Synovus Financial Corp Has $638,000 Stock Holdings in Brown & Brown, Inc. (NYSE:BRO)

Synovus Financial Corp boosted its position in Brown & Brown, Inc. (NYSE:BRO) by 1.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,157 shares of the financial services provider’s stock after buying an additional 117 shares during the quarter. Synovus Financial Corp’s holdings in Brown & Brown were worth $638,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Tidal Investments LLC raised its position in Brown & Brown by 652.8% in the 3rd quarter. Tidal Investments LLC now owns 259,205 shares of the financial services provider’s stock valued at $26,854,000 after buying an additional 224,772 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Brown & Brown in the third quarter valued at approximately $58,000. Sanctuary Advisors LLC boosted its stake in shares of Brown & Brown by 4.4% during the 3rd quarter. Sanctuary Advisors LLC now owns 161,569 shares of the financial services provider’s stock worth $18,104,000 after acquiring an additional 6,805 shares during the period. SkyView Investment Advisors LLC boosted its stake in shares of Brown & Brown by 2.0% during the 3rd quarter. SkyView Investment Advisors LLC now owns 8,045 shares of the financial services provider’s stock worth $833,000 after acquiring an additional 161 shares during the period. Finally, Toronto Dominion Bank boosted its stake in shares of Brown & Brown by 1.4% during the 3rd quarter. Toronto Dominion Bank now owns 117,794 shares of the financial services provider’s stock worth $12,203,000 after acquiring an additional 1,681 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $103.18 on Wednesday. The stock has a market capitalization of $29.50 billion, a PE ratio of 28.15, a P/E/G ratio of 2.40 and a beta of 0.84. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.73 and a quick ratio of 1.73. The business has a fifty day moving average price of $107.97 and a two-hundred day moving average price of $101.31. Brown & Brown, Inc. has a fifty-two week low of $69.19 and a fifty-two week high of $114.15.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, October 28th. The financial services provider reported $0.91 earnings per share 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 analysts’ expectations of $1.16 billion. Brown & Brown had a return on equity of 17.12% and a net margin of 22.65%. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.71 EPS. As a group, equities analysts predict that Brown & Brown, Inc. will post 3.74 earnings per share for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were issued a $0.15 dividend. The ex-dividend date was Wednesday, November 6th. This is a boost from Brown & Brown’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 0.58%. Brown & Brown’s payout ratio is currently 16.35%.

Analyst Ratings Changes

Several research analysts have recently commented on BRO shares. Jefferies Financial Group lifted their target price on Brown & Brown from $98.00 to $104.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Truist Financial lifted 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. Barclays lifted their target price on Brown & Brown from $108.00 to $119.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 21st. Morgan Stanley started coverage on Brown & Brown in a report on Thursday, December 5th. They set an “overweight” rating and a $134.00 price target for the company. Finally, Bank of America lifted their price target on Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $109.46.

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.