Retireful LLC Sells 2,764 Shares of Brown & Brown, Inc. (NYSE:BRO)

Retireful LLC reduced its position in Brown & Brown, Inc. (NYSE:BRO) by 26.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,856 shares of the financial services provider’s stock after selling 2,764 shares during the quarter. Retireful LLC’s holdings in Brown & Brown were worth $814,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in BRO. Principal Financial Group Inc. lifted its position in shares of Brown & Brown by 0.7% in the 2nd quarter. Principal Financial Group Inc. now owns 12,804,979 shares of the financial services provider’s stock worth $1,144,893,000 after purchasing an additional 86,824 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings 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 buying an additional 28,180 shares during the period. The Manufacturers Life Insurance Company boosted its position in Brown & Brown by 24.6% during 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 acquiring an additional 687,783 shares in the last quarter. Royal London Asset Management Ltd. increased its holdings in shares of 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 valued at $184,930,000 after acquiring an additional 1,059,711 shares during the period. Finally, Dimensional Fund Advisors LP raised its position 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 worth $138,899,000 after acquiring an additional 114,688 shares in the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on BRO shares. Wells Fargo & Company increased their target price on shares of Brown & Brown from $112.00 to $114.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Raymond James increased their price objective on Brown & Brown from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Argus started coverage on Brown & Brown in a research note on Tuesday, September 24th. They set a “buy” rating and a $120.00 target price on the stock. Truist Financial increased 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, Royal Bank of Canada boosted their price target on Brown & Brown from $113.00 to $118.00 and gave the stock an “outperform” 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 issued a buy rating to the company. According to data from MarketBeat, Brown & Brown has an average rating of “Hold” and a consensus target price of $106.50.

Insider Activity

In related news, Chairman Hyatt J. Brown sold 134,640 shares of Brown & Brown stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $104.51, for a total transaction of $14,071,226.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 16.43% of the company’s stock.

Brown & Brown Price Performance

Shares of NYSE BRO opened at $109.37 on Wednesday. Brown & Brown, Inc. has a 52 week low of $69.13 and a 52 week high of $114.08. The business’s 50 day moving average price is $105.63 and its 200 day moving average price is $98.46. 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 firm has a market cap of $31.27 billion, a P/E ratio of 29.80, a P/E/G ratio of 2.54 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data 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. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the firm earned $0.71 EPS. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, sell-side analysts expect that Brown & Brown, Inc. will post 3.73 earnings per share for the current 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 paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.55%. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s dividend payout ratio (DPR) is presently 16.35%.

About Brown & Brown

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.