Brown & Brown, Inc. $BRO Shares Sold by Portside Wealth Group LLC

Portside Wealth Group LLC reduced its holdings in Brown & Brown, Inc. (NYSE:BRO) by 20.9% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 6,692 shares of the financial services provider’s stock after selling 1,772 shares during the quarter. Portside Wealth Group LLC’s holdings in Brown & Brown were worth $742,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. CWM LLC raised its stake in Brown & Brown by 3.7% during the first quarter. CWM LLC now owns 6,342 shares of the financial services provider’s stock worth $789,000 after acquiring an additional 227 shares during the period. Private Advisor Group LLC boosted its stake in Brown & Brown by 2.0% in the first quarter. Private Advisor Group LLC now owns 7,424 shares of the financial services provider’s stock valued at $924,000 after acquiring an additional 146 shares during the period. Kestra Private Wealth Services LLC grew its holdings in shares of Brown & Brown by 6.0% during the first quarter. Kestra Private Wealth Services LLC now owns 6,872 shares of the financial services provider’s stock valued at $855,000 after purchasing an additional 389 shares during the last quarter. IFP Advisors Inc raised its position in shares of Brown & Brown by 12.9% during the 1st quarter. IFP Advisors Inc now owns 24,429 shares of the financial services provider’s stock worth $3,044,000 after purchasing an additional 2,789 shares during the period. Finally, J.W. Cole Advisors Inc. raised its position in shares of Brown & Brown by 226.4% during the 1st quarter. J.W. Cole Advisors Inc. now owns 6,793 shares of the financial services provider’s stock worth $845,000 after purchasing an additional 4,712 shares during the period. 71.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on BRO shares. Morgan Stanley reduced their price objective on Brown & Brown from $95.00 to $85.00 and set an “equal weight” rating for the company in a research report on Monday. Keefe, Bruyette & Woods cut their target price on Brown & Brown from $92.00 to $79.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 4th. Wells Fargo & Company reduced their price target on shares of Brown & Brown from $98.00 to $92.00 and set an “equal weight” rating for the company in a report on Wednesday, October 29th. Raymond James Financial restated an “outperform” rating on shares of Brown & Brown in a research report on Monday, November 3rd. Finally, Barclays dropped their price objective on shares of Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $104.08.

Brown & Brown Stock Down 0.9%

Shares of Brown & Brown stock opened at $79.97 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.10 and a quick ratio of 6.72. Brown & Brown, Inc. has a 1-year low of $76.17 and a 1-year high of $125.68. The business’s fifty day moving average price is $88.18 and its two-hundred day moving average price is $98.39. The company has a market capitalization of $27.30 billion, a P/E ratio of 23.94, a PEG ratio of 1.70 and a beta of 0.77.

Brown & Brown (NYSE:BRO) last released 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. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Brown & Brown had a return on equity of 13.64% and a net margin of 18.23%.The company’s revenue for the quarter was up 35.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.91 earnings per share. As a group, research analysts forecast that Brown & Brown, Inc. will post 4.18 EPS for the current year.

Brown & Brown Increases Dividend

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

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.