BCM Advisors LLC Sells 19,413 Shares of Brown & Brown, Inc. (NYSE:BRO)

BCM Advisors LLC cut its holdings in Brown & Brown, Inc. (NYSE:BRO) by 17.8% in the third quarter, HoldingsChannel reports. The firm owned 89,527 shares of the financial services provider’s stock after selling 19,413 shares during the period. Brown & Brown accounts for approximately 2.2% of BCM Advisors LLC’s portfolio, making the stock its 8th biggest holding. BCM Advisors LLC’s holdings in Brown & Brown were worth $9,441,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of BRO. Vanguard Group Inc. grew its stake in Brown & Brown by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 28,355,305 shares of the financial services provider’s stock valued at $2,482,223,000 after buying an additional 203,105 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Brown & Brown by 0.7% in the second quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider’s stock worth $1,144,893,000 after acquiring an additional 86,824 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Brown & Brown by 0.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,915,425 shares of the financial services provider’s stock worth $405,638,000 after acquiring an additional 28,180 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Brown & Brown by 24.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock valued at $311,979,000 after purchasing an additional 687,783 shares during the period. Finally, Royal London Asset Management Ltd. grew its position in Brown & Brown by 105.1% in the 2nd quarter. Royal London Asset Management Ltd. now owns 2,068,333 shares of the financial services provider’s stock worth $184,930,000 after purchasing an additional 1,059,711 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Chairman Hyatt J. Brown sold 134,640 shares of the company’s 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 can be accessed through the SEC website. 17.02% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Royal Bank of Canada upped 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. Argus started coverage on Brown & Brown in a research report on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price objective for the company. StockNews.com cut Brown & Brown from a “buy” rating to a “hold” rating in a research report on Saturday, November 2nd. Bank of America lifted their price target on shares of Brown & Brown from $108.00 to $117.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Finally, Truist Financial increased their price objective on shares of Brown & Brown from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $106.50.

Brown & Brown Stock Down 0.5 %

Shares of NYSE:BRO opened at $111.89 on Thursday. Brown & Brown, Inc. has a 12 month low of $69.13 and a 12 month high of $114.08. The firm has a market cap of $32.00 billion, a P/E ratio of 30.49, a P/E/G ratio of 2.59 and a beta of 0.82. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.52. The company’s 50-day moving average price is $105.16 and its two-hundred day moving average price is $97.59.

Brown & Brown (NYSE:BRO) last issued its earnings results on Monday, October 28th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the firm earned $0.71 EPS. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, research analysts forecast that Brown & Brown, Inc. will post 3.73 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, November 6th. This is a boost 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 0.54%. Brown & Brown’s payout ratio is 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.