Shell Asset Management Co. Sells 683 Shares of Brown & Brown, Inc. (NYSE:BRO)

Shell Asset Management Co. reduced its holdings in shares of Brown & Brown, Inc. (NYSE:BRO) by 0.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 101,314 shares of the financial services provider’s stock after selling 683 shares during the period. Shell Asset Management Co.’s holdings in Brown & Brown were worth $10,336,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Brown & Brown by 4.7% in the fourth quarter. Vanguard Group Inc. now owns 29,940,139 shares of the financial services provider’s stock valued at $3,054,493,000 after buying an additional 1,335,964 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Brown & Brown by 0.7% in the fourth quarter. Principal Financial Group Inc. now owns 12,901,968 shares of the financial services provider’s stock valued at $1,316,259,000 after buying an additional 94,121 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Brown & Brown by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 6,099,649 shares of the financial services provider’s stock valued at $620,737,000 after buying an additional 118,569 shares in the last quarter. Capital World Investors grew its stake in shares of Brown & Brown by 15.6% in the fourth quarter. Capital World Investors now owns 4,195,681 shares of the financial services provider’s stock valued at $428,043,000 after buying an additional 566,116 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of Brown & Brown by 11.4% in the fourth quarter. Invesco Ltd. now owns 3,803,616 shares of the financial services provider’s stock valued at $388,045,000 after buying an additional 388,411 shares in the last quarter. 71.01% of the stock is owned by institutional investors.

Brown & Brown Stock Up 2.1%

BRO stock opened at $110.49 on Friday. The company has a market cap of $31.67 billion, a PE ratio of 31.93, a price-to-earnings-growth ratio of 2.93 and a beta of 0.87. The business has a 50-day simple moving average of $116.39 and a 200 day simple moving average of $110.96. Brown & Brown, Inc. has a 52 week low of $85.97 and a 52 week high of $125.68. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.56.

Brown & Brown (NYSE:BRO) last posted its quarterly earnings results on Monday, April 28th. The financial services provider reported $1.29 EPS for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.01). The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.41 billion. Brown & Brown had a net margin of 20.68% and a return on equity of 17.81%. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the firm earned $1.14 EPS. Sell-side analysts anticipate that Brown & Brown, Inc. will post 4.18 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 21st. Shareholders of record on Monday, May 12th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.54%. The ex-dividend date is Monday, May 12th. Brown & Brown’s payout ratio is 16.71%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BRO. Edward Jones assumed coverage on shares of Brown & Brown in a research report on Wednesday, April 16th. They set a “buy” rating for the company. UBS Group lifted their price objective on shares of Brown & Brown from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 9th. Barclays lifted their price objective on shares of Brown & Brown from $119.00 to $121.00 and gave the stock an “equal weight” rating in a research report on Friday, April 11th. Truist Financial dropped their target price on Brown & Brown from $138.00 to $130.00 and set a “buy” rating for the company in a report on Wednesday, April 30th. Finally, Royal Bank of Canada lifted their target price on Brown & Brown from $118.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Brown & Brown has an average rating of “Hold” and a consensus target price of $116.85.

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.