SlateStone Wealth LLC Sells 2,225 Shares of Brown & Brown, Inc. (NYSE:BRO)

SlateStone Wealth LLC decreased its stake in Brown & Brown, Inc. (NYSE:BRO) by 14.1% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 13,525 shares of the financial services provider’s stock after selling 2,225 shares during the period. SlateStone Wealth LLC’s holdings in Brown & Brown were worth $1,683,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in BRO. Johnson Financial Group Inc. increased its holdings in Brown & Brown by 534.1% in the 4th quarter. Johnson Financial Group Inc. now owns 279 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 235 shares in the last quarter. Sunbelt Securities Inc. boosted its position in shares of Brown & Brown by 581.8% in the fourth 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. Optimum Investment Advisors bought a new position in shares of Brown & Brown in the first quarter worth approximately $31,000. Garde Capital Inc. purchased a new stake in shares of Brown & Brown in the first quarter worth $46,000. Finally, GW&K Investment Management LLC raised its position in shares of Brown & Brown by 104.4% during the 1st quarter. GW&K Investment Management LLC now owns 419 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 214 shares during the period. Institutional investors own 71.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BRO. Edward Jones assumed coverage on Brown & Brown in a research note on Wednesday, April 16th. They issued a “buy” rating for the company. UBS Group increased their target price on Brown & Brown from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 9th. BMO Capital Markets reissued an “outperform” rating and issued a $122.00 price target (up from $116.00) on shares of Brown & Brown in a report on Thursday, June 12th. The Goldman Sachs Group downgraded Brown & Brown from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $126.00 to $119.00 in a research note on Tuesday, May 13th. Finally, Truist Financial reduced their price objective on shares of Brown & Brown from $138.00 to $130.00 and set a “buy” rating on the stock in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $118.67.

Brown & Brown Stock Performance

Shares of NYSE:BRO opened at $91.94 on Wednesday. The firm has a fifty day simple moving average of $107.75 and a two-hundred day simple moving average of $111.47. Brown & Brown, Inc. has a 52 week low of $91.55 and a 52 week high of $125.68. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $26.36 billion, a P/E ratio of 26.50, a PEG ratio of 2.25 and a beta of 0.82.

Brown & Brown (NYSE:BRO) last announced 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. Brown & Brown had a net margin of 19.89% and a return on equity of 17.99%. The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the firm earned $0.93 EPS. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, analysts expect that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Wednesday, August 13th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.65%. The ex-dividend date of this dividend is Wednesday, August 13th. Brown & Brown’s dividend payout ratio is currently 16.71%.

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.