been the subject of a number of research analyst reports. Barclays cut their target price on shares of Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 8th. Truist Financial lowered their target price on Brown & Brown from $120.00 to $114.00 and set a “buy” rating on the stock in a report on Wednesday, October 29th. Morgan Stanley cut their price target on Brown & Brown from $95.00 to $85.00 and set an “equal weight” rating for the company in a report on Monday. Wells Fargo & Company lowered their price objective on shares of Brown & Brown from $98.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 29th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of Brown & Brown in a research note on Monday, November 3rd. Five analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $104.08.

Brown & Brown Stock Down 1.4%

Shares of BRO opened at $78.81 on Thursday. The company has a quick ratio of 6.72, a current ratio of 2.10 and a debt-to-equity ratio of 0.62. The company has a 50-day moving average price of $87.91 and a two-hundred day moving average price of $98.26. The stock has a market cap of $26.91 billion, a price-to-earnings ratio of 23.60, a P/E/G ratio of 1.70 and a beta of 0.77. Brown & Brown, Inc. has a 12 month low of $76.17 and a 12 month high of $125.68.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, October 27th. The financial services provider reported $1.05 EPS for the quarter, topping the consensus estimate of $0.90 by $0.15. Brown & Brown had a return on equity of 13.64% and a net margin of 18.23%.The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the company earned $0.91 EPS. Brown & Brown’s revenue was up 35.4% on a year-over-year basis. Equities analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 12th. Investors of record on Wednesday, November 5th were given a dividend of $0.165 per share. This is an increase from Brown & Brown’s previous quarterly dividend of $0.15. The ex-dividend date was Wednesday, November 5th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.8%. Brown & Brown’s dividend payout ratio is 19.76%.

Brown & Brown Profile

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.