Mackenzie Financial Corp Grows Position in Brown & Brown, Inc. (NYSE:BRO)

Mackenzie Financial Corp increased its position in Brown & Brown, Inc. (NYSE:BRO) by 30.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 25,406 shares of the financial services provider’s stock after purchasing an additional 5,866 shares during the quarter. Mackenzie Financial Corp’s holdings in Brown & Brown were worth $1,807,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in BRO. Fortitude Family Office LLC purchased a new position in shares of Brown & Brown in the 4th quarter valued at approximately $31,000. Park Place Capital Corp lifted its stake in shares of Brown & Brown by 166.5% in the 4th quarter. Park Place Capital Corp now owns 509 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 318 shares during the period. GPS Wealth Strategies Group LLC lifted its stake in shares of Brown & Brown by 150.6% in the 3rd quarter. GPS Wealth Strategies Group LLC now owns 589 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 354 shares during the period. Mendota Financial Group LLC purchased a new position in shares of Brown & Brown in the 4th quarter valued at approximately $42,000. Finally, Global Retirement Partners LLC lifted its stake in shares of Brown & Brown by 37.8% in the 3rd quarter. Global Retirement Partners LLC now owns 758 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 208 shares during the period. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on BRO shares. Truist Financial raised their price objective on Brown & Brown from $85.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, January 24th. Keefe, Bruyette & Woods raised their price objective on Brown & Brown from $75.00 to $80.00 and gave the company an “underperform” rating in a research report on Wednesday, April 10th. UBS Group raised their price objective on Brown & Brown from $75.00 to $81.00 and gave the company a “neutral” rating in a research report on Monday, January 29th. Citigroup raised their price objective on Brown & Brown from $89.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Finally, The Goldman Sachs Group raised Brown & Brown from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $84.00 to $83.00 in a research report on Monday, January 8th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Brown & Brown has an average rating of “Hold” and an average target price of $86.80.

Brown & Brown Stock Up 0.5 %

Brown & Brown stock opened at $82.93 on Wednesday. The firm has a market cap of $23.66 billion, a price-to-earnings ratio of 25.52, a PEG ratio of 2.48 and a beta of 0.78. Brown & Brown, Inc. has a 12 month low of $60.00 and a 12 month high of $87.99. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.58. The stock has a fifty day simple moving average of $84.26 and a two-hundred day simple moving average of $76.90.

Brown & Brown (NYSE:BRO) last released its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.07. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.22 billion. Brown & Brown had a return on equity of 16.82% and a net margin of 21.09%. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period last year, the business posted $0.84 EPS. Equities analysts predict that Brown & Brown, Inc. will post 3.55 EPS for the current fiscal year.

Insider Transactions at Brown & Brown

In other news, Chairman Hyatt J. Brown sold 144,323 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $85.96, for a total value of $12,406,005.08. Following the transaction, the chairman now directly owns 37,460,605 shares in the company, valued at approximately $3,220,113,605.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 16.43% of the company’s stock.

Brown & Brown 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.