Brown & Brown, Inc. $BRO Shares Sold by Capital Investment Advisors LLC

Capital Investment Advisors LLC reduced its holdings in Brown & Brown, Inc. (NYSE:BRO) by 4.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,821 shares of the financial services provider’s stock after selling 682 shares during the quarter. Capital Investment Advisors LLC’s holdings in Brown & Brown were worth $1,643,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. Parnassus Investments LLC acquired a new stake in Brown & Brown during the first quarter worth about $899,139,000. Handelsbanken Fonder AB increased its stake in Brown & Brown by 172.5% during the first quarter. Handelsbanken Fonder AB now owns 1,314,434 shares of the financial services provider’s stock worth $163,516,000 after acquiring an additional 832,100 shares during the last quarter. Nuveen LLC acquired a new stake in Brown & Brown during the first quarter worth about $72,895,000. Vanguard Group Inc. increased its stake in Brown & Brown by 1.9% during the first quarter. Vanguard Group Inc. now owns 30,501,119 shares of the financial services provider’s stock worth $3,794,339,000 after acquiring an additional 560,980 shares during the last quarter. Finally, Raymond James Financial Inc. increased its stake in Brown & Brown by 66.0% during the first quarter. Raymond James Financial Inc. now owns 1,169,936 shares of the financial services provider’s stock worth $145,540,000 after acquiring an additional 465,028 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Brown & Brown

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

Brown & Brown Trading Down 1.0%

Shares of BRO opened at $92.84 on Thursday. The company has a market capitalization of $30.62 billion, a P/E ratio of 26.75, a P/E/G ratio of 2.12 and a beta of 0.79. Brown & Brown, Inc. has a one year low of $89.99 and a one year high of $125.68. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.72 and a current ratio of 6.72. The stock has a 50-day moving average price of $94.57 and a 200 day moving average price of $106.20.

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

Brown & Brown Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 13th were paid a dividend of $0.15 per share. The ex-dividend date was Wednesday, August 13th. This represents a $0.60 annualized dividend and a yield of 0.6%. Brown & Brown’s dividend payout ratio is presently 17.29%.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Truist Financial set a $120.00 price target on Brown & Brown in a research note on Wednesday, July 30th. Morgan Stanley decreased their target price on Brown & Brown from $109.00 to $105.00 and set an “equal weight” rating for the company in a research report on Monday, August 18th. Citigroup started coverage on Brown & Brown in a research report on Wednesday, August 13th. They issued a “buy” rating and a $112.00 target price for the company. Argus reaffirmed a “hold” rating on shares of Brown & Brown in a research report on Thursday, July 31st. Finally, Barclays decreased their target price on Brown & Brown from $111.00 to $108.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 29th. Seven equities research 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 MarketBeat, the company has an average rating of “Hold” and a consensus target price of $112.08.

Brown & Brown Company 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.