Thurston Springer Miller Herd & Titak Inc. Decreases Holdings in Brown & Brown, Inc. $BRO

Thurston Springer Miller Herd & Titak Inc. trimmed its holdings in Brown & Brown, Inc. (NYSE:BRO) by 91.4% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 3,488 shares of the financial services provider’s stock after selling 37,190 shares during the quarter. Thurston Springer Miller Herd & Titak Inc.’s holdings in Brown & Brown were worth $327,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Parnassus Investments LLC bought a new stake in Brown & Brown in the first quarter worth $899,139,000. Vanguard Group Inc. increased its holdings in shares of Brown & Brown by 16.8% in the second quarter. Vanguard Group Inc. now owns 35,625,322 shares of the financial services provider’s stock worth $3,949,779,000 after buying an additional 5,124,203 shares during the period. Norges Bank bought a new stake in shares of Brown & Brown in the 2nd quarter valued at about $433,740,000. Boston Partners purchased a new stake in Brown & Brown during the 2nd quarter valued at about $171,163,000. Finally, State Street Corp boosted its holdings in Brown & Brown by 11.3% during the 2nd quarter. State Street Corp now owns 12,460,821 shares of the financial services provider’s stock valued at $1,381,531,000 after acquiring an additional 1,262,139 shares during the period. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Performance

Shares of BRO stock opened at $81.00 on Wednesday. The firm has a market capitalization of $27.65 billion, a price-to-earnings ratio of 24.25, a PEG ratio of 1.93 and a beta of 0.82. The stock has a fifty day moving average of $82.91 and a 200 day moving average of $94.01. Brown & Brown, Inc. has a 52 week low of $76.17 and a 52 week high of $125.68. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.62.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings data on Monday, October 27th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. Brown & Brown had a net margin of 18.23% and a return on equity of 13.64%. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the firm earned $0.91 EPS. The company’s quarterly revenue was up 35.4% compared to the same quarter last year. As a group, research analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current year.

Brown & Brown Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 12th. Investors of record on Wednesday, November 5th were paid a $0.165 dividend. The ex-dividend date of this dividend was Wednesday, November 5th. This is an increase from Brown & Brown’s previous quarterly dividend of $0.15. This represents a $0.66 dividend on an annualized basis and a yield of 0.8%. Brown & Brown’s payout ratio is currently 19.76%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Raymond James Financial reiterated an “outperform” rating on shares of Brown & Brown in a research report on Monday, November 3rd. Barclays decreased their target price on shares of Brown & Brown from $102.00 to $84.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Brown & Brown in a research report on Monday. Truist Financial decreased their price objective on shares of Brown & Brown from $120.00 to $114.00 and set a “buy” rating on the stock in a research report on Wednesday, October 29th. Finally, Wells Fargo & Company lowered their price objective on shares of Brown & Brown from $98.00 to $92.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 29th. Five investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $101.71.

Brown & Brown Profile

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.