HWG Holdings LP Buys 26,779 Shares of Brown & Brown, Inc. (NYSE:BRO)

HWG Holdings LP lifted its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 65.2% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 67,822 shares of the financial services provider’s stock after buying an additional 26,779 shares during the quarter. Brown & Brown comprises about 2.4% of HWG Holdings LP’s portfolio, making the stock its 12th largest holding. HWG Holdings LP’s holdings in Brown & Brown were worth $7,026,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of BRO. Nicholson Wealth Management Group LLC acquired a new stake in Brown & Brown during the 3rd quarter worth approximately $1,115,000. Assenagon Asset Management S.A. increased its position in Brown & Brown by 13.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 552,261 shares of the financial services provider’s stock worth $57,214,000 after buying an additional 63,778 shares during the period. Jackson Wealth Management LLC acquired a new stake in shares of Brown & Brown during the third quarter worth $3,126,000. Brighton Jones LLC bought a new stake in shares of Brown & Brown in the third quarter valued at about $1,099,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Brown & Brown in the third quarter valued at about $117,530,000. Institutional investors own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

BRO has been the subject of several analyst reports. Barclays started coverage on shares of Brown & Brown in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $108.00 price objective for the company. Argus initiated coverage on shares of Brown & Brown in a research report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price target for the company. Bank of America increased their price target on Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Royal Bank of Canada lifted their price objective on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Finally, Truist Financial upped their target price on Brown & Brown from $112.00 to $116.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Brown & Brown presently has a consensus rating of “Hold” and a consensus target price of $105.67.

Insider Buying and Selling

In other Brown & Brown news, Chairman Hyatt J. Brown sold 134,640 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $104.51, for a total transaction of $14,071,226.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Brown & Brown news, CFO R. Andrew Watts sold 2,500 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $100.32, for a total value of $250,800.00. Following the completion of the transaction, the chief financial officer now owns 88,445 shares of the company’s stock, valued at $8,872,802.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction dated 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 owned by corporate insiders.

Brown & Brown Price Performance

Brown & Brown stock opened at $105.26 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.35 and a current ratio of 2.35. Brown & Brown, Inc. has a 52 week low of $67.30 and a 52 week high of $107.67. The stock has a market capitalization of $30.03 billion, a P/E ratio of 30.25, a price-to-earnings-growth ratio of 2.48 and a beta of 0.83. The stock has a fifty day moving average of $103.99 and a 200-day moving average of $95.00.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, July 22nd. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.88 by $0.05. Brown & Brown had a return on equity of 17.00% and a net margin of 21.95%. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the firm earned $0.68 earnings per share. The business’s quarterly revenue was up 12.5% on a year-over-year basis. On average, sell-side analysts expect that Brown & Brown, Inc. will post 3.69 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.57%. 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 is currently 14.94%.

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.