Tributary Capital Management LLC Has $1.20 Million Stock Holdings in Brown & Brown, Inc. $BRO

Tributary Capital Management LLC trimmed its holdings in Brown & Brown, Inc. (NYSE:BRO) by 5.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,828 shares of the financial services provider’s stock after selling 654 shares during the quarter. Tributary Capital Management LLC’s holdings in Brown & Brown were worth $1,201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Phillips Wealth Planners LLC lifted its stake in shares of Brown & Brown by 3.4% in the 1st quarter. Phillips Wealth Planners LLC now owns 2,659 shares of the financial services provider’s stock valued at $316,000 after purchasing an additional 88 shares during the period. SBI Securities Co. Ltd. lifted its stake in shares of Brown & Brown by 26.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 454 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 96 shares during the period. Graypoint LLC raised its stake in Brown & Brown by 3.3% during the 1st quarter. Graypoint LLC now owns 3,208 shares of the financial services provider’s stock worth $399,000 after buying an additional 103 shares during the period. NorthRock Partners LLC raised its stake in Brown & Brown by 4.2% during the 1st quarter. NorthRock Partners LLC now owns 2,530 shares of the financial services provider’s stock worth $315,000 after buying an additional 103 shares during the period. Finally, Parallel Advisors LLC raised its stake in shares of Brown & Brown by 4.3% in the second quarter. Parallel Advisors LLC now owns 2,508 shares of the financial services provider’s stock worth $278,000 after purchasing an additional 103 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Bronislaw Edmund Masojada bought 1,000 shares of the firm’s stock in a transaction on Wednesday, August 6th. The stock was acquired at an average cost of $91.44 per share, with a total value of $91,440.00. Following the completion of the transaction, the director directly owned 5,000 shares of the company’s stock, valued at $457,200. This represents a 25.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Paul J. Krump bought 2,678 shares of the firm’s stock in a transaction on Friday, August 8th. The stock was purchased at an average cost of $93.31 per share, with a total value of $249,884.18. Following the completion of the transaction, the director directly owned 5,353 shares of the company’s stock, valued at approximately $499,488.43. The trade was a 100.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 17.02% of the company’s stock.

Brown & Brown Stock Performance

NYSE:BRO opened at $89.14 on Thursday. 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 business has a fifty day simple moving average of $93.85 and a two-hundred day simple moving average of $103.23. Brown & Brown, Inc. has a 1 year low of $86.79 and a 1 year high of $125.68. The company has a market capitalization of $29.40 billion, a P/E ratio of 25.69, a P/E/G ratio of 1.99 and a beta of 0.79.

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

Brown & Brown Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 12th. Shareholders of record on Wednesday, November 5th will be given a $0.165 dividend. This is an increase from Brown & Brown’s previous quarterly dividend of $0.15. This represents a $0.66 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Wednesday, November 5th. Brown & Brown’s dividend payout ratio (DPR) is 17.29%.

Analysts Set New Price Targets

Several brokerages have recently commented on BRO. Barclays lowered their price objective on Brown & Brown from $108.00 to $102.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. Wall Street Zen raised Brown & Brown from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. Raymond James Financial reissued an “outperform” rating and issued a $120.00 price objective (down from $125.00) on shares of Brown & Brown in a research note on Monday, August 4th. UBS Group lowered their price objective on Brown & Brown from $120.00 to $106.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Finally, BMO Capital Markets lowered their price objective on Brown & Brown from $122.00 to $106.00 and set an “outperform” rating for the company in a research note on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Brown & Brown presently has an average rating of “Hold” and an average price target of $109.92.

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.