MML Investors Services LLC Increases Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

MML Investors Services LLC grew its holdings in Brown & Brown, Inc. (NYSE:BRO) by 0.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,710 shares of the financial services provider’s stock after buying an additional 237 shares during the quarter. MML Investors Services LLC’s holdings in Brown & Brown were worth $2,974,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Brown & Brown by 27.3% in the 2nd 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 period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Brown & Brown by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,315,654 shares of the financial services provider’s stock valued at $136,302,000 after buying an additional 17,934 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Brown & Brown in the 3rd quarter valued at approximately $9,832,000. Dimensional Fund Advisors LP lifted its holdings in shares of Brown & Brown by 8.0% in the 2nd 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 period. Finally, Sei Investments Co. lifted its holdings in shares of Brown & Brown by 3.0% in the 2nd quarter. Sei Investments Co. now owns 284,494 shares of the financial services provider’s stock valued at $25,437,000 after buying an additional 8,404 shares during the period. 71.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on BRO shares. Bank of America raised their price target on Brown & Brown from $108.00 to $117.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Jefferies Financial Group lifted their price objective on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Argus began coverage on Brown & Brown in a report on Tuesday, September 24th. They set a “buy” rating and a $120.00 price objective for the company. Royal Bank of Canada lifted their price objective on Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, Truist Financial lifted their price objective on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $109.46.

Brown & Brown Stock Performance

Brown & Brown stock opened at $104.19 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.73 and a current ratio of 1.73. The stock has a fifty day moving average of $107.92 and a two-hundred day moving average of $101.09. The company has a market capitalization of $29.79 billion, a price-to-earnings ratio of 28.39, a PEG ratio of 2.40 and a beta of 0.84. Brown & Brown, Inc. has a fifty-two week low of $69.13 and a fifty-two week high of $114.15.

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

Brown & Brown Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were paid a $0.15 dividend. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 0.58%. The ex-dividend date was Wednesday, November 6th. Brown & Brown’s dividend payout ratio is presently 16.35%.

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.