Mogy Joel R Investment Counsel Inc. Sells 13,719 Shares of Brown & Brown, Inc. $BRO

Mogy Joel R Investment Counsel Inc. lessened its position in Brown & Brown, Inc. (NYSE:BRO) by 27.2% in the third quarter, Holdings Channel.com reports. The firm owned 36,697 shares of the financial services provider’s stock after selling 13,719 shares during the quarter. Mogy Joel R Investment Counsel Inc.’s holdings in Brown & Brown were worth $3,442,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its stake 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 purchasing an additional 5,124,203 shares during the last quarter. State Street Corp lifted 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 worth $1,381,531,000 after buying an additional 1,262,139 shares during the period. Geode Capital Management LLC grew its position in shares of Brown & Brown by 16.6% in the 2nd quarter. Geode Capital Management LLC now owns 7,369,576 shares of the financial services provider’s stock valued at $813,624,000 after buying an additional 1,050,350 shares during the last quarter. Parnassus Investments LLC acquired a new stake in shares of Brown & Brown in the first quarter valued at about $899,139,000. Finally, Invesco Ltd. raised its position in shares of Brown & Brown by 1.1% during the second quarter. Invesco Ltd. now owns 4,166,370 shares of the financial services provider’s stock worth $461,925,000 after acquiring an additional 46,235 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Brown & Brown Stock Performance

Shares of BRO opened at $80.78 on Friday. Brown & Brown, Inc. has a one year low of $76.17 and a one year high of $125.68. The company has a market cap of $27.58 billion, a PE ratio of 24.19, a P/E/G ratio of 1.89 and a beta of 0.82. The stock has a 50-day moving average of $80.89 and a 200-day moving average of $92.56. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.10 and a quick ratio of 2.10.

Brown & Brown (NYSE:BRO) last announced its quarterly earnings results on Monday, October 27th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.15. Brown & Brown had a return on equity of 13.64% and a net margin of 18.23%.The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the company earned $0.91 earnings per share. The company’s quarterly revenue was up 35.4% on a year-over-year basis. On average, equities research analysts predict that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th were issued a dividend of $0.165 per share. The ex-dividend date was Wednesday, November 5th. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a yield of 0.8%. Brown & Brown’s dividend payout ratio is currently 19.76%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Wolfe Research began coverage on Brown & Brown in a report on Thursday, November 20th. They issued a “peer perform” rating on the stock. Citigroup downgraded shares of Brown & Brown from a “buy” rating to a “neutral” rating in a research report on Monday, November 3rd. Mizuho set a $89.00 price objective on shares of Brown & Brown and gave the stock a “neutral” rating in a research report on Monday, December 15th. JPMorgan Chase & Co. began coverage on shares of Brown & Brown in a report on Thursday, December 18th. They issued a “neutral” rating and a $91.00 target price on the stock. Finally, UBS Group lowered their price objective on Brown & Brown from $120.00 to $106.00 and set a “neutral” rating for the company in a research report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $99.80.

About Brown & Brown

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.