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

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

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Brooklyn Investment Group bought a new stake in Brown & Brown in the third quarter valued at approximately $26,000. Crewe Advisors LLC raised its stake in Brown & Brown by 330.4% during the 2nd quarter. Crewe Advisors LLC now owns 297 shares of the financial services provider’s stock worth $27,000 after buying an additional 228 shares during the period. ST Germain D J Co. Inc. lifted its holdings in Brown & Brown by 298.5% during the third quarter. ST Germain D J Co. Inc. now owns 267 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 200 shares in the last quarter. Ashton Thomas Securities LLC acquired a new position in Brown & Brown in the third quarter valued at about $29,000. Finally, Blue Trust Inc. increased its holdings in shares of Brown & Brown by 142.3% in the second quarter. Blue Trust Inc. now owns 550 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 323 shares in the last quarter. 71.01% of the stock is owned by institutional investors.

Brown & Brown Stock Performance

Shares of BRO stock opened at $113.10 on Friday. The company has a fifty day moving average price of $107.21 and a two-hundred day moving average price of $99.75. Brown & Brown, Inc. has a one year low of $69.13 and a one year high of $114.15. The stock has a market cap of $32.34 billion, a P/E ratio of 30.82, a P/E/G ratio of 2.60 and a beta of 0.82. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, October 28th. The financial services provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. Brown & Brown’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the company posted $0.71 earnings per share. As a group, equities analysts predict that Brown & Brown, Inc. will post 3.74 EPS for the current 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 issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, November 6th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.53%. Brown & Brown’s payout ratio is presently 16.35%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Barclays boosted their price objective on Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a research report on Thursday, November 21st. Argus assumed coverage on shares of Brown & Brown in a research report on Tuesday, September 24th. They set a “buy” rating and a $120.00 price objective for the company. Royal Bank of Canada boosted their price objective on shares of Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Truist Financial lifted their price target on Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group lifted their target price on Brown & Brown from $98.00 to $104.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $107.42.

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.