Brown & Brown, Inc. $BRO Stock: Cyndeo Wealth Partners LLC Boosts Position

Cyndeo Wealth Partners LLC raised its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 386.7% during the 3rd quarter, Holdings Channel reports. The firm owned 81,985 shares of the financial services provider’s stock after buying an additional 65,141 shares during the quarter. Cyndeo Wealth Partners LLC’s holdings in Brown & Brown were worth $5,444,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. First Citizens Bank & Trust Co. acquired a new position in Brown & Brown in the 3rd quarter worth approximately $2,547,000. Rathbones Group PLC raised its position in Brown & Brown by 17.7% during the 1st quarter. Rathbones Group PLC now owns 1,154,219 shares of the financial services provider’s stock worth $75,267,000 after buying an additional 173,265 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its position in Brown & Brown by 7,129.0% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 95,062 shares of the financial services provider’s stock worth $5,789,000 after buying an additional 93,747 shares during the last quarter. Renaissance Technologies LLC raised its position in Brown & Brown by 46.5% during the 1st quarter. Renaissance Technologies LLC now owns 1,573,902 shares of the financial services provider’s stock worth $102,634,000 after buying an additional 499,902 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in Brown & Brown by 6,588.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 289,013 shares of the financial services provider’s stock worth $18,540,000 after buying an additional 284,692 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Brown & Brown Stock Up 2.1%

Brown & Brown stock opened at $69.42 on Friday. The business’s 50-day moving average price is $67.21 and its 200 day moving average price is $64.92. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The firm has a market cap of $23.23 billion, a price-to-earnings ratio of 21.90, a price-to-earnings-growth ratio of 2.12 and a beta of 0.60. Brown & Brown, Inc. has a 52 week low of $53.81 and a 52 week high of $90.46.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same period in the previous year, the firm posted $1.03 earnings per share. The company’s revenue was up 30.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Brown & Brown, Inc. will post 4.49 earnings per share for the current year.

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 12th were paid a dividend of $0.1650 per share. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.0%. Brown & Brown’s dividend payout ratio (DPR) is presently 20.82%.

Analyst Upgrades and Downgrades

Several brokerages have commented on BRO. Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a research note on Friday, June 26th. The Goldman Sachs Group increased their price objective on shares of Brown & Brown from $62.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st. Mizuho reduced their target price on shares of Brown & Brown from $83.00 to $78.00 and set an “outperform” rating for the company in a report on Wednesday, October 7th. Morgan Stanley reduced their target price on shares of Brown & Brown from $60.00 to $55.00 and set an “underweight” rating for the company in a report on Tuesday, October 6th. Finally, Truist Financial set a $90.00 target price on shares of Brown & Brown in a research report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $76.00.

Brown & Brown Profile

Brown & Brown, Inc is an independent insurance brokerage, risk management and employee benefits firm headquartered in Daytona Beach, Florida. The company helps businesses, public entities and individuals identify, manage and transfer risk through insurance placement, risk consulting and related services.

Its offerings include property and casualty insurance, employee benefits, personal insurance, surety products, risk management services and specialized insurance programs. Brown & Brown also operates wholesale brokerage businesses that provide coverage solutions and access to insurance markets for retail agents and brokers, including products designed for specialty and hard-to-place risks.

Founded in 1939 by J.