Procyon Advisors LLC Trims Stock Position in Brown & Brown, Inc. $BRO

Procyon Advisors LLC cut its holdings in Brown & Brown, Inc. (NYSE:BRO) by 84.9% during the 2nd quarter, Holdings Channel reports. The firm owned 3,537 shares of the financial services provider’s stock after selling 19,867 shares during the period. Procyon Advisors LLC’s holdings in Brown & Brown were worth $392,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Bares Capital Management Inc. purchased a new stake in Brown & Brown in the 1st quarter valued at approximately $26,000. Sunbelt Securities Inc. raised its holdings in shares of Brown & Brown by 581.8% in the fourth quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 256 shares during the last quarter. Optimum Investment Advisors acquired a new position in shares of Brown & Brown in the first quarter worth $31,000. SouthState Corp lifted its position in shares of Brown & Brown by 188.6% in the first quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 166 shares in the last quarter. Finally, Zions Bancorporation National Association UT acquired a new stake in shares of Brown & Brown during the first quarter valued at $45,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Trading Down 0.3%

NYSE:BRO opened at $91.93 on Friday. The business’s 50-day moving average is $96.71 and its two-hundred day moving average is $107.80. The firm has a market capitalization of $30.32 billion, a PE ratio of 26.49, a price-to-earnings-growth ratio of 2.08 and a beta of 0.81. Brown & Brown, Inc. has a 12 month low of $89.99 and a 12 month high of $125.68. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72.

Brown & Brown (NYSE:BRO) last posted its earnings results on Monday, July 28th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. The business had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.28 billion. Brown & Brown had a return on equity of 15.10% and a net margin of 19.89%.The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.93 earnings per share. Research analysts predict that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th were given a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, August 13th. This represents a $0.60 annualized dividend and a yield of 0.7%. Brown & Brown’s dividend payout ratio (DPR) is 17.29%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Argus reissued a “hold” rating on shares of Brown & Brown in a research note on Thursday, July 31st. Barclays lowered their price target on shares of Brown & Brown from $111.00 to $108.00 and set an “equal weight” rating for the company in a report on Tuesday, July 29th. Bank of America raised shares of Brown & Brown from a “neutral” rating to a “buy” rating and upped their price objective for the company from $126.00 to $130.00 in a research note on Wednesday, July 30th. Wells Fargo & Company cut shares of Brown & Brown from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $104.00 to $101.00 in a research note on Wednesday, August 13th. Finally, Wall Street Zen downgraded Brown & Brown from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $112.64.

Insider Buying and Selling

In other news, Director Paul J. Krump bought 2,678 shares of Brown & Brown stock in a transaction dated Friday, August 8th. The shares were acquired at an average cost of $93.31 per share, with a total value of $249,884.18. Following the completion of the transaction, the director owned 5,353 shares in the company, valued at approximately $499,488.43. This trade represents a 100.11% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Bronislaw Edmund Masojada bought 1,000 shares of the firm’s stock in a transaction dated Wednesday, August 6th. The stock was purchased at an average price of $91.44 per share, with a total value of $91,440.00. Following the completion of the purchase, the director directly owned 5,000 shares of the company’s stock, valued at approximately $457,200. This trade represents a 25.00% increase in their position. The disclosure for this purchase can be found here. Company insiders own 17.02% of the company’s stock.

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.