Ironwood Investment Counsel LLC Has $2.84 Million Stock Position in Brown & Brown, Inc. (NYSE:BRO)

Ironwood Investment Counsel LLC cut its stake in shares of Brown & Brown, Inc. (NYSE:BRO) by 2.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,363 shares of the financial services provider’s stock after selling 750 shares during the period. Ironwood Investment Counsel LLC’s holdings in Brown & Brown were worth $2,835,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of BRO. Tidal Investments LLC lifted its holdings in Brown & Brown by 9.4% during the 1st quarter. Tidal Investments LLC now owns 21,259 shares of the financial services provider’s stock worth $1,861,000 after purchasing an additional 1,828 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Brown & Brown during the first quarter worth $672,000. Atria Investments Inc boosted its position in shares of Brown & Brown by 19.0% in the first quarter. Atria Investments Inc now owns 23,701 shares of the financial services provider’s stock valued at $2,075,000 after acquiring an additional 3,780 shares during the period. DekaBank Deutsche Girozentrale grew its stake in shares of Brown & Brown by 12.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 251,839 shares of the financial services provider’s stock valued at $21,855,000 after acquiring an additional 27,879 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in Brown & Brown by 43.0% during the second quarter. GAMMA Investing LLC now owns 5,776 shares of the financial services provider’s stock worth $516,000 after acquiring an additional 1,738 shares during the period. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Brown & Brown Stock Performance

Brown & Brown stock opened at $113.10 on Friday. The stock has a market cap of $32.34 billion, a PE ratio of 30.82, a P/E/G ratio of 2.60 and a beta of 0.82. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a 12-month low of $69.13 and a 12-month high of $114.15. The business’s 50-day moving average price is $107.21 and its two-hundred day moving average price is $99.75.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The company 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 firm’s revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.71 EPS. As a group, analysts expect that Brown & Brown, Inc. will post 3.74 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 0.53%. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Wednesday, November 6th. Brown & Brown’s dividend payout ratio is presently 16.35%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BRO. StockNews.com downgraded shares of Brown & Brown from a “buy” rating to a “hold” rating in a report on Saturday, November 2nd. Barclays boosted their price target on Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a research note on Thursday, November 21st. Truist Financial raised their price objective on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Royal Bank of Canada upped their target price on Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Finally, Argus began coverage on Brown & Brown in a research report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price target on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $107.42.

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.