Kayne Anderson Rudnick Investment Management LLC Acquires 46,912 Shares of Brown & Brown, Inc. (NYSE:BRO)

Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 3.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,611,286 shares of the financial services provider’s stock after purchasing an additional 46,912 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned 0.56% of Brown & Brown worth $164,383,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Journey Strategic Wealth LLC increased its holdings in shares of Brown & Brown by 2.3% in the fourth quarter. Journey Strategic Wealth LLC now owns 4,486 shares of the financial services provider’s stock valued at $458,000 after purchasing an additional 99 shares in the last quarter. CWA Asset Management Group LLC increased its stake in shares of Brown & Brown by 3.7% in the 4th quarter. CWA Asset Management Group LLC now owns 2,916 shares of the financial services provider’s stock valued at $297,000 after buying an additional 103 shares during the period. Bleakley Financial Group LLC raised its position in shares of Brown & Brown by 3.4% during the fourth quarter. Bleakley Financial Group LLC now owns 3,162 shares of the financial services provider’s stock worth $323,000 after acquiring an additional 103 shares during the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of Brown & Brown by 2.5% during the fourth quarter. Harbor Capital Advisors Inc. now owns 4,664 shares of the financial services provider’s stock valued at $476,000 after acquiring an additional 113 shares during the period. Finally, Synovus Financial Corp boosted its holdings in Brown & Brown by 1.9% in the third quarter. Synovus Financial Corp now owns 6,157 shares of the financial services provider’s stock valued at $638,000 after acquiring an additional 117 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on BRO shares. Barclays boosted their price objective on Brown & Brown from $119.00 to $121.00 and gave the stock an “equal weight” rating in a report on Friday, April 11th. Jefferies Financial Group increased their price objective on shares of Brown & Brown from $105.00 to $109.00 and gave the company a “hold” rating in a report on Friday, April 11th. Truist Financial lifted their target price on shares of Brown & Brown from $118.00 to $138.00 and gave the stock a “buy” rating in a report on Tuesday, April 15th. Bank of America increased their price target on Brown & Brown from $116.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. Finally, Edward Jones assumed coverage on Brown & Brown in a research note on Wednesday. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $117.50.

Brown & Brown Trading Down 1.4 %

NYSE:BRO opened at $117.17 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.79 and a quick ratio of 1.79. The business’s 50-day simple moving average is $117.44 and its 200-day simple moving average is $110.10. Brown & Brown, Inc. has a fifty-two week low of $80.87 and a fifty-two week high of $125.68. The stock has a market capitalization of $33.50 billion, a PE ratio of 33.86, a price-to-earnings-growth ratio of 2.93 and a beta of 0.75.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.10. Brown & Brown had a net margin of 20.68% and a return on equity of 17.81%. Sell-side analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Investors of record on Wednesday, February 5th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend was Wednesday, February 5th. Brown & Brown’s payout ratio is presently 17.34%.

About Brown & Brown

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.