IFM Investors Pty Ltd Reduces Stock Position in Brown & Brown, Inc. $BRO

IFM Investors Pty Ltd lowered its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 3.6% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 44,556 shares of the financial services provider’s stock after selling 1,665 shares during the quarter. IFM Investors Pty Ltd’s holdings in Brown & Brown were worth $5,543,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bares Capital Management Inc. purchased a new stake in shares of Brown & Brown in the 1st quarter worth about $26,000. Optimum Investment Advisors purchased a new stake in shares of Brown & Brown in the 1st quarter worth about $31,000. SouthState Corp lifted its position in shares of Brown & Brown by 188.6% in the 1st quarter. SouthState Corp now owns 254 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 166 shares during the period. Sunbelt Securities Inc. lifted its position in shares of Brown & Brown by 581.8% in the 4th quarter. Sunbelt Securities Inc. now owns 300 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 256 shares during the period. Finally, Zions Bancorporation National Association UT purchased a new stake in shares of Brown & Brown in the 1st quarter worth about $45,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Stock Up 1.9%

Shares of Brown & Brown stock opened at $94.22 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 6.72 and a quick ratio of 6.72. The company has a 50-day moving average of $98.29 and a 200 day moving average of $108.66. The firm has a market cap of $31.08 billion, a price-to-earnings ratio of 27.15, a PEG ratio of 2.10 and a beta of 0.81. Brown & Brown, Inc. has a 1 year low of $90.38 and a 1 year high of $125.68.

Brown & Brown (NYSE:BRO) last released its quarterly earnings data on Monday, July 28th. The financial services provider reported $1.03 earnings per share 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 net margin of 19.89% and a return on equity of 15.10%. Brown & Brown’s revenue was up 9.1% compared to the same quarter last year. During the same period last year, the business earned $0.93 EPS. As a group, sell-side analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share 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. This represents a $0.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Wednesday, August 13th. Brown & Brown’s dividend payout ratio (DPR) is currently 17.29%.

Analyst Upgrades and Downgrades

BRO has been the subject of several research analyst reports. Truist Financial set a $120.00 target price on shares of Brown & Brown in a research report on Wednesday, July 30th. Bank of America raised shares of Brown & Brown from a “neutral” rating to a “buy” rating and raised their target price for the stock from $126.00 to $130.00 in a research report on Wednesday, July 30th. Citigroup started coverage on shares of 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 reiterated a “hold” rating on shares of Brown & Brown in a research note on Thursday, July 31st. Finally, Barclays decreased 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 research note on Tuesday, July 29th. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $112.64.

Insider Transactions at Brown & Brown

In related news, Director Paul J. Krump purchased 2,678 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were purchased at an average price of $93.31 per share, with a total value of $249,884.18. Following the acquisition, the director directly owned 5,353 shares in the company, valued at $499,488.43. The trade was a 100.11% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 cost of $91.44 per share, for a total transaction of $91,440.00. Following the acquisition, the director owned 5,000 shares in the company, valued at approximately $457,200. The trade was a 25.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.02% of the stock is currently owned by company insiders.

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.