Brown & Brown, Inc. (NYSE:BRO) Shares Sold by Legacy Wealth Asset Management LLC

Legacy Wealth Asset Management LLC reduced its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 6.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,931 shares of the financial services provider’s stock after selling 259 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Brown & Brown were worth $401,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. The Manufacturers Life Insurance Company increased its position in shares of Brown & Brown by 24.6% during the second quarter. The Manufacturers Life Insurance Company now owns 3,489,305 shares of the financial services provider’s stock worth $311,979,000 after acquiring an additional 687,783 shares during the last quarter. Zurich Insurance Group Ltd FI grew its stake in Brown & Brown by 258.0% during the 3rd quarter. Zurich Insurance Group Ltd FI now owns 646,574 shares of the financial services provider’s stock valued at $66,985,000 after purchasing an additional 465,988 shares in the last quarter. Truist Financial Corp increased its holdings in Brown & Brown by 392.3% during the 2nd quarter. Truist Financial Corp now owns 472,953 shares of the financial services provider’s stock worth $42,287,000 after purchasing an additional 376,892 shares during the last quarter. Barclays PLC raised its position in shares of Brown & Brown by 17.8% in the 3rd quarter. Barclays PLC now owns 2,466,582 shares of the financial services provider’s stock valued at $255,537,000 after purchasing an additional 371,980 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in shares of Brown & Brown by 771.5% during the 3rd quarter. Handelsbanken Fonder AB now owns 415,134 shares of the financial services provider’s stock valued at $43,008,000 after buying an additional 367,500 shares during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

Brown & Brown Stock Down 0.4 %

Brown & Brown stock opened at $105.52 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. Brown & Brown, Inc. has a one year low of $73.23 and a one year high of $114.15. The company has a 50-day simple moving average of $106.32 and a 200-day simple moving average of $103.17. The firm has a market capitalization of $30.17 billion, a P/E ratio of 28.75, a P/E/G ratio of 2.14 and a beta of 0.85.

Brown & Brown (NYSE:BRO) last announced its quarterly 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 company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. Brown & Brown had a net margin of 22.65% and a return on equity of 17.12%. Brown & Brown’s revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.71 earnings per share. As a group, equities analysts expect that Brown & Brown, Inc. will post 3.74 earnings per share for the current year.

Brown & Brown Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date was Wednesday, November 6th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.13. Brown & Brown’s payout ratio is 16.35%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on BRO shares. Argus initiated coverage on shares of Brown & Brown in a research note on Tuesday, September 24th. They issued a “buy” rating and a $120.00 price target for the company. Royal Bank of Canada upped their target price on shares of Brown & Brown from $113.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. 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 research note on Thursday, October 10th. Truist Financial increased their target price on Brown & Brown from $116.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Barclays boosted their price target on Brown & Brown from $108.00 to $119.00 and gave the company an “equal weight” rating in a report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Brown & Brown has an average rating of “Hold” and a consensus target price of $112.08.

About Brown & Brown

Brown & Brown, Inc is an insurance agency, wholesale brokerage, insurance program and service organization. It engages in the provision of insurance brokerage services and casualty insurance underwriting services. It operates through the following segments: Retail, National Programs, Wholesale Brokerage, and Services.