Connor Clark & Lunn Investment Management Ltd. Acquires New Shares in Brown & Brown, Inc. (NYSE:BRO)

Connor Clark & Lunn Investment Management Ltd. bought a new position in Brown & Brown, Inc. (NYSE:BRO) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 34,287 shares of the financial services provider’s stock, valued at approximately $3,552,000.

Other large investors have also added to or reduced their stakes in the company. Great Valley Advisor Group Inc. acquired a new position in shares of Brown & Brown during the second quarter valued at about $1,512,000. DekaBank Deutsche Girozentrale boosted its position in 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 buying an additional 27,879 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in Brown & Brown by 162.3% in the second quarter. Assenagon Asset Management S.A. now owns 488,483 shares of the financial services provider’s stock valued at $43,675,000 after buying an additional 302,240 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in Brown & Brown by 27.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 31,105 shares of the financial services provider’s stock valued at $2,781,000 after buying an additional 6,675 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Brown & Brown by 8.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,553,396 shares of the financial services provider’s stock valued at $138,899,000 after buying an additional 114,688 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Brown & Brown Stock Performance

NYSE BRO opened at $112.05 on Monday. The stock has a market cap of $32.04 billion, a PE ratio of 30.53, a P/E/G ratio of 2.55 and a beta of 0.82. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.52. Brown & Brown, Inc. has a twelve month low of $69.13 and a twelve month high of $114.08. The stock has a fifty day simple moving average of $106.16 and a 200-day simple moving average of $98.92.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the business posted $0.71 EPS. Brown & Brown’s revenue for the quarter was up 11.0% on a year-over-year basis. Equities analysts anticipate that Brown & Brown, Inc. will post 3.74 earnings per share for the current year.

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.54%. 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 (DPR) is 16.35%.

Analysts Set New Price Targets

BRO has been the topic of a number of recent research reports. 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. StockNews.com downgraded Brown & Brown from a “buy” rating to a “hold” rating in a research note on Saturday, November 2nd. Bank of America upped their target price on Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Jefferies Financial Group increased their price objective on Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Truist Financial raised their target price on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $107.42.

Insider Activity at Brown & Brown

In other news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $104.51, for a total value of $14,071,226.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 17.02% of the stock is currently owned by company insiders.

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.